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Page 1 of 2 <br /> <br />AGENDA ITEM – 1C <br /> <br />MEMORANDUM <br /> <br />DATE: July 17, 2017 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> William S. Joynes, Sr., City Administrator <br /> <br />FROM: Dave Perrault, Interim Director of Finance and Administrative Services <br /> <br />SUBJECT: Preliminary General Fund Budget <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> <br />Council Should Consider <br /> <br />Staff is requesting City Council review and provide feedback to the attached preliminary General <br />Fund budget for the 2018 fiscal year. <br /> <br /> <br />Background <br /> <br />Annually, City Staff prepares and submits a preliminary budget to the City Council for review <br />and feedback. Attached to this memo is the City’s Preliminary General Fund budget for the <br />2018 fiscal year. Each department provided their respective forecasts for both revenues and <br />expenditures for this budget. <br /> <br />Please note, Ramsey County has not held their Finance Director meeting yet, this normally <br />occurs in August. Following this meeting, the Finance Department will have a better <br />understanding of how the property tax levy will be affected by changing market conditions and <br />residential home values. For the purpose of this discussion, tax levy has remained unchanged <br />from the prior year. <br /> <br />The preliminary budget shows revenues decreasing by 1.81 percent and expenditures increasing <br />1.94 percent, leaving a budget shortfall of approximately $352,000. This shortfall is primarily <br />due to increased public safety costs, increased budgeted transfers, prior year budgeted deficits,