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BA Amundsen IDR April 11 Part 3
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BA Amundsen IDR April 11 Part 3
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Moneys raised by Tax Increment Financing shall not be included in the calculation of reserve <br />limit. This Subdivision and Section shall not limit or impair the City's ability to create Tax <br />Increment Financing or enter into Development Agreements specified by MN Statutes 469.174 <br />to 469.1799, as amended. This Subdivision shall not require the City to divest or expend any <br />excess of any reserve fund(s) currently exceeding the specified limit, provided the Council, <br />within 90 days of adopting this Section, designates by resolution the purpose of the reserve or <br />adopts a modified Five Year Financial Plan reflecting the reserve purpose. <br />Subdivision 5. Nothing in this Section shall be construed to impair any general obligation <br />the City may have in support of otherwise lawful indebtedness or similar obligation supported by <br />the full faith and credit of the City, provided, however, that long-term, general obligation <br />indebtedness shall not be used for the purpose of funding the routine and daily business <br />operations of the City. <br />(Section 7.03 Amended by Referendum Election, November 2006) <br />Section 7.04 Submission of Budget. <br />Subdivision 1. Annually, on or before the 15t` calendar day of September of each year or <br />as specified by MN Statute 275.065, as amended, the City Administrator shall submit to the <br />Council the budget estimates for funds levying property taxes for the ensuing fiscal year and an <br />accompanying summary message in accordance with a budget calendar to be established by <br />resolution. <br />The total proposed operating budget to be provided from the property tax shall not exceed <br />the amounts authorized by state law and this Charter. Consistent with these provisions, the budget <br />shall contain such information and be in the form prescribed by the City Council. The final budget <br />shall provide a complete financial plan for all City funds and activities for the ensuing fiscal year <br />and except as required by state law or this Charter, shall be in such form as the Council may require. <br />It shall include a summary and show in detail all estimated income and all proposed expenditures, <br />including debt service and comparative figures for the current fiscal year, actual and estimated, and <br />the preceding year. In addition to showing proposed expenditures for current operations, it shall <br />show proposed capital expenditures to be made during the year and the proposed method of <br />financing each such capital expenditure. <br />Subdivision 2. For each enterprise operated by the City, its proposed and final budgets <br />shall show income, expenditure, and anticipated net surplus or deficit with the proposed disposition <br />method. <br />Subdivision 3. The City Administrator's message shall explain the budget, both in fiscal <br />terms and in terms of the work programs, linking programs to goals of the City and community <br />priorities. It shall outline the proposed financial policies and programs of the City for the <br />ensuing fiscal year and the impact of those policies and programs compared to the City's current <br />five-year plan, as adopted by the City Council. It shall describe the important features of the <br />budget, indicate any major changes in financial policies, expenditures, and revenues together <br />with the reasons for such changes. It shall summarize the City's debt position for each fund, <br />including factors affecting the ability to raise resources through debt issues, and include such <br />other material as the City Administrator deems desirable or as requested by the City Council <br />17 <br />
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