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2002-08-26 CC Worksession
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2002-08-26 CC Worksession
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<br />, , . <br /> <br />II. Consider other revenue enhancements where appropriate. <br /> <br />A.) Do you have fees that are set substantially lower than the cost of the service provided? <br />Now may be a good time to adjust fees to more closely relate to the cost of the service, <br />thereby reducing the current subsidy from other revenue sources. Also, there may be <br />certain property tax supported services for which fees could instead be charged. <br /> <br />B.) If your city makes significant capital or maintenance expenditures for storm water <br />control, you may wish to consider creating a storm water utility and removing these costs <br />from the general fund. <br /> <br />/11. Consider developing a plan to reduce appropriations or delay future financial obligations <br />as a strategy to cover the potential loss of state aid payments. If aid reductions do not <br />materialize, you could make later adjustments in your budget. <br /> <br />A.) Any state aid or credit cuts might not be enacted into law until the session ends, which <br />will likely be in late May. The cuts would likely be applied to the July and December <br />2003 LGA distributions and to the October and December 2003 MVHC reimbursement <br />payments. Cities will already be nearly five full months into the fiscal year, which means <br />that spending reductions would have to be applied to the remaining seven months of <br />expenditures. <br /> <br />B.) You may want to consider budgeting for one-time expenditures that replace long-term <br />ongoing costs, such as technology investments that might replace a staff position or <br />consultant contract. <br /> <br />C.) Consider delaying any hiring decisions until the Legislature crafts its budget during the <br />2003 session. <br /> <br />D.) Consider delaying major purchases, as well as delaying new or expanded program <br />initiatives. <br /> <br />IV. Consider drawing down reserves to cover the loss of state aid. <br /> <br />A.) Carefully consider the periodic cash flow needs of the city before deciding to draw down <br />reserves. City fund balances are generally measured on December 31 of each year. This is <br />a "high water mark" for city budgets given the structure of state aid payments and <br />property tax distributions. An analysis of necessary reserves on a daily or weekly basis <br />would provide a more accurate picture of the city's cash flow needs. <br /> <br />B.) State aid and credit cuts could be permanent and, ultimately, the city would have to <br />increase taxes or reduce spending to avoid a long-term city deficit. <br /> <br />C.) Drawing down reserves could potentially affect your city's credit rating and possibly <br />increase the cost of future borrowing for the city. <br /> <br />r" <br />
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