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Item 4k 5. 7. <br /> Ji <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Pat Klaers, City Adminjstrator <br /> Kfr- <br /> DATE: February 24, 2003 <br /> SUBJECT: Budget Update <br /> Attached is a memo to the department heads regarding the impact of the Governor's <br /> proposal. The plan from the Governor reduces the city LGA and Market Value Homestead <br /> Credit by 50% in 2003, and 100% in 2004. The reduction is $644,138 in 2003, and <br /> $1,292,865 in 2004. All of the revenues that we receive from the State go into the General <br /> Fund Budget so most of the reductions likewise have to come out of the General Fund. The <br /> 2003 adjustments need to be made from an already approved and adopted budget. <br /> I will provide a verbal update to the City Council on this proposal and its potential impact <br /> on the city at the Council meeting. <br />