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CC Work Session 2. 1. <br />Meeting Date: 03/20/2012 <br />By: Diana Lund, Finance <br />Title: <br />Continued Discussion of 2013 Budget <br />Background: <br />At the February 14, 2012 City council worksession regarding the 2013 Budget, recommendations were made <br />regarding the receptionist position and EDA levy. <br />An updated cash flow is attached reflecting these adjustments along with further reductions in staffing relating to the <br />Deputy City Administrator position, excess 2011 General Fund Revenue and adding road reconstruction to the <br />General Fund budget. <br />A major portion of the cash flow savings is attributed to the refinancing of the municipal center debt. Since the <br />council meeting of March 13, long -term interest rates have risen, which has a long -term effect on the refinancing. <br />A memo outlining the effects will be addressed at Tuesday's meeting. <br />As the road reconstruction has been added into the budget documents, the current impacts and future financing <br />methods need to be addressed. <br />Funding Source: <br />N/A <br />Council Action: <br />Based upon discussion. Items that need to be addressed: Budget target, Municipal Center Refinancing and <br />Long -Term Road Reconstruction financing. <br />Budget Cash Flows & Tax Rates <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Jo Thieling 03/15/2012 04:17 PM <br />Form Started By: Diana Lund Started On: 03/15/2012 03:33 PM <br />Final Approval Date: 03/15/2012 <br />