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2012 General Fund Budget Update <br />As you can see on the budget summary in scenario number 3, assuming NTC of negative 6 <br />percent and the same overall tax levy of $11,112,391, there is currently a General Fund <br />budget gap of $188,054 before any use of fund balance and other revenue/expenditure <br />adjustments. At this point, the 2012 general fund expenditures is set to increase .7% from <br />2011. The Council should have some discussion of where they would like to see the <br />maximum levy for the next meeting. Over the next several months we will make final <br />adjustments to the budget for adoption in December. We will spend some time tonight <br />reviewing personnel requests, cost of living adjustments, capital outlay and an overall <br />discussion on the 2012 general fund. <br />At our last meeting we reviewed the 2012-2016 equipment replacement fund budget. With <br />the amount needed to fund capital equipment, I am able to adjust the ERMU (payment in <br />lieu of tax) from $400,000 to $500,000 in the general fund. This adjustment has been made <br />along with reducing Council contingency from $75,000 to $50,000 in the updated budget <br />summary. <br />Again, without the County information on NTC including this new market value exclusion <br />we want to allow room for adjustments once this data is available. I am creating a new tax <br />calculator for this market value exclusion and will put on the overhead if the Council is <br />interested in looking at home value impacts. <br />Next Stens <br />Adopt the maximum City tax levy, HRA and EDA tax levies, and set a budget meeting for <br />public comment on December 5, 2011. Complete General Fund detail budget will be <br />provided on September 12, 2011. <br />Attachments <br />• League of Minnesota Cities slides - 2012 MVHC <br />• Minnesota Department of Revenue -Anew homestead market value exclusion <br />• 2012 Capital Outlay breakout -requested <br />• 2012 Position requests/unfilled spreadsheet <br />• 2012 Budget Summary <br />• 2011 Sample levy for taxes payable 2012 <br />• Inspection management plan memo. <br />N:\Public Bodies\Ciry Council\Finance\Tim\2011\budgetmemo0906.docx <br />