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CITY COUNCIL WORK SESSION <br />Topic~Report: 2011 General Fund Budget <br />By: Diana Lund, Finance Officer <br />Background: <br />~,. <br />-, <br />;~ <br />i ~ ~' <br />The first attempt at the 2011 General Fund Budget is attached. The entire 2011 budget is <br />presented along with the respective tax capacity rate. You will note that there are two tax <br />capacity scenarios presented (another two tax capacity scenarios have been presented as <br />part of the following long-term budget case in respect to funding for street <br />reconstructions). The difference in tax rates is due to the debt service for the final year of <br />a capital equipment certificate being paid off with the fund balance reserves. As council <br />will recall, the city changed its fund balance policy in April to reflect a 50% General <br />Fund Balance instead of the 60% that the city had currently been holding. The change in <br />policy reflected approximately $605,000 that was transferred to the PIR fund to hold until <br />budget discussions were held. During the adoption of the fund policy change, mention <br />had been made regarding the possibility of using the funds towards the retirement of debt. <br />All,tax capacity and property valuations presented are based strictly on estimates at this <br />time. <br />Staff will be available to answer any budget questions regarding their respective <br />departments. <br />Action Statement: <br />Review and discussion of 2011 budget documet. <br />Revi <br />City <br />Fina~ <br />Attar <br />CCWS: 6-29-10 <br />