Laserfiche WebLink
Attachment E - 12/7/2020 Council Meeting Attachment D-9212020 <br />32 funding for capital replacement in the future, making the operating budget balanced and more <br />33 sustainable. <br />34 The following pages outline the proposed 2021 budget and its financial impact. They also provide <br />35 details of my budget prioritiesand recommendations for new spending. <br />36 <br />37 The proposed 2021 budget totals $63,118,400 and represents a 1% increase from 2020. <br />38 Inflationary and new costs for staff, supplies, and services contribute to the increase. It should be <br />39 noted that the 2020 budget increased by over 12%, mostly due to the inclusion of $5 million of <br />40 funds to repair and update the OVAL. This funding level for the OVALremains in the budget for <br />41 2021 and expenditures will only be made if bonding money from the State of Minnesota is <br />42 approved. <br />43 <br />44 Personnel Services comprise the largest amount of the budget followed by Other Services and <br />45 Charges and Capital Outlay <br />46 <br />47 <br />48 <br />49 Traditionally, the city budget is divided into two categories: Property Tax-Supported and Fee- <br />50 Supported. It is important to note that there is fee revenue for items in the Property Tax Supported <br />51 portion of the budget. However, the single-largest funding source does come from property taxes. <br />52 Below is table showing the breakdown between property tax levy and fee revenues for the 2021 <br />53 budget. <br />54 <br />Page 2 of 20 <br /> <br />