03 2019 Preliminary Budget Review

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AGENDA ITEM #3 C11�1 Of Pequot Lal�es= _ REPORT TO CITY COUNCIL Report Prepared by: Nancy Malecha Date: August 23, 2018 Subiect: 2019 Preliminary Budget Review Report: The proposed 2019 Preliminary Budgets for City operations are atta.ched. The T� Levy Fund Budgets project a preliminary tax levy of $1,678,775. This represents a $40,9901evy increase or 2.5% from 2018 and an estimated tax rate decrease of 0.002%. At the Apri13, 2018 City Council Meeting, the consensus of the Council directed Staff to aim for no increase in the City's tax rate. To give you a perspective, past levy increases are listed below. • 2013-2014 = $1,941 levy increase • 2014-2015 = $25,7201evy increase • 2015-2016 = $39,2591evy increase • 2016-2017 = $43,8781evy increase • 2017-2018 = $40,SSS levy increase Not included in the above information axe the following projects that the City Council has yet to approve. I noted the potential effects on the City's tax rate for adding each of these projects in the respective years listed. • 2018 Street & Utility Improvements Project— Projected cost of$862,500. Annual interfund loan payback amount of$82,800 for 12 years beginning in 2019. This may increase the t� rate by an additional 1.5°/a. • 2019 Trailside Park Phase I Project— Estimated cost of$2,600,000. Annual bond payment of$176,000 for 20 years beginning in 2020. This may increase the tax rate by an additional2%.