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'ity of <br /> <br />iver <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />MEMORANDUM <br /> <br />Item 7. <br /> <br />Mayor & City Council <br /> <br />Pat Klaers, City Administer/_ <br /> <br />November 23, 1998 <br /> <br />Budget Memo <br /> <br />The purpose of this budget meeting is to review where we are at with the 1999 <br />proposal and to prepare for the December 7 Truth in Taxation public hearing. <br />Hopefully we will have received our taxation and public hearing statement from the <br />county by Monday so we can see firsthand what the statements are indicating to <br />property owners for taxes payable in 1999. <br /> <br />During the first budget worksession in August 1998, the City Council looked at a <br />gap of $479,150 between available revenues and requested expenditures. At the <br />August worksession the Council made some decisions regarding funding for the <br />Lake Orono project, the capital outlay budgets for 1999, how to deal with the ice <br />arena deficit, and how to fund the police Y2K solution. <br /> <br />Following the August Council worksession, staff reduced the budget gap by raising <br />revenue projections, making expenditure cuts, shifting some expenditures into the <br />reserves funding category, or else by requesting that expenditures be made in 1998. <br />The gap then decreased to $143,900 and the City Council closed this budget gap by <br />authorizing additional tax revenues in the amount of $150,000 on September 14, <br />1998. <br /> <br />Attached for your information are the changes made after the August worksession <br />and the revenue summary and expenditure summary the Council reviewed on <br />September 14 which included the $143,900 budget gap. <br /> <br />Also attached is the 1999 capital outlay page which shows the funding of equipment <br />by the general fund, equipment certificates, and equipment reserves. <br /> <br />At this time, a number of"minor" budget changes are being proposed to the Council. <br />These changes are reflected in the November revenue and expenditure summaries <br />as attached and staff will be prepared to discuss these changes in as much detail as <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 />