HomeMy WebLinkAbout2004-03-01 Correspondence(Tape broken in machine and therefore no transcriptions or tape available. The following
represents notes presented by the City Manager and typed by City Clerk)
Budget Hearing
3-1-04
Budget year - Fiscal 05 July 1, 04 - June 30, 05
Process of preparation begins late Sept/early October full 9 months before implementation
Budget recommendations
previous commitments
labor contracts
capital projects
history - tradition
aid to agencies
transit levy
resource ava[lability
state aid
tax regulations
new laws/mandates
Budget is an estimate of exp/rev for a given period of time
Budget review is guided law
Tax cap
Tax values
Notice/hearing
Adopt by 3/15
By law we can appropriate only 1 year
We prepare a 3 year plan
5 year C.I.P.
Expect difficult budget year by State
Last year after adoption
Lost State aid - $800,000
Rollback of values - $800,000+
In planning accommodated changes
Recall a number of adjustments
Must submit a balanced budget
# of changes - reduction of 5% (16 positions) in General Fund
- have multi year labor agreements with 2 of 3 unions
Page 2
Slowed one issuance of debt
We are well within guidelines for
favorable credit rating
If States credit were to
Suffer, or some new
Fin. Imposition
# of notable projects
Fire apparatus $2M
Reconstruct Dubuque Street $2M
Benton Hill Park 200
Missing link trail 700
Sand Road 1,300
New initiatives
- Joint comm center spec. bldg
Sand Road Rec area
Expand recycling
Balanced - adoption on 3/2
U: cmbudget/doc