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AGENDA ITEM #3.1-3.4 <br /> e��► of <br /> Pequot <br /> Lakes — - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Angie Duus <br /> Date: August 20, 2019 <br /> Subiect: 2020 Preliminary Budget Review <br /> Report: The proposed 2020 Preliminary Budgets for City operations are <br /> attached. The Tax Levy Fund Budgets project a preliminary tax levy of <br /> $1,833,830. This represents a $134,645 levy increase or 7.92% from 2019 and an <br /> estimated tax rate decrease of 0.04%. At the April 2, 2019 City Council Meeting, <br /> the consensus of the Council directed Staff to aim for no increase in the City's tax <br /> rate. <br /> To give you a perspective, past levy increases are listed below. <br /> • 2014-2015 = $25,720 levy increase <br /> • 2015-2016 = $39,259 levy increase <br /> • 2016-2017 = $43,878 levy increase <br /> • 2017-2018 = $40,555 levy increase <br /> • 2018-2019 = $61,4001evy increase <br /> The Council should review all of this information prior to the Special Meeting on <br /> August 20`h so you are familiar with the requests. Listed below are the larger <br /> operational expenditure increases (over $2,500) that are reflected in the attached <br /> tax levy funds. <br /> Preliminary Tax Levv Fund Budget Line Item Increases over $2,500 <br /> 1. Employee Wages — The budget reflects a 2% cost of living increase and a <br /> step increase based on successful performance reviews. <br />