06/02/2008 Council Packet - Laserfiche WebLink

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• WS -4 WORK SESSION MEMORANDUM To: Mayor and City Council From: Al Rolek Date: June 2, 2008 Re: Work Session Item 4 - 2009 Budget Guidance, Process and Timeline The 2009 budget preparation cycle is now upon us. Staff is requesting guidance and parameters from the City Council within which the draft budget will be prepared. The State Legislature has recently approved limits on local government levies for the next three years. The legislation limits any increase in general levy to the lesser of the annual implicit price deflator, as determined by the Department of Revenue, or 3.9 %, plus 50% of residential and commercial growth. The 2009 budget and levy must be prepared within this limitation. The proposed budget process and timeline for the preparation of the 2009 budget is proposed to remain the same as in past years. To outline the process, budget worksheets have been distributed to all Directors for their respective dep.'talents. Directors will submit their budget requests to the Finance Director by July 9. The City Administrator and the Finance Director will then review the requests with the directors and formulate a proposed budget. The proposed budget will be completed, distributed to the City Council and reviewed at the budget work session proposed for Monday, August 18. The review will be conducted by the Finance Director and City Administrator, with the Directors in attendance to respond to questions. Another work session is proposed for the September work session to review revisions requested by the City Council and to come to agreement on a preliminary 2009 budget. The preliminary budget and levy, as well as Truth in Taxation hearing date, will be approved by the City Council on September 8. The proposed 2009 budget, tax levy and TNT date will be certified to the Anoka County Auditor by September 15. The initial Truth in Taxation hearing is proposed for December 8 prior to the regular City Council meeting. A continuation hearing, if needed, is proposed for the second meeting in December prior to the regular City Council meeting, with the final 2009 budget and tax levy being adopted at a subsequent hearing held during the regular meeting. The final 2009 budget and tax levy will be certified to the Anoka County Auditor by December 28. Again, staff is seeking City Council guidance at the outset of our budget process. Should you have any questions relative to this request or the proposed schedule we can discuss them at the work session.