7B, CIP, Resolution 2008-062 & 2008-063

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.......... .~HILLS MEMORANDUM DATE: December 3, 2008 TO: Honorable Mayor and City Council FROM: Ron Moorse, City Administrator Sue Iverson, Finance Director SUBJECT: Adoption of the 2009 Budget and Tax Levy Background: At the May 19,2008 Work Session, Council provided staff with guidelines to initiate work and prepare a Preliminary 2009 Budget. At this meeting, the Council provided staff with general guidelines and based on these guidelines, a draft preliminary budget was presented at the August 18, 2008 Work Session and a subsequent Work Session on November 17, 2008, for discussion. The current version of the budget reflects the changes discussed at those Work Sessions. On September 8, 2008, the Council adopted a preliminary Tax Levy in the amount of $3,003,434. The County has received the certification notice. On December 1, 2008, the City held the Truth-in-Taxation. meeting. At the conclusion of the meeting, the Mayor closed the public hearing. Discussion: The attached 2009 Proposed Budget has projected revenues of $9,996,243 and projected expenditures of $12,042,373. This budget includes expenditures and revenues across all funds. The General Fund budget is proposed at revenues of $3,785,062 and expenditures of $3,784,972. The only Ghanges in the attached budget from the Work Session are the updates for the Capital Improvement Plan (CIP). If adopted, this copy will serve as a draft working copy for staff and Council until the Final bound version is completed and ready for submission to the GFOA awards program. After the adoption of the final budget and the final levy on December 8, 2008, the City will certify the final levy amount to the County before the end of the year. As part of the annual hudget and levy adoption process, the Council is also asked to approve the 2009 - 2012 Capital Improvement Plan. This plan will become part of the budget submission for the GFOA and year 2009 is included in the 2009 current year budget amounts