08.05 - 2005 Proposed General Fund Budget

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AGENDA ITEM #8.5 REPORT TO CITY COUNCIL Date: November 9, 2004 Sub eCt:2005 Proposed General Fund Budget Re Ort: Attached is the proposed 2005 general fund budget and enterprise budgets. The enterprise budgets include HRA, Library, Water, Sewer, and Fire. These budgets do not receive funding from the general tax levy with the exception of the HRA which receives a percentage of the levy. The 2005 general fund budget is proposed at 1,305,488. This is a $154,136 (13.5 %) increase from the 2004 budget. Since the last budget review with the Council on September 7, we have had to add some `.. items to the budget in the amount of$13,850. Please see attached sheet titled "Budget Increases." Also included in the budget is a 3%wage increase for all employees and $600 per employee for family health insurance. The proposed general fund budget requires a tax levy of$1,089,436. The Council may want to consider leaving the levy at $1,100,000 to cover unexpected expenses. We would earmark the excess $10,564 as a Council contingency fund to be used as the Council directs. A $1,100,000 million dollar levy will increase property taxes as follows: General Service Area 3.69% Rural Service Area 1.84% Annex (Commercial, Industrial in Annexed Area) 9.86% A$1,090,000 million dollar levy will increase property taxes as follows: General Service Area 2.95% Rural Service Area 1.48% Annex (Commercial, Industrial in Annexed Area) 9.47%