HomeMy WebLinkAboutcc 12.1.15 Levy and Budget approval_2
MAYOR & COUNCIL COMMUNICATION
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DATE: December 1, 2015
REGULAR
ITEM #9
AGENDA ITEM: Approve 2016 Final General Fund, Debt Service Fund & Library Fund
Annual Budget and Tax Levy
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Finance Committee and Clark Schroeder, Interim City Administrator
SUGGESTED ORDER OF BUSINESS:
- Introduction of Item ..................................................................Finance Director
- Report/Presentation…………….Finance Director/Interim City Administrator
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Public Hearing ........................................................... Mayor Facilitates
- Close Public Hearing…………………………………………Mayor Facilitates
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates POLICY RECOMMENDER: Finance Director and Finance Committee
FISCAL IMPACT: NA SUMMARY AND ACTION REQUESTED: Pursuant to State law, the City is required to hold
a Truth in Taxation hearing regarding the adoption of the 2016 General Fund, Debt Service Fund
and Library Fund Budgets. The City Council is being asked to approve the Final 2016 Annual
Budget and Levy for these funds and hold a public hearing. BACKGROUND INFORMATION: The City of Lake Elmo has both the legal and fiduciary
authority and responsibility under Minnesota State Statute to adopt a 2016 General Fund, Debt
Service Fund and Library Fund annual budgets; all of which impact the annual Property Tax
Levy. On September 1, 2015, the Preliminary Annual Budgets for these funds were approved and subsequently certified to Washington County. The final levy and budgets for these funds must be adopted and certified to Washington County by December 28th, 2015, after holding a
Truth in Taxation hearing.
City Council Meeting [Regular Agenda Item #9]
December 1, 2015
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STAFF REPORT: At budget review meetings, the Finance Committee reviewed an in-depth
budget and levy presentation for 2016 related to the General Fund. The City Council was invited to those meetings and provided their input as well. As a result of those meetings, the preliminary budget was finalized and presented to the City Council on September 15, 2015 for approval and
preliminary certification to the County. Due to uncertainty surrounding the developer build out
activity, conservative revenue numbers were used for the preliminary 2016 budget resulting in
the certification to the County representing the maximum Levy possible.
On October 14, 2015 the Finance Committee had a follow up 2016 budget meeting to review
updated actual results to date. The City Council was again invited to those meetings to provide
their input. As a result of those meetings, final revisions were made resulting in a reduction to
the preliminary levy certification of $521,694. It was recommended that any and all excess funds available in the general fund budget be used to reduce the 2016 General Fund Levy. As a
result, the final 2016 levy certification is being proposed at $3,112,204.
RECOMMENDATION: It is recommended that the City Council hold a public hearing related to these budgets and if no issues arise as a result, pass Resolution 2015-84, thereby approving the
final 2016 General Fund, Debt Service Fund and Library Fund Annual Budget’s and Levies by
undertaking the following motion:
“Move to approve Resolution No. 2015-84 adopting the final 2016 General Fund, Debt Service
Fund and Library Fund Annual Budget’s and Levies”
ATTACHMENT:
1. Resolution No. 2015-84