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2002-08-26 CC Worksession
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2002-08-26 CC Worksession
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<br />. , I . <br /> <br />AUG 2 I 20021 <br /> <br />LMC <br /> <br />145 University A venue West, St. Paul, MN 55103-2044 <br />Phone: ((/51) 281-1200. (800) 925-1122 <br />TDD (651) 281-1290 <br />LMC Fax: (651) 281-1299 LMCIT Fax: (651) 281-1298 <br />Web Site: http://www.Imnc.org <br /> <br />League of Minnesota CineS <br />Giies promoting ~!knCtl <br /> <br />MEMORANDUM <br /> <br />To: <br /> <br />Mayors, City Managers, Administrators, and Clerks <br /> <br />From: <br /> <br />Jim Miller, Executive Director <br /> <br />Re: <br /> <br />2003 City Budgets <br /> <br />Date: <br /> <br />Friday, August 16, 2002 <br /> <br />Volatility in the state's budget over the past year is now translating into uncertainty for local <br />budgets. Although the magnitude of the state budget deficit will not be officially revised until <br />late November or early December, the Commissioner of Finance has recently suggested that the <br />deficit could be as high as $2.7 billion for the 2004-2005 biennium. With the additional <br />pessimistic economic news that has been released over the past several weeks, this fall's budget <br />forecast could even exceed the Commissioner's gloomy figures. <br /> <br />In recent weeks, the League has received numerous inquiries from member cities seeking advice <br />on how to prepare for the uncertain state budget situation and the potential for state aid <br />reductions. The situation for larger cities is further complicated by levy limits, which will be <br />significantly more stringent due to a remarkably low inflation adjustment (0.76%) for 2003 <br />levies. For many cities, levy limits will trim the list of policy alternatives available to address <br />possible 2003 state aid cuts. <br /> <br />To make matters more difficult, your city is undoubtedly facing other budget pressures such as <br />rising employee health insurance costs, potential volunteer relief association contribution <br />. increases, lower investment earnings, and possible additional security costs in light of the <br />September terrorist attacks. <br /> <br />The purpose of this memo is to provide you with insights into this uncertainty based upon <br />conversations we have had with key state decision-makers and information available to us at this <br />time. The state budget situation is fluid and will undoubtedly change before the Legislature <br />convenes in January. Although the League will be working with legislators to reduce the size of <br />any proposed state aid or credit reimbursement reductions, it is important for your city to begin <br />preparing now for the possible effects of a cut in state aids. <br />
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