Workshop Item: 1 - Joe Huss, Finance Director
Title
2014 GENERAL FUND BUDGET UPDATE
Background
On September 5, Council adopted the preliminary General Fund Budget and Tax Levy for Certification to the County. The proposed budget totaled $25,166,690 and included $359,565 in unidentified balancing provisions, and a $500,000 draw of unrestricted reserves. It was acknowledged that the balancing provisions could take the form of additional, non-tax levy revenue; expenditure reductions; additional use of unrestricted reserves; or a combination of the three sources.
At the retreat held in late October, Council was briefed on refinements made to the proposed budget since September. Categorically, those refinements included $167,325 in revenue reductions and $162,930 in expenditure reductions. Thus, since September, the funding gap has increased by $4,395 to $363,960.
Staff will review the adjustments made to the budget since September and look to Council for further direction regarding balancing the current funding gap. Staff will also update Council on the current status of the property tax levy and the 2014 tax capacity rate.
Recommendation
Council review of current information and provide direction on balancing provisions for the 2014 General Fund Budget and property tax levy.