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City of <br /> Pe AGENDA ITEM #5.2 <br /> quot <br /> Lakes — <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: October 7, 2014 <br /> Subject: Budget Discussions <br /> Report: The attached form entitled "2015 Proposed Budget <br /> Changes to Tax Levy Funds" lists the changes that are being <br /> proposed to the 2015 budgets. The first table of changes present a <br /> $3,130 reduction in the levy which results in a preliminary levy of <br /> $1,639,773. This is an increase of 10.17% from the 2014 levy of <br /> $1,488,373. Also, this equates to a General City tax rate decrease <br /> of 3.089% and a Rural Service tax rate increase of 9.176%. <br /> The second table of changes present an additional $11,200 <br /> reduction in the levy which results in an overall preliminary levy <br /> of$1,628,573. This is an increase of 9.42% from the 2014 levy. <br /> Also, this equates to a General City tax rate decrease of 3.555% <br /> and a Rural Service tax rate increase of 8.787%. <br /> Council Action Requested: Staff would like to know whether the <br /> attached budgets are what the Council would like presented at the <br /> Final Tax Levy Hearing in December. If not, staff would like the <br /> Council to provide direction on further changes. <br />