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2020-12-09 CC Packet
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2020-12-09 CC Packet
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We have addressed many of the concerns recently identified by the League of Minnesota <br />Cities. We reduced our anticipated proceeds from building permits and pull-tab <br />gambling receipts. We have conservatively budgeted for interest income at 1% of our <br />cash balances. While short-term rates have dropped below that amount, our current <br />investments are staggered out with maturities coming due over the next five years. Our <br />portfolio should maintain a return within a reasonable margin of error of 1% over the <br />next several years. <br />Lastly, we are not highly dependent on Local Government Aid (LGA) from the state. <br /> Even a 20% decrease in this $75,626 aid <br />represents only about a $15,000 revenue loss. <br /> <br />Staff is happy to discuss budget issues and answer questions at any time with council, <br />property owners, and residents. Staff recommends that the City Council adopt the 2021 <br />budget and property tax levies as adopted on a preliminary basis in September and <br />presented at the Truth-in-Taxation hearing. <br /> <br />
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