9. SR 08-28-1995 - Laserfiche WebLink

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,. ) ,.~ ITEM 9 . `~ 'ty of ~ MEMORANDUM River TO: Mayor & City Council lk • FROM: Pat Klaers, City Ad i i ro~r~/ Ate" " DATE: August 28, 1995 SUBJECT: 1996 Budget Worksession The first City Council worksession on the 1996 budget is scheduled for Monday, August 28, 1995, at approximately 7 p.m. in the Training Room. The proposed maximum levy and budget need to be approved by the City Council and certified to the county prior to September 15, 1995. Also, by September 15, 1995, the City Council must establish its December, 1995, public hearing dates for the 1996 budget and tax levy. The worksession agenda looks something like the following: • 1996 Proposed Expenditures (General Fund and Special Levies) • • 1996 Proposed Revenues • Status of the City Levy • Options for Closing the 1996 Budget Gap • Discuss 1996 Personnel and Capital Outlay Goals • City Council Action Before September 15, 1995 • Discuss Some Miscellaneous Financial Issues/Projects For the proposed 1996 budget, I have made a number of minor adjustments in the requests from department heads and I have also made a number of revenue and expenditure assumptions so that this August we are dealing with a 1996 "budget gap" of $51,850. These adjustments and assumptions need to be reviewed by the Council. Attached for your review is a summary of the "budget gap" adjustments that have already been made. The notes on this attachment need some explanations so that the Council can understand the adjustments, but nonetheless, this page is offered for your review. Please note the tax levy increase. This additional tax revenue means that the proposed General Fund budget now includes additional tax revenues in the amount of $388,750, which is a 2 percent increase in the city tax rate (from approximately 24 to approximately 24.5). The City Council has indicated its desire to "hold the line" on the tax rate. • Taxes are the number one General Fund financial resource (52.7 percent of 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425