12.01 - Review Proposed 2005 Budgets and Set Maximum Levy

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f AGENDA ITEM # 12.1 . REPORT TO CITY COUNCIL Date: September 7, 2004 Subject: Review proposed 2005 Budgets and Set Maximum Levy Report: Attached are the revised budgets. All categories that we talked about combining have been combined. I have attached a list of preliminary budget cuts made by the Council at the last Council meeting and a list of budget cuts made by staff. At this time the budget has been reduced about $39,000 which puts us at an 11% increase from `-' last year's budget. This 11 percent includes the enterprise funds. At this Council meeting, we need to set the maximum levy. To meet the proposed budget, the levy needs to be set at $1,100,000. I am proposing that the Council set the levy at $1,150,000. We are still working on the health insurance issue and we don't know how this will affect the budget. Also, we are estimating at the cost of utilities for the new City Hall. The Council has until December 28 to certify the final levy to the County Auditor. Council Action Requested: Council motion certify proposed maximum property tax levy.