HomeMy WebLinkAbout#11 - Budget CalendarSTAFF REPORT
DATE: April 21, 2020
REGULAR
AGENDA ITEM: 2021 Budget Calendar
SUBMITTED BY: Kristina Handt, City Administrator
BACKGROUND:
Similar to last year, the City Council is asked to accept the proposed 2021 budget key dates for
planning purposes.
ISSUE BEFORE COUNCIL:
What should the schedule be for developing the 2021 budget? What guidance does Council have for the
2021 budget?
PROPOSAL DETAILS/ANALYSIS:
Included in your packet is a proposed schedule. Staff has already begun working on the CIP. The CIP will
be brought to committees/commission first then followed by the operating budgets. The finance committee
will work on the budgets in July and August. Then Council will have a work session to review the proposed
budget prior to certifying the maximum levy in September. The November work session is included as an
optional meeting again this year. The final budget would be adopted and certified to the County in
December.
While the proposed schedule still meets the critical deadlines, staff has proposed pushing the work of the
committees back by a month. This will allow for a more efficient process as we will have prior year audit
data and full 6 months of this year’s data to inform our decisions. The two finance committee meetings
seemed unnecessary given the long range financial planning we have been doing. Also, this will work best
if the council provides direction on the 2021 budget, mainly with respect to the tax rate. I’ve been working
on first quarter financial reports and the city’s revenues for licenses and permits, which is our main source
of revenue until the property taxes in July are up $16,000 compared to the same time last year. It should
be noted however that the stay in place order didn’t begin until the end of the March. Should the staff
prepare a budget that sticks with the long range plan guidance of a 2% increase in the tax rate? Given the
potential economic downturn, should the tax rate remain flat?
FISCAL IMPACT:
TBD
OPTIONS:
1) Approve the proposed schedule and provide direction on budget prep
2) Amend and then approve a schedule and provide direction on budget prep
RECOMMENDATION:
Motion to approve the 2021 Budget Calendar and direct staff to prepare a 2021 budget with a 2% increase
in the tax rate.
ATTACHMENTS:
• 2021 Budget Calendar
CITY OF LAKE ELMO
2021 Proposed Budget Calendar
As of 4/15/20
4/27/2020 Draft CIP Package Distributed to Departments
6/1/2020 Proposed CIP listings to Administrator and Finance Director
6/15/2020 Proposed Parks CIP to Parks Commission
6/23/2020 Proposed CIP from MAC and Public Safety
7/13/2020 Revenue and expense budget detail to Dept heads (actuals through June) for use to
project balance of 2020 and 2021 budget
7/21/2020 Proposed 5 year CIP presented to Finance Committee
7/27/2020 Detailed 2020/21 budget worksheets due back to Finance
8/11/2020 Departmental changes completed by Finance
8/12/2020 Proposed Budget to Dept. Supervisors for Final Comments
8/18/2020 Proposed 2021 budgets to FC for Recommendation
8/25/2020 Council Workshop – Proposed Budget
9/15/2020 Proposed Budget to City Council For Adoption by Resolution & Property Tax Levy
9/30/2020 Proposed Budget (adopted by Resolution) & Proposed Property Tax Levy Certified to
the County. Certify Hearing(s) Dates.
11/10/2020 Council Workshop – Proposed Budget (optional)
12/1/2020 Final Budget & Levy Determination Public Hearing 7:00PM City Hall
12/15/2020 Final Budget & Levy Determination (if necessary) 7:00PM City Hall
12/31/2020 Final Levy certified to the County & Adopt Final Budget
CRITICAL DATES
8/3-8/7/2020 Budget review with Dept. Heads, Administrator & Finance Department