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CITY OF <br /> • OMIDS <br /> Phone: (612)784-3055 <br /> A <br /> a r <br /> 5 EW Fax: (612) 784-3462 <br /> A <br /> °dDress Parrne�S�\�S 11110 <br /> September 5, 1996 <br /> Honorable Mayor and members of the City Council <br /> At the September 3rd Council Work Session, information was presented and discussed relating <br /> to the preliminary 1997 budget. Attached is page 2 from the attachments which was modified for <br /> the following: <br /> General Fire Property <br /> Fund Bond Tax <br /> Budget Budget Levy <br /> Amount per original report $3,684,974 $90,750 $1,761,813 <br /> Changes: <br /> Reduce Bel Rae's net cost (20,000) (20,000) <br /> Reduction in salaries (37,000) (37,000) <br /> Increase for estimated cost for <br /> consultant for comprehensive plan 15,000 15,000 <br /> Increase use of General Fund reserves (10,000). <br /> Increase use of Franchise Fee funds (58,3812 <br /> III <br /> Preliminary amount $3,642,974 $90,750 $1,651,432 <br /> 1996 final amounts 3,417,142 92,565 1,595,586 <br /> Change: In dollars $225,832 ($1,815) $55,846 <br /> In percent 6.61% (1.96%) 3.5% <br /> (If the levy would increased 2% or 5%,the levy and dollar increases would be $1,627,498 and <br /> $1,675,365, and$31,912 and$79,779, respectively.) <br /> - It should be noted that staff is still-in the process of reviewing operating and capital budgets as <br /> well as existing and project reserves and anticipates additional changes to the preliminary budget, <br /> however, State Statutes prohibit increasing the City's 1997 property tax levy above the amount <br /> certified by September 15, 1996. Staff is concerned over the long term financial health of the <br /> City and as such, is preparing long term capital and financial plans which are being used to <br /> project future operating and capital needs as well as financial reserves and tax levies. Prior to the <br /> public hearing(s) on the above, it is our goal to present modifications in order that the current <br /> budget and levy as well as the long term financial plan will have adequate resources to allow the <br /> City to provide the services that its citizens desire with tax rates and other fees that are <br /> reasonable in relationship to the level of service provided. <br /> • <br /> it6MINTED WITH 2401 Highway 10• Mounds View, MN 55112-1499 %"` <br /> SOY INK TM tore recycled paper <br /> Equal Opprotunity Employer <br />