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<br />ARDEN HILLS CITY COUNCIL WORK SESSION - MAY 21, 2007 <br /> <br />7 <br /> <br />B. Review of 2008 Budget <br /> <br />1. 2008 Budget Schedule <br /> <br />Finance Director Iverson stated the 200S budget calendar must be approved by Council. <br />She is looking for input from the members. <br /> <br />Councihnember Holden recommended Council members let Finance Director Iverson <br />know what changes they want. <br /> <br />Finance Director Iverson stated in past years, this was not initiated until July. She <br />commented this was not enough time for feedback; therefore, it is now being done two <br />months earlier so feedback could be analyzed. <br /> <br />Finance Director Iverson reported the budget is an estimate and a guideline to what the <br />City thinks would happen. She stated that the Council approves items as they happened <br />during the year and that she does a formal budget amendment at the end of the year. <br /> <br />Finance Director Iverson commented that the Council has done very few amendments this <br />year. She commented with the budget process, the format would include 200S proposed <br />budget, 2007 budget, 2007 year-to-date, 2006 budget numbers, and 2005 budget numbers. <br /> <br />2. 2008 Budget Goals and Guideliues <br /> <br />Finance Director Iverson stated she is looking for feedback as to how Council and staff <br />should proceed. <br /> <br />Mayor Harpstead inquired as to the budgeting process. <br /> <br />Finance Director Iverson replied with the types of expenses that need to be tracked and <br />the different categories it would make sense to set this up. She explained that departments <br />would provide a certain amount of detail. She stated the large budget categories would be <br />listed out in a narrative format. Finance Director Iverson commented that a spreadsheet of <br />line items and greater budget detail would be available. <br /> <br />Discussion ensued. <br /> <br />Finance Director Iverson referred Council and staff to the tax levy and asked what <br />Council's comfort level is for the tax levy. She explained how the process works. <br /> <br />Discussion ensued. <br /> <br />Finance Director Iverson indicated that she would do an analysis of last year's tax <br />capacity. She reiterated the general tax levy guideline from Council is four percent. <br /> <br />