2.0. SR 08-23-2004 - Laserfiche WebLink

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/tugus/ 23, 2004 Page 5 of 5 13udget Memo MISCELLANEOUS NOTES I have not made any contingency plans in case the State has a serious budget deficit next year and in turn, if the 2005 Legislature makes some reductions in the Local Government Aid (LGA) allotments. I don't think that this is a likely scenario. However, if it does take place, I would recommend to the City Council that we use our unreserved fund balance to make up for any State reduction in LGA. There are a number of supplemental budget pages which the City Council annually reviews and approves as part of the budget. It is planned that these supplemental budgets will get reviewed at a later date and will not be discussed in any great detail on August 23, 2004. These budgets include the library, ice arena, special assessments, equipment certificates, equipment reserves, surface water management, landfill, and safety. The preliminary levy sample includes an amount for the library, special assessments, and surface water management programs. The equipment reserves, landfill, and safety programs have no impact on the tax levy. Regarding the equipment certificate and equipment reserve budget, please see the attached capital outlay page as provided by the Finance Department. These items are basically vehicles and major pieces of equipment for the Street Department. A review of the entire Capital Improvement Program (CIP) is planned for a Council meeting in November. This November CIP update would include a review of proposed new buildings, street projects, and equipment. This will be an update on the plan that the Council adopted on December 16, 2002 for the years 2003-2007. Regarding the EDA, Business Incubator, and HRA budgets, it should be noted that the EDA and HRA have akeady approved their budget and tax levies. The City Council will likewise need to approve the tax levy so that it can be certified to the county. CONCLUSION The information presented in this memo is somewhat general as the budget expenditure figures were still being finahzed late in the week of August 16. Nonetheless, it is expected that we'll have a productive worksession on August 23. I need feedback from the City Council in order to help address the budget gap and move toward a proposed maximum levy amount prior to the September 15, 2004 deadline.