10/06/1980 Council Minutes - Laserfiche WebLink

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October 6, 1980 Mr. Schumacher explained the City's present financial condition noting that the 1980 budget had some shortcomings and the 1980 receipts are well below what had been an- ticipated. Mr. Schumacher further explained his recommendations for offsetting the shortcomings of the 1980 budget. General Fund would end the 1980 year at just a little over a zero balance. Mr. Schumacher presented the first draft of the 1981 budget noting that there still remains a lot of work to be done on it. The anticipated 1981 expenditures exceeds the 1981 anticipated revenues by more than $100,000.00. Mr. Schumacher presented a resolution for approving and adopting the 1980 Tax Levy, collectible in 1981. The resolution is as follows: RESOLUTION APPROVING, ESTABLISHING AND ADOPTING THE 1980 TAX LEVY, COLLECTIBLE IN 1981 WHEREAS, the City of Lino Lakes is in need of certain funds to pay expenses, obliga- tions and indebtedness due and anticipated in the year 1981, and WHEREAS, the City of Lino Lakes wishes to stay within the levy limitations imposed upon it by the State of Minnesota, now THEREFORE BE IT RESOLVED, that the City of Lino Lakes, Anoka County, Minnesota, hereby does levy the following sums of money for the current year, collectible in the year of 1981, upon the taxable property in said City of Lino Lakes, to -wit: 1. Total amount levied in the year 1980 to be spread for taxes due and payable in the year 1981 is in the total sum of $391,099.00. 2. The amount above levied is i;n the following amounts for the following budgeted purposes: a. Special Levies as authorized by Mn. Statutes, Section 275.50, Subd. 5 and 6, of the 1980 Legislative session. 1. Liability Insurance 5,599 2. Matching Funds Programs 6,050 3. Bonded Indebtedness 15,600 4. Certificates of Indebtedness 29,556 5. Bonds for Other Government Unit 8,600 6. Decrease Mobile Home Tax 254 7. Clerk's Error of Omission 12,282 8. Tax Abatements 3,285 9. Unfunded Liability PERA 15,319 10. Shade Tree Disease Control 8,648 11. 1980/1981 Levy Limitation 285,906 TOTAL 391,099 The Bond and Interest Levy herein above is the actual amount requested to be spread upon the tax rolls and any increase for the year 1981 over that previously levied is necessary to cover a deficit in the fund in question and any decrease is determined to be in order due to surplus in such particular fund. Mr. McLean moved to adopt the Resolution as presented. Mr. Jaworski seconded the motion. Motion declared passed.