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-'ity of <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br />FROM: <br />DATE: <br />SUBJECT: <br /> <br />Item # 6_. <br /> <br />Mayor and City Council <br /> <br />Pat Klaers, CityAd~~'s~trator. <br />September 9, 1998 77~ <br />1999 Budget <br /> <br />A special City Council budget meeting is to be held on Thursday, September <br />10, 1998. This meeting is necessary in response to the county providing the <br />city information on its Net Tax Capacity (NTC) change for 1999. Based on <br />the severity of the budget gap, due, in part, to our limited ability to increase <br />tax revenues without significantly impacting the city tax rate, staff felt that a <br />work session prior to the September 14th Council meeting was imperative. <br /> <br />Limited information on the budget is contained in this memo. It is <br />anticipated that most of the budget issues can be addressed during the <br />September 10th meeting and that direction can be given to staff so that a tax <br />levy resolution can be prepared and handed out at the September 14th <br />meeting. <br /> <br />Going into the September l0th work session, the budget gap has been reduced <br />through raising the revenue projections, making expenditure cuts, and <br />shifting some expenditures to reserves or financing the purchases in 1998. <br />The gap has gone from $479,150 to $143,900. However, this gap is subject to <br />change based on some Council and staff desires to include some expenses <br />that were cut and to also make some further adjustments in either revenues <br />or expenditures. <br /> <br />Without knowledge of what is going to be taking place during the September <br />l0th meeting, staff is recommending that the City Council levy to the amount <br />identified during the August 31st work session plus an additional $150,000 in <br />taxes for the general fund. This amount is still below the levy limit set by <br />state law. This will be the proposed maximum levy and this number cannot <br />be increased. However, the Council can and has in the past decreased this <br />amount at the December public hearings prior to the adoption of the budget <br />and tax levy. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />