HomeMy WebLinkAboutCC 7-20-2010 2nd Quarter Financial Commo
MAYOR & COUNCIL COMMUNICATION
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DATE: 7/20/2010
REGULAR ITEM #: 7
DISCUSSION AGENDA ITEM: Review of 2nd Quarter of 2010 General Fund Budget (Unaudited)
SUBMITTED BY: Joe Rigdon, Financial Consultant THROUGH: Bruce Messelt, City Administrator REVIEWED BY: Tom Bouthilet, Finance Director
SUMMARY AND ACTION REQUESTED: Pursuant to City Council direction, the City Council is asked to receive an update on the now-closed 2nd Quarter 2010 General Fund (unaudited) and discuss, as appropriate, any findings or trends identified therein.
No specific action or motion is recommended at tonight’s meeting. However, should the Council feel so moved to undertake specific action, the Council motion and should be to:
Move to revise the 2010 Budget and to begin preparation of the 2011 Budget [as agreed to at tonight’s meeting].
BACKGROUND INFORMATION: The City of Lake Elmo has both the legal and fiduciary responsibility under Minnesota State Statue to actively manage its annual Budget and Capital Improvement Program (CIP). Tonight’s presentation is part of Lake Elmo’s quarterly review of
major budget issues and activities. STAFF REPORT: City staff has completed the “closing of the books” for the 2nd Quarter of 2010 and, in particular, the General Fund (attached). While unaudited at this time, staff has a
high degree of confidence in the material provided and would like to brief the City Council on the major identified findings and trends. A summary of Staff’s findings is attached, along with the detailed report. RECOMMENDATION: It is recommended that the City Council receive an update on the now-closed 2nd Quarter of the 2010 General Fund (unaudited) and discuss, as appropriate, any potential implications for the 2010 Budget and planned preparations for the 2011 Budget.
City Council Meeting Review of 2nd Quarter 2010 General Fund Budget (Unaudited)
June 20th, 2010 Regular Agenda Item #7
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No specific action or motion is recommended at tonight’s meeting. However, should the Council
feel so moved to undertake specific action, the Council motion and should be to:
Move to revise the 2010 Budget and to begin preparation of the 2011 Budget [as agreed to at tonight’s meeting].
Alternatively, the City Council does have the authority to discuss and adjust the 2010 Budget, either tonight or during subsequent action, and to direct the City staff accordingly with respect to execution of the 2010 budget and preparation of the 2011 draft budget.
ATTACHMENTS: 1. Staff Report on 2nd Quarter 2010 General Fund (Unaudited) 2. Detailed Report on 2nd quarter 2010 General Fund (Unaudited)
SUGGESTED ORDER OF BUSINESS:
- Introduction .................................................. Bruce Messelt, City Administrator
- Staff Report/Presentation ............................... Joe Rigdon, Financial Consultant
Tom Bouthilet, Finance Director
- Questions from Council to Staff ............................................. Mayor Facilitates
- Discussion ....................................................................... Mayor & City Council
- Action or Motion, if Appropriate ............................................ Mayor Facilitates