Agenda Packets - 2002/12/09 - Laserfiche WebLink

Home Browse Search

Item No. 7C&D Type of Business: CB WK: Work Session; PH: Public Hearing; CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report To: Honorable Mayor and City Council From: Charles Hansen, Finance Director CC: Kathleen Miller, City Administrator Item Title/Subject: Resolution 5899 Adopting the 2003 Property Tax Levy and General Fund Budget and Resolution 5900 Adopting the 2003 Budgets for Funds Other than the General Fund Date of Report: December 5, 2002 The City Council and staff have been working on the 2003 operating budgets for all city funds throughout the summer and fall. Numerous drafts of the budget have been produced and updated as information was refined and decisions were made. In a final review during the preparation of the attached resolutions, I discovered just one additional change that needs to be incorporated. The debt service funds receive their income as a transfer from the TIF District Funds. When the last change to debt service was made, the transfer got adjusted on the debt service side, but not on the TIF District side. Transfers between funds were not in balance as a result. Correcting this requires that the TIF District budgets be adjusted to increase transfers to the debt service funds. TIF District #2 transfers to other funds increase from $181,358 to $181,496 and total expenses increase from $228,703 to $228,841. TIF District #3 transfers to other funds increase from $218,110 to $218,274 and total expenses increase from $521,137 to $521,301. Since the City Council has received updated copies of the budget as budget meetings have been held, I would like to economize on copying costs by not reprinting complete new drafts for everyone at this time. I will print a couple of complete, clean, new drafts for public inspection at the meeting on December 9, 2002. I will do the same for any City Council member who wishes to have a new draft. Complete, new copies of the budget will be produced after it is adopted. Although the City Council and Staff have worked on the long-range capital improvement plan, it is nowhere near completion. It will need to be taken up by the new City Council and added to the budget in early 2003.