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<br />Item No: 02 <br />Meeting Date: 07/07/04 <br /> Type of Business: WS <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Kurt Ulrich, City Administrator <br />Item Title/Subject: Identify Potential 2005 Budget Reductions <br /> <br />This item was requested by the Council to be on this agenda for discussion. Faced with <br />a potential loss of $360,000 in state revenue, it is probable that budget reductions will <br />need to occur (see five-year financial projection under Item 1). Local government aid <br />“errors” may result in an additional $500,000 in LGA coming to the City; however, the <br />advice I received from the Association of Metropolitan Municipalities is “Don’t spend the <br />money”. Reflecting the fact that, even if the glitch results in a one-year gain, it’s unlikely <br />to be a long-term addition to our revenue. <br /> <br />It is requested that the Council discuss ideas for reductions that can be analyzed by staff <br />for discussion at the budget work session on August 2nd. <br /> <br />To generate some ideas and discussion, a list of Creative Financing Tools for Local <br />Government, taken from Public Management Magazine and other sources, has been <br />attached. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />________________________ <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />