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<br />Item No: 5 <br />Meeting Date: March 1, 2010 <br />Type of Business: Work Session <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: 2010 Budget Discussion <br /> <br /> <br />The state is facing an additional budget deficit of 1.2 billion on top of the initial 2.7 billion deficit. <br />The next revenue forecast for the state will be released on March 2nd so there could be <br />additional changes to the supplemental state budget. <br /> <br />To solve the 1.2 billion state deficits, the Governor has proposed reducing state aid to the City <br />by an additional $381,000 on top of the already proposed $340,000 for a total reduction of <br />$721,000. The state will face budget issues for a number of years thus we can not count on any <br />aid from the state for 2011 and beyond. Staff has put together some possible reductions that <br />will allow us to stay balanced for the remainder of 2010. These are short-term solutions and do <br />not provide for long-term sustainability. <br /> <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Mark Beer