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TO: <br />FROM: <br />Mayor and City Council <br />Ron Moorse, City Administrator <br />DATE:DecemLer 10, 1T93 <br />SX7BJECT: Adoption cf 1994 Budget and Tax Levy <br />Attachments:1. <br />2 . <br />Resolution to Adopt the 1994 Annual Budget <br />Resolution to Adopt the 1994 Tax Levy <br />The proposed 1994 Budget reflects an effort to hold down all <br />general operating expenditures. The City's General Fund Budget, <br />which includes the general city services such as; Police, Fire, <br />Street Maintenance, Building Inspection, Planning and Zoning, <br />Recycling and General Finance and Administration has been held to <br />an increase of 6/lOths of 1% or $20,094 over the 1993 budget amount <br />of $3,132,572. <br />Although the General Fund expenditure increase has been limited to <br />.6% the General Fund Levy has increased by 5.2%. This is to off­ <br />set the elimination of a significant revenue source from the <br />General Fund. In past years the General Fund received a transfer <br />of interest revenue from the City's Building Fund. This revenue <br />will now remain in the Building Fund to be used to fund the debt <br />service on the City facilities bonds. <br />Tr.e tax levy required to fund the proposed 1994 Budget is <br />$1,976,636. This is an increase of $157,163 or 8%. In addition to <br />the 5.2% levy increase related to the General Fund Budget the other <br />components of the tax levy increase are two new levies tor debt <br />service on water and sewer bonds. One of these new levies is for <br />the Stubbs Bay sewer project bonds for which the city is paying 30% <br />and the Stubbs Bay property owners are paying 70%. This is also <br />the first year of a ^evy for the 1989 sewer and water proTect bonds <br />which provided sewer and water service to the area north of Highway <br />12 between North Brown Road and Old Crystal Bay Road. The levy is <br />to address a shortfall in funding for the debt service. The levy <br />is being initiated at this time to ensure sufficient funding for <br />the debt service without requiring a very large levy increase in <br />future years. <br />COUNCIL ACTION REQUESTSD ^ . <br />A. Motion to adopt a resolution approving the 1994 Annual Budget. <br />B. Motion to adopt a resolution approving the 1994 Tax Le’/y