09-11-2024 Workshop Packet - Laserfiche WebLink

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11.747 24.491 24.829 24.913 26.757 27.319 29.498 31.432 33.319 34.935 36.979 37.229 37.592 37.811 39.010 42.926 43.362 48.427 62.800 0 10 20 30 40 50 60 70 2024 Final Tax Rates Cities in Ramsey County Ways to reduce the Levy:  Utilize existing fund balance. At the end of 2023 unassigned fund balance $3,681,969 or 62.85% of 2024 Budget. City Policy 42.5% - 65%. The State Auditor recommends municipalities to carry a fund balance of 35% to 50% (This type of approach only works for one time identified expenditures, that would not carry over in the following year’s budget)  Adopt a “Safety Margin” amount from 2.5% to 1.5.5%. This will decrease preliminary levy by approximately 1%.  Reduce Council Contingency – Budgeted at $15,000  Reduce COLA. For each COLA rate adjustment decrease of 1%, the savings is approximately $14,060 in the General Fund or 0.33% levy decrease. COLA is currently budgeted at 3.2%.  Postpone the $30,000 increase to the levy designated for the community building, adopted at $100,000 in 2024 and proposed at $130,000 in 2025.  Postpone the $40,000 Capital Infrastructure Levy increase, adopted at $160,000 in 2024 and proposed at $200,000 in 2025. Staff recommends keeping in the budget at preliminary and evaluate considering the capital infrastructure budget review that will take place October 23 rd. If not needed the City will have an opportunity to decrease at the final levy adoption on December 4th.  Postpone the $20,000 Projects/Facilities Management Contracted Services Documents Included with the Packet 1) General Fund Summary – Revenues 2) General Fund Summary – Expenditures 3) General Fund Summary – Expenditures by Department 4) August 14th Staff Report – Police – Fire - Administration 5) August 28th Staff Report – Public Works – Parks – Utility Funds