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s <br /> TO: Mayor & Council <br /> FROM: Don Brager, Finance Director - Treasurer <br /> DATE: July 2, 1992 <br /> SUBJECT: First Draft of the 1993 Budget <br /> The First Draft of the 1993 General Fund Budget has <br /> been prepared and is attached for your consideration <br /> and review. This first draft was prepared pursuant to <br /> Council budgetary goals given at the May 18, 1992 <br /> Budget Goal Setting Work Session. <br /> Estimated 1993 Revenues were prepared using the same <br /> amount of property taxes levied in 1992, no use of the <br /> fund balance of the General Fund, and no new user fees. <br /> This initial revenue estimate indicates that the City <br /> may anticipate a reduction in available revenues of <br /> 2.90%. Further information regarding estimated 1993 <br /> General Fund Revenues may be found in the attached <br /> General Fund Revenue Commentary. <br /> The first draft of proposed 1993 General Fund <br /> Expenditures resulted in an increase of 5.89% over <br /> budgeted 1992 expenditures. Detailed information <br /> regarding proposed 1993 General Fund Expenditures may <br /> be found in the attached General Fund Expenditure <br /> Commentary and in individual departmental budget <br /> narratives. <br /> There exists an excess of expenditures over revenues of <br /> $250,286 when comparing Estimated 1993 General Fund <br /> Revenues of $2,762,413 to proposed 1993 General Fund <br /> Expenditures of $3 ,012,699. Sufficient information is <br /> not yet available from Ramsey County to provide <br /> estimates of the impact on property taxes of raising <br /> property taxes to cover all or a portion of this <br /> imbalance-between-revenues and expenditures.— When <br /> information becomes available to assess the impact of a <br /> 1993 tax levy estimates will be prepared and submitted. <br /> The most likely scenario to balance the 1993 Budget <br /> will be a combination of revenue enhancements and <br /> expenditure adjustments. Staff will be present at the <br /> July 7, 1992 Work Session to discuss these matters and <br /> to seek Council direction on how to proceed with <br /> devel-op-ing-a balancedbudget. <br /> Should you have any questions please do not hesitate to <br /> contact me. <br /> DB/hs <br /> Enclosures <br />