12-09-2002 Council Packet - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION DEC 9 2002 DATE: DeceSiSer^ ITEM NO: ^ Department Approval: Name Ron Moorse Title City Adminbtrator Adminbtrator Reviewed:Agenda Section: City Administrator’s Report Item Description: Levy Adoption Hearing-Adoption of the 2003 Collectible Tax Levy and Annual Budget - Resolutions Attachments: 1. Resolution Adopting the Final 2002 Tax Levy Collectible in 2003 2. Resolution to Adopt the 2003 General Fund Budget 3. Resolution to Adopt the 2003 Special Revenue Funds Budget Lew Adoption Hearing This is the final hearing prior to the adoption of the 2003 budget and tax levy. Proposed 2003 Budget and Tax Lew The proposed 2003 budget reflects an effort to limit expenditures in order to comply with a state* imposed levy limit, as well as to deal with other limited revenues, while maintaining current service levels and providing funding for upcoming fire equipment and facility needs. General Fund Budget The proposed 2003 General Fund budget expenditures are $4,712,880. This is an increase of $105,283, or 2.28% over the 2002 budget. While the proposed budget reflects necessary expenditure increases related to items such as annual compensation adjustments, fire serv ice costs, enhanced information technology, and motor fuel; the small overall expenditure increase was made possible by a number of significant reductions in other expenditure items. The most significant expenditure reduction resulted from the elimination of two staff positions. Tax Lew. Tax Rate, and Impact on Property Owners The total tax levy required to fund the proposed 2003 budget is $3,098,400. This is an increase of $172,065, or 5.88% over the 2002 Levy. This increase is necessary both to fund the General Fund budget expenditures, and to provide funding for upcoming fire equipment and facility' needs. The estimated tax capacity for taxes payable in the year 2003 is $ 15,549,329. This is an increase of