7C, Adoption of 2010 Budget, Tax Levy & CIP

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Ito.— ,--ARzEN HILLS MEMORANDUM DATE: December 14, 2009 TO: Honorable Mayor and City Council Members Ron Moorse, City Administrator FROM: Sue Iverson, Finance Director/Treasurer SUBJECT: Adoption of the 2010 Budget, Tax Levy and CIP Background At the May 18, 2009 worksession, Council provided staff with guidelines to initiate work and prepare a Preliminary 2010 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 17th 2009 worksession and a subsequent worksession on November 16, 2009, for discussion. The current version of the budget reflects the changes discussed at those worksessions. On September 14, 2009, the Council adopted a preliminary Tax Levy in the amount of $3, 057,666. The County has received the certification notice. Tonight, the City Council held a Truth -In -Taxation hearing as part of the public information process according to Minnesota State Statutes. Discussion The attached 2010 Proposed Budget has projected revenues of $10,951,833 and projected expenditures of $11,262,180. This budget includes expenditures and revenues across all funds. The General Fund budget is proposed at revenues of $3,872,358 and expenditures of $3,872,358. The only changes in the attached budget from the worksession are the updates for the 2010 Capital Improvement Plan (CIP), and changes to the General Fund for the reduction in the anticipated Antenna Revenue of $11,500 for 2010. To balance this reduction in revenue, a corresponding reduction was made to the Administration department expenditures in "Other Professional Services." (Previously the savings from the City Council Meeting \\Metro-inet.us\ardenhills\Admin\Council\Agendas & Packet Information\2009\12-14-09 Regular\Packet Information\2010 Budget-Levy-CIP.doc Page 1 of 2