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2022-157 Council Resolution
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2022-157 Council Resolution
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12/14/2022 9:43:24 AM
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12/14/2022 9:43:22 AM
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City Council
Council Document Type
Resolutions
Meeting Date
12/12/2022
Council Meeting Type
Regular
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CITY COUNCIL <br /> AGENDA ITEM 2C <br /> STAFF ORIGINATOR: Hannah Lynch <br /> MEETING DATE: December 12, 2022 <br /> TOPIC: Consider Resolution No. 22-157, Amending the 2022 General <br /> Fund Operating Budget <br /> VOTE REQUIRED: 3/5 <br /> BACKGROUND <br /> Adopted budgets are amended over the course of the year for a variety of reasons. Factors that lead <br /> to budget amendments include fiscal decisions made throughout the year,economic conditions,and <br /> changes in budget projections. Staff has prepared a listing of proposed budget adjustments for <br /> conditions that are known today. Significant amendments are outlined below. <br /> On the revenue side,permit revenue from the Lyngblomsten Senior Housing project and residential <br /> development along with Municipal State Aid (MSA) street maintenance aid contributed to more <br /> revenue than anticipated. The increase in revenue was offset by less revenue than anticipated for <br /> liquor license fees and interest on investments. The City Council waived on-sale liquor license fees <br /> for the 2022-2023 licensing period and while the City earned interest on investments it was <br /> overshadowed by unrealized losses on investments due to rising interest rates. The loss will not <br /> become realized since the investments will be held to maturity and future gains and interest earnings <br /> on investments will recoup the losses experienced in this fiscal year. <br /> On the expenditure side, vacancies in various departments (Administration, Community <br /> Development,Police,Building Inspections,and Parks)contributed to a decrease in personnel costs. <br /> The decrease in expenditures was partially offset by more expenditures than anticipated for fuel, <br /> maintaining and repairing fire equipment, and electricity in government buildings. <br /> The net decrease in expenditures of $101,113 allowed the use of reserves to decrease from the <br /> anticipated$500,000 to$398,887. <br /> RECOMMENDATION <br /> Staff recommends the approval of Resolution No. 22-157. <br /> ATTACHMENTS <br /> Resolution No. 22-157 <br />
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