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<br />Item No: 7.A <br />Meeting Date: December 7, 2009 <br />Type of Business: Truth in Taxation <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: All Funds Budgets for 2010 <br /> <br /> <br />Attached is the Truth in Taxation presentation and the budgets for all funds (General, Special <br />Revenue, Debt Service, Capital Projects, and Enterprise) for your consideration. The Council <br />has had an opportunity to review all the funds at different times during this process. <br /> <br />The state released a budget forecast for the current biennium on December 2 that projects a 1.2 <br />billion deficit over the remaining 18 months of the budget period. I think we can expect to see <br />further reductions in state aid and could see additional reductions as soon as the aid payment <br />that is due at the end of this month. The City could use additional reserves to off-set these cuts <br />or consider additional expenditure reductions. There are no revenue increases that the City can <br />avail it self of at this time. <br /> <br />Looking forward to the 2012/2013 state budget, projections show a 4 to 7 billion deficit already <br />for that period. This will affect our state aid for 2011. Staff welcomes <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Mark Beer