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II. Core Accounting Functions <br />2013 Annual Report · Publc Works Department · St. Anthony Village, Minnesota <br />5 <br />ANNUAL FISCAL YEAR BUDGETS <br />All Minnesota cities establish annual budgets for a fiscal year that coincide with the calendar year. The City of St. <br />Anthony Village’s budget process kicks off in connection with the City’s annual goal setting session in January. <br />Public meetings and Staff meetings occur in late spring, when each department develops and submits requests <br />for the next year’s operating budget and the five-year Capital Improvement Program (CIP). From July through <br />September, the City Council holds a series of workshops to discuss the requested budgets and certifies it’s <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 finalizing the budget and levy in late December. See process <br />workflow below: <br />• FINANCIAL <br />MANAGEMENT AND <br />PLANNING (GOAL <br />SETTING). <br />• FINANCIAL PLANNING <br />WORK SESSION <br />• WORK SESSION <br />• PUBLIC HEARING/ <br />PROVIDE <br />RESIDENTS 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 STAFF <br />TO REVIEW KEY <br />FINANCIAL PLAN <br />AND THE PROPOSED <br />GENERAL OPERATING <br />BUDGET; DISCUSSION <br />ON CAPITAL <br />EQUIPMENT BUDGETS <br />• PRESENTATION OF <br />THE PROPOSED <br />OPERATING BUDGET <br />& PROPERTY TAX LEVY <br />TO THE CITY COUNCIL <br />• SETTING THE <br />PROPOSED <br />OPERATING BUDGET <br />AND PRELIMINARY <br />PROPERTY TAX LEVY. <br />• ANNOUNCE THE DATE <br />AND TIME AT WHICH <br />THE FINAL BUDGET <br />AND TAX LEVY WILL <br />BE DISCUSSED. <br />• REVIEW AND CONFIRM <br />BUDGET PARAMETERS <br />AND ESTIMATES. <br />• PUBLIC HEARING FOR <br />THE ADOPTION OF <br />THE FINAL OPERATING <br />BUDGET AND <br />PROPERTY TAX LEVY. <br />January - 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’s loss control programs and its internal <br />Safety Committee as risk management tools. <br />The Finance Department confirms that the levels of coverage, lists of covered <br />property and factors used in liability rating are sufficient 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 <br />and casualty coverage insured City assets with a cumulative replacement value of <br />27.4 million.