Agenda - Council - 12/10/2002 - Laserfiche WebLink

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FC# ~ I REVIEW AND ADOPT 2003 TAX LEVY AND GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: The 2003 Proposed General Fund Budget, as it has been presented and reviewed in the past several months, is based on the collection of tax dollars and results in an estimated 38,846 tax capacity rate. This budget was balanced through staff recommended adjustments and resulted in a tota} contingency in the amount of $136,352. The 2003 budget does not include any additional personnel, The budget as presented includes $619,944 of capital outlay items (purchase cost and one year depreciation) of which $179,250 will be funded by the Equipment Revolving Fund and $151,098 will be funded from a FEMA fire grant. The remaining $289,596 will be funded via. Capital Equipment Certificates which will be added to the property tax levy over the next five years. In total, Public Safety [police, fire, inspections, civil defense] is now 38.90% of the budget. General Government [administration, finance, elections, planning and legal] is 27.43% of the budget. Public Works and Parks represent 23.81% and miscellaneous and transfers make-up the balance. This budget assumes that the PIR Fund will be providing for the street mainten, ance sealcoating program for 2003, in the same manner as had been provided in 2002. State Statutes require that the 2003 Levy and General Fund Budgets must be adopted at a meeting before December 30, 2002. Therefore, the 2003 Proposed Levy and General Fund BUdget are presented for adoption at tonights Council meeting. Council Action: Motion to recommend City Council adoption of Resolution #02-12-XXX Resolution Adopting the 2002, Payable 2003 Municipal Tax Levy - and - Motion to recommend City Council adoption of Resolution #02-12-XXX Resolution Adopting the 2003 City of Ramsey General Fund Operating Budget. -215-