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<br />86 <br />87 Golf Course Fund Summary – The golf course activity is seasonal in nature, which <br />88 impacts both the revenues and the expenditures in this fund. The revenues and <br />89 expenditures are tracking consistent with the prior two years. <br />90 <br />91 The City’s overall financial condition remains strong, and the Finance Department has not <br />92 noted any unexpected variances in the operating funds for the first quarter of <br />93 2024. Variances that have occurred are noted and explained in the attached financial <br />94 report. <br />95 <br />96 Budget Amendments – In 2023 a classification and compensation study was done. <br />97 However, final results were not available in time to update the 2024 budget when it was <br />98 approved. As a result, $500,000 was included in the approved budget as a contingency <br />99 amount to cover a portion of the tax-supported cost of implementation. The 2024 <br />100 department budgets already have new tax levy dollars for steps and COLA increases <br />101 based on the previous compensation plan in place to cover the remaining costs to <br />102 implement the classification and compensation study. <br />103 <br />104 Based on implementation of the compensation plan, the contingency amount is allocated <br />105 across General Fund departments and the Parks & Recreation and Communications Funds <br />106 as noted in Attachment 2. <br />107 <br />108 There also is an amendment to the property tax revenue in these funds based on the <br />109 amended budget increases. <br />110 <br />111 Budget amendments for the non-tax supported funds to cover the costs of implementing <br />112 the classification and compensation study are also noted in the attachment. These <br />113 increased expenses are anticipated to be covered by revenues generated in those funds or <br />114 fund balances if revenues do not cover the additional expenses. <br />115 <br />116 There is a second budget amendment as a result of the BCA grant received to fund a <br />117 police investigator position. The City Council approved the joint powers agreement with the <br />118 State of Minnesota BCA Violent Crime Reduction Unit on January 29, 2024. The budget is <br />119 increased because of the grant revenue and the expenditures covered by the grant. <br />120 <br />121 These budget amendments are in keeping with our expected 2024 activities and are <br />122 considered normal financial practices. <br />123 <br />124 <br />125 Policy Objectives <br />126 The information presented above satisfies the reporting requirements in the City’s <br />127 Operating Budget Policy. <br />128 <br />129 Racial Equity Impact Summary <br />130 There is no equity impact. <br />131 <br />132 Budget Implications <br />133 See above. <br />134 <br />Page 3 of 4 <br />Qbhf!312!pg!494 <br /> <br />