7.10. SR 08-21-1995 - Laserfiche WebLink

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~ \~ ~ty of ~ ~lk River ITEM 7.7. (~ . MEMORANDUM TO: Mayor & City Council ", FROM: Pat Klaers, City Administrato DATE: August 15,1995 SUBJECT: Council Meeting Schedule For Review of the Budget The first budget worksession is scheduled for Monday, August 28, 1995. The City will be facing the same type of budget issues that it has had to deal with for the past few years. Additionally as the budget is getting larger and more complex it will take more time to explain and answer questions. On the other hand this City Council has been through the budget process a few times now and this may make the upcoming budget process a little shorter. On August 28, there is also an overlay assessment public hearing which is scheduled to begin at 6:00 so, under ideal conditions, we could adjourn into the training room by 7:00 p.m. and have a good solid 2 1/2 hour worksession on the budget. Lori and I will need about 2 1/2 hours to adequately present the preliminary budget and explain what we feel are some of the key issues with the budget. Last year the City Council met on two consecutive days in August, the Tuesday after Labor Day, and following the September EDA meeting to review the budget. It took four City Council meetings to get to the point where the Council approved the proposed maximum budget and levy. I hope that it will take fewer meetings in 1995 to approve the 1996 budget and levy. Everyone should bring their calendars to this Council meeting in order to set up a tentative budget meeting schedule. The first date, August 28, is set and it is suggested that we look at Tuesday September 5 (following Labor Day Holiday) as a budget worksession and possibly Wednesday, September 6 if needed as another worksession date. Staff anticipates that the budget and levy will be approved by the City Council at a special Council Meeting on September 11 following the EDA meeting. All three September meetings will need to be called by motion of the City Council and can be called if necessary on August 28, 1995. As the Council is aware, one of the City revenue sources for general fund activities is local government aid (LGA). Cuts or reductions in LGA are often reviewed in conjunction with new tax increment financing projects. Attached for your review is the 1996 LGA notice for the City of Elk River. This notice also shows the formula that is used in determining the amount of aid for Cities. Originally it was projected that the aid amount 13065 Orono Parkway • P.O. Box 490 • E1kRiver, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425