Laserfiche WebLink
CITY COUNCIL WORK SESSION <br />Topic Report: Development of Long-Term <br />Budget-Focus on Park, Road & Trail <br />Maintenance <br />By: Diana Lund, Finance Officer <br />Background: <br />The city council adopted the 2010 Strategic Goals at its regular meeting of March 23, <br />2010. <br />Included under Strategic Goal #4: Budget/Finance was the development of a long-term <br />budget with the focus being on road maintenance, park maintenance, and trail <br />creation maintenance. A twenty-year time frame was listed, but staff would like direction <br />as to whether a five, ten-year time table would be more beneficial to begin with. <br />This item was presented to the finance committee on April 13, 2010. It was the <br />Committee's consensus to bring back the discussion to full council and preferably as part <br />of the general fund budget discussions. Since this time, discussion regarding the <br />financing of street reconstructions has also ensued. <br />Two tax capacity scenarios are presented to help offset some of the costs associated with <br />the reconstructions. The first scenario represents what would happen if the city were to <br />levy at the maximum allowable ($8,660,445) under the levy limits. The second scenario <br />shows the impact on tax rate if the city were to levy at the maximum plus take advantage <br />of the special levy option of being able to add back the lost market value homestead <br />credit from 2010 ($8,660,445+$442,000). <br />Action Statement: <br />Discussion of long-term budget and re~pec~tive time frame. <br />Reviewed By: <br />City Administr~ <br />Finance Officer <br />Attachments: Tax <br />CCWS: 6-29-10 <br />