2008 11-18 CCP - Laserfiche WebLink

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Leadership Conference for Newly/Experienced Elected Officials There was discussion at the budget work session about the benefit of newly elected officials attending this session and interest from current sitting members to attend the "updated" version for experienced officials. Included in the preliminary 2009 Budget in Mayor and Council 310 — Conference Registration Fees was $450. I have increased this amount to $1, 375 so that all five members of council can attend either the Leadership Conference for Newly Elected Officials or the Leadership Conference for Experienced Officials which is currently scheduled in February 2009. In order to accommodate this increase I decreased the Mayor and Council 449 — Council Contingency by $925 leaving a balance in the Council's Contingency for 2009 of $18,475. Debt Levy Included in the preliminary tax levy for 2009 that was certified to the County was $5.3,200 to pay for the bonds used to finance Heritage Hall. This amount could be reduced by no more than $30,000 for payable 2009 ONLY. When the debt levy for the un-issued bond was estimated for payable 2007 the bonds had not yet been sold. The first year levy was higher than what the actual levy would have been so there are. currently additional monies in the debt service fund for these bonds. This levy would need to be restored for taxes payable in 2010 to ensure compliance with debt service requirements. The restoration of this amount without an increase in taxes for the debt levy in 2010 would be achieved by shifting $30,000 from the General Fund levy to the debt levy for that year. This shift could be accomplished because currently included in the 2009 preliminary budget is a transfer from the General. Fund to the City Hall Construction Fund to cover the remaining deficit from construction. This is a one-time expenditure and will not occur in 2010. Attached is the Preliminary General Fund Budget which includes $420,0.89 in anticipated property tax revenues (pages 9 — 25). IMPACTS • Certified preliminary tax levy of $473,289 to Ramsey County which resulted in a tax capacity rate of 38.0604%. The impact on the tax rate of the most recent revisions would result in a projected tax rate of 35.5788%, a 7.816% reduction from the 2008.rate of 38.5954%. • Debt Levy for the new building bond would be $23,200.