2007-160 Council Resolution - Laserfiche WebLink

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• • • Each Member shall pay its annual assessment in the following manner: 1) The entire amount shall be due by January 31; or 2) One -half (1/2) of each Member's entire amount shall be due by January 31 and the second one -half (1/2) of the entire amount shall be due by August 31. Failure to pay the required amounts by the due dates will cause a one (1) percent per month service fee to be added to the unpaid amount due. Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital Improvement budgets for the next calendar year shall be prepared by July 1 of each calendar year. Each Member shall review the proposed operating budget and may make comments to the Board regarding the operating budget on or before October 15th of each year. After submission of comments by Members, the Board shall consider said comments and shall adopt a final operating budget on or before October 15 of each year. The Secretary shall certify and prepare a statement showing the approved operating budget and the assessed amount to be paid by each Member on or before October 31 each year. Subdivision 3. Annual Assessment for Services. The annual contribution of each Member or other entity shall be calculated upon the following formula: 1) Forty percent (40 %) based upon the assessed valuation of all real property of each governmental unit within the Area; 2) Forty percent (40 %) based upon the total area of the property within each governmental unit within the Area; and 3) Twenty percent (20 %) based upon the population of each governmental unit within the Area. Subdivision 4. Capital Improvement Projects Program and Funding. On or before July 1 of each year the Board shall prepare a proposed capital improvements program and budget for projects to be started or completed in the following year as described in the Water Plan and shall submit the same for review and comment by the Members. Each proposed project shall be described and its estimated cost and time for completion shall be provided. Only projects described in the Watershed Management Plan or its amendments may be included in the capital improvement budget. Funding in the capital improvement budget shall be calculated as follows: