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II. Core Functions <br />2014 Annual Report · Publc Works Department · St. Anthony Village, Minnesota <br />7 <br />ANNUAL FISCAL YEAR BUDGETS <br />All Minnesota cities establish annual budgets for a fi scal year that coincide with the calendar year. The City <br />of St. Anthony Village’s budget process kicks off in connection with the City’s annual goal setting session in <br />January. Public meetings and staff meetings occur in late spring, when each department develops and submits <br />requests for the next year’s operating budget and the fi ve-year Capital Improvement Program (CIP). From July <br />through September, the City Council holds a series of workshops to discuss the requested budgets and certifi es its <br />preliminary levy. During the last quarter of the year the preliminary levy and overall levy continues to be vetted by <br />staff and council. Public input again is sought prior to fi nalizing the budget and levy in late December. See process <br />workfl ow below: <br />• FINANCIAL <br />MANAGEMENT AND <br />PLANNING (GOAL <br />SETTING). <br />• FINANCIAL <br />PLANNING WORK <br />SESSION <br />• WORK SESSION <br />• PUBLIC HEARING/ <br />PROVIDE RESIDENTS <br />WITH AN <br />OPPORTUNITY TO <br />HAVE INPUT IN THE <br />BUDGET PROCESS. <br />• WORK SESSION WITH <br />DEPARTMENT HEADS. <br />DISCUSSION ON <br />OPERATING BUDGET <br />& EVALUATE 5-YEAR <br />CAPITAL EQUIPMENT <br />NEEDS <br />• CITY MANAGER & <br />STAFF MEETINGS <br />TO DISCUSS/DRAFT <br />BUDGET <br />• DEPARTMENT HEADS, <br />COUNCIL, AND <br />STAFF TO REVIEW <br />KEY FINANCIAL <br />PLAN AND THE <br />PROPOSED GENERAL <br />OPERATING BUDGET; <br />DISCUSSION ON <br />CAPITAL EQUIPMENT <br />BUDGETS <br />• PRESENTATION OF <br />THE PROPOSED <br />OPERATING BUDGET <br />& PROPERTY TAX <br />LEVY TO THE CITY <br />COUNCIL <br />• SETTING THE <br />PROPOSED <br />OPERATING BUDGET <br />AND PRELIMINARY <br />PROPERTY TAX LEVY. <br />• ANNOUNCE THE <br />DATE AND TIME <br />AT WHICH THE <br />FINAL BUDGET AND <br />TAX LEVY WILL BE <br />DISCUSSED. <br />• REVIEW AND <br />CONFIRM BUDGET <br />PARAMETERS AND <br />ESTIMATES. <br />• PUBLIC HEARING <br />FOR THE ADOPTION <br />OF THE FINAL <br />OPERATING BUDGET <br />AND PROPERTY TAX <br />LEVY. <br />Januar y - February - March April - May - June July - August - September October - November - December <br />INSURANCE <br />The insurance function provides the appropriate insurance coverage and protection <br />for all aspects of City operations. The insurance coverage includes general liability, <br />liquor liability, property and casualty, auto, theft, business interruption, and workers <br />compensation. <br />The City takes advantage of the League of Minnesota Cities Insurance Trust’s loss <br />control programs and its internal Safety Committee as risk management tools. <br />The Finance Department confi rms that the levels of coverage, lists of covered <br />property and factors used in liability rating are suffi cient and accurate during the <br />annual renewal process. Any changes in property owned or additional liability <br />assumed is communicated to the League during the policy period. The City’s <br />workman’s compensation policy insured a total wage risk of 4.6 million. Property and <br />casualty coverage insured City assets with a cumulative replacement value of 28.0 <br />million.