2010-04-28 CC Packet - Laserfiche WebLink

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General Fund Budget Significant Revenue Amendments Property Tax: The City's property tax levy remains the same at roughly $1,727,600. That said, given the latest information and forecasts from the League of MN Cities the loss in market value homestead credit revenue was adjusted to $80,000 instead of $69,000. Special Assessments: were amended from $0 to $25,000. This line item represents assessments that belong to debt service funds that were closed out in late 2009. This revenue is now captured in the general fund. Property Rental: was amended from $0 to $7,750. This line item reflects revenue being received from the property rental at 1737 Main St. Operating Transfers: was amended from $99,500 to $0. This amendment is budget neutral as the same operating transfer on the expenditure side was reduced to $0 as well. Overall, budgeted revenues have decreased from $2,159,594 to 2,145,800. Significant Expenditure Amendments General Government: No significant amendments were made in this area. Overall, this budget classification was decreased from $553,655 to $548,080. Public Safety: No significant amendments were made in this area. Overall, this budget classification was decreased from $1,090,251 to $1,069,250. Public Works: The City has amended this budget to reflect expenditures of $72,700 in relation to special projects involving County Road 14, Street Project 2009, and the Trail project. These increases are essentially budget neutral given they will be billed back to the appropriate construction funds at year end. Also note that this classification originally had $67,000 in street seal coating and crack fill, but staff recommends that $179,100 be allocated to this line item with the shortfall that this creates being paid from fund balance. This will be a point of discussion during your meeting. Overall, this classification's budget was increased from $380,111 to $555,900. Culture and Recreation: The City amended line items pertaining to this classification and has increased the budget slightly upwards from $15,883 to $19,350. Again, these increases were primarily attributable to these funds not being spent in 2009 and essentially are now being carried over into 2010. Overall, budgeted expenditures increased from $2,159,594 to $2,225,730. Net Income and Fund Balance The aggregate effect of these budget amendments is a net loss of ($79,930). Council has a targeted a fund balance reserve of 40 to 50% of current expenditures or a target between $890,292 to $1,112,865. 2010 began with a fund balance of $1,237,860 or 56% of current expenditures and at the end of the year is projected to be $1,157,930 or 52 %.