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Below is a summary of the proposed budgets to be approved: <br />General Fund $12,044,800 <br />Special Revenue Funds: <br />Library $ 95,350 <br />Ice Arena $ 864,450 <br />Pinewood Golf Course $ 238,450 <br />Sanitary Landfill $ 275,050 <br />Storm Sewer $ 72,000 <br />Safety $ 28,100 <br />Enterprise Funds: <br />Revenue Ex ense Net Effect <br />Sewer $1,823,250 $2,242,100 $ (418,850)* <br />Garbage $1,513,800 $1,460,750 $ (53,050) <br />Liquor $6,384,900 $6,076,300 $ 308,600* <br />*Includes depreciation and debt service <br />State Aid and Unallotment: <br />The recent State revenue forecast raises the question of whether the Governor will unallot again. As you <br />know, the City's local government aid (LGA) and market value homestead credit (MVHC) were reduced <br />by the Governor for both 2009 and 2010. The total proposed 2010 unallotment is $907,898. The entire <br />$686,820 of LGA is being taken and $221,078 of the MVHC that is part of the City's property tax levy is <br />being taken. The actua12010 MVHC amount will not be determined until property taxes are calculated <br />by the County in 2010. Therefore, it is difficult to determine exactly how much more the State could take <br />from the City. Last year's MVHC was approximately $388,000. Assuming a similar amount for 2010 and <br />based on the League of Minnesota Cities' estimate, there is around $165,000 to $180,000 of remaining <br />MVHC that the Governor could take from the City through additional unallotment. With the uncertainty <br />surrounding this issue, it is impossible to make budget and levy decisions at this time; however, it is <br />something we need to keep in mind. Staff will be prepared to discuss this issue in more depth at the <br />meeting. <br />Attachments <br />• Budget and Tax Levy Presentation <br />• Resolution authorizing the Property Tax Levy for Collection in 2010. <br />^ Resolution approving levy of $11,112, 391 (same as proposed levy) <br />^ Resolution approving levy of $11,069,291 (proposed levy less $43,100 of budget <br />adjustments) <br />• General Fund Budget Summary Information <br />^ Source of Funds <br />Appropriations Summary <br />Expenditure Summary Data <br />• List of Possible Budget Adjustments presented at November 14 meeting <br />• Garbage Fund Budget <br />Garbage Fund memo from Rebecca Haug <br />Garbage Fund budget worksheets <br />S:\Council\Lori\2009\Budget adoption 12 07 09.doc <br />