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AGENDA ITEM #4 <br /> czry of <br /> Pequot <br /> Lakes— - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Angie Duus <br /> Date: August 19, 2020 <br /> Subject: 2021 Preliminary Budget Review <br /> Report: The proposed 2021 Preliminary Budgets for City operations are <br /> attached. The Tax Levy Fund Budgets project a preliminary tax levy of <br /> $1,945,835. This represents a $155,3621evy increase or 8.59% from 2020 and an <br /> estimated tax rate increase of 1.834%. <br /> To give you a perspective, past levy increases are listed below: <br /> • 2015-2016 = $39,2591evy increase <br /> • 2016-2017 = $43,8781evy increase <br /> • 2017-2018 = $40,SSS levy increase <br /> • 2018-2019 = $61,400 levy increase <br /> • 2019-2020 = $109,368 levy increase <br /> Listed below are the larger operational expenditure increases (over $2,500) that are <br /> reflected in the attached tax levy funds. <br /> Preliminarv 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 /> 2. Health Insurance—The budget reflects a 20% increase for health insurance <br /> premiums. <br /> 3. General Building— Capital Outlay Carryover— For improvements to Cole <br /> Building. <br />