TENTATIVE BUDGET SUMMARY FY 2014-15 budget is $ 97,113,000. $ 1,738,500 more than last year. Property tax rate will increase by $0.30 from $3.54 to $3.84. State formula changed or rate would have dropped. Levy will increase by $70,000 to cover voter approved debt. NO water, sewer, or sanitation rate increases. Recharge rate previously approved per Red Oak study. One time-payments of 3.33% for Police Association and 2% for others is included. Major projects are being completed.

BUDGET WORKSHOP CHANGES Debt Service Fund 31 – increased expenses by $91,500 covers interest and issuance costs on City Hall GO Bonds no changes to revenue are required. Photo Enforcement Fund 16 – account 430-199 Labor Distribution was reduced by $11,000 and 551-354 PHOTO ENFORCEMENT SERVICES was increased by $11,000 net fund change $0.00. General Fund 10; Administration 450 – Professional Services was increased by $25,000 to permit a wage and salary. No changes to revenue are required in this budget to cover this additional cost.  The Council Contingency has been maintained at $200,000 and the $6,000,000 reserve (not budgeted) will be increased this year by $435,500.

NEXT STEPS Adopt Tentative Budget Scheduled for June 2, 2015 Public Hearing – Adopt Final Budget & Role Call Vote Property Taxes Scheduled for June 16, 2015 Adopt Property Tax Scheduled for July 7, 2015

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