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• CITY COUNCIL WORK SESSION DECEMBER 15, 2004 APPROVED 1 acquisition, that affected the total cost of the projects. Because of this and because the 2 transfers from the Area and Unit Fund and the Stormwater Management Fund were not 3 made at the time, deficits remain in the 1997 and 1998 Construction Funds. 4 5 Finance Director Rolek advised it is in the best interest of the City, and sound financial 6 management, to make transfers to the construction funds to eliminate the deficits and to 7 close the funds for these completed projects. Therefore, staff recommends Council adopt 8 Resolution 04 — 194, which authorizes the fund transfers and closes the 1997 and 1998 9 construction funds. 10 11 Finance Director Rolek noted all the fund transfers will lower the amount of the Area and 12 Unit Fund to approximately $3.4 million. Staff will be monitoring this fund very 13 carefully and the lower fund balance will not change the financial standing of the City. 14 15 The Fund Transfers will appear on the Council agenda Monday, December 20, 2004, 6:00 16 p.m. 17 18 2004 BUDGET AMENDMENTS, AL ROLEK 19 20 Finance Director Rolek advised during the year, the City Council receives certain 21 revenues and approves certain expenditures that were not included in the adopted general 22 operating budget. In 2004, the City was awarded a federal COPS Fast Grant for three 23 new officers, a state grant for a volunteer coordinator and received a rebate from the 24 Anoka County 800 MHz radio program. The new police positions were filled during the 25 year and the radio rebate was used for related police equipment. In addition, team 26 building and goal setting sessions were held by the City Council, and tax abatements 27 were distributed which were not budgeted. 28 29 Finance Director Rolek stated it is standard management and accounting practice to 30 amend the general operating budget to reflect such unbudgeted revenues and 31 expenditures. Staff has from time to time in the past brought such amendments before 32 the City Council for formal action. Staff is recommending the City Council approve 33 Resolution 04 — 194, amending the 2004 General Operating Budget. 34 35 Council suggested staff prepare a summary of the increases included in the 2005 budget 36 for residents and have those increases be explained at the Council meeting Monday night. 37 38 2005 BUDGET, LEVY, AL ROLEK 39 40 Finance Director Rolek advised Minnesota State Statutes require the City to adopt and 41 certify a final 2005 operating budget on or before December 28, 2004. The City is also 42 required to adopt and certify a final 2004 tax levy, collectible in 2005. 43 44 Finance Director Rolek stated a Truth -in -Taxation public hearing was held on the tax 45 levy and budget on December 13. A summary of the proposed budget and tax levy 46 information was presented and discussed during the public hearing and public testimony 47 was taken. No changes have been made to the proposed budget since it was adopted on 48 September 13, and no recommendations for changes were made in ensuing work sessions.