CCP 09-14-1998 - Laserfiche WebLink

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... . MEMORANDUM DATE: September 11, 1998 TO: Brian Fritsinger, City Administrator FROM: Terrance R. Post, City Accountant @ SUBJECT: Preliminarv 1999 Budl!:et Background Minnesota Statute 275.065 requires cities to adopt a preliminary budget for the following year by September 15'h of the current year. The rationale for this requirement is to link the budgetary need for the proposed levy payable for the following year and to create a foundation for information distributed as part of the Truth In Taxation process. The same statute recognizes the preliminary nature of the budget by requiring that the final budget be adopted no later than December 27th. Significant Budget Items . The preliminary 1999 budget contains four significant items. They include: 1. Utilizing the maximum allowable levy ($1,923,937) to achieve a balanced General Fund budget. 2. Assuming that new City Hall construction begins in 1999 with funding coming from Advance Refunding Bonds Fund No. 315 ($1, I 00,000) and Municipal Land & Buildings Fund No. 408 ($950,000). 3. Phase II of TCAAP planning begins in 1998 and continues on into 1999 with funding provided by the PIR Fund ($205,000 in 1998) and the Community Services Fund ($200,000 in 1999). 4. Major capital budget items in the Enterprise Funds including the beginning of a residential water replacement program in the water utility ($250,000) and the continuation of the multi-year sewer line rehabilitation project ($75,000) and purchase of a vacuum truck ($140,000) in the sanitary sewer utility. Unresolved 1999 Budgetary Issues 1. Determining a definite scope for the 1999 PMP, including the impact of reconstructing West Round Lake Road upon other candidate streets/activities. It is anticipated that the . City Engineer's Feasibility Report on this item will be released in early October.