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Council Report—Budget <br /> August 12, 2008 <br /> Notes <br /> 1. The budgets reflect a 5% wage increase (2.5% step and <br /> 2.5% COLA). The present cost of living is at 6%. <br /> 2. We will not know how the levy amount will affect the <br /> City's tax rates until sometime in September. <br /> 3. In the past the Park Budget has not been funded through <br /> tax levy money. However, the fund balance will be <br /> depleted at the end of 2009 and will have to be funded <br /> through the general fund levy in the future. <br /> Council Action Requested: Council direction regarding <br /> amendments to the attached budgets. Staff will then make <br /> the amendments and bring the budgets back to the Council <br /> on September 2nd for a final review prior to setting the <br /> preliminary levy. The preliminary tax levy must be set by <br /> September 15. This number can be decreased but not <br /> increased prior to setting the final levy. <br /> Please feel free to call or stop in if you have any questions <br /> regarding the budgets or the budget process. <br />