The Edmonds City Council discussed putting a levy before residents during its Tuesday meeting. Financial projections peg the city’s budget falling below the council-mandated one-month reserve in 2012. Without boosting revenue, the city could slip into the red by 2015.

Mayor Mike Cooper suggested a levy be put on the Aug. 16 ballot. Should a levy not make it onto an upcoming ballot, or if one does not pass, Cooper says he will be slashing the 2012 budget to maintain the reserve.

Council President Strom Peterson said they will continue to discuss the levy.

Cooper’s proposal pins a property tax increase of 35 cents per $1,000 assessed value of a home over a four-year period. That would add more than $130 a year to the property tax bill of an Edmonds resident with a $375,000 home, the average home value in the city. He intends for that revenue to go to crime prevention, street maintenance and parks projects.