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Finance Committee <br />Meeting Date: 11/12/2013 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Discussion and Review of 2014 Proposed General Fund Budget and 5-Year Budget: 2014-2018 <br />Purpose/Background: <br />Purpose: Review of General Fund budgets and their reflection on current tax capacity rate, future tax capacity rates, <br />and implication to other city funds. <br />The Council adopted the proposed 2014 General Fund Budget at its regular meeting of September 10, 2013. The <br />Finance Committee had asked to review the individual line items of the 2014 budget prior to a full council budget <br />worksession in November after tax rates are received from Anoka County. Staff presented the budget at the Finance <br />Committee meeting of October 8, but not all Finance Committee members were present, so the item was tabled to a <br />future meeting. <br />A five-year budget, 2014-2018 has also been requested and prepared based on past history, proposed 2014 budget, <br />strategic planning items, inflationary factors and capital equipment requests. The off -setting tax capacity rates were <br />calculated based on conservative growth estimates from the County, Tax Increment Financing (TIF) <br />decertifications (TIF #4 & #7) and additional proposed debt service (Fire Station # 2 and PW Campus). <br />Notification: <br />The City received tax rates from the County on November 4. The city's proposed tax capacity rate came back at <br />45.095%, whereas staff had estimated a tax rate of 43.37%. The difference in rates was derived from a decrease in <br />taxable value from original county estimates, and a reduction in fiscal disparities (which rate is not known when <br />preliminary levy is set). The 2013 final tax capacity rate was 44.29%. <br />Included for review: Proposed 2014 General Fund Budget, 5-Year Budget Assumptions, 5-Year Tax Capacity Rate <br />Calculations and 2014-2018 Line Item General Fund Budgets. <br />Funding Source: <br />Not Applicable. <br />Recommendation: <br />Review of budget documents hi -lighting those changes, if any, to be presented at the future budget worksession with <br />City Council. <br />Action: <br />Review of individual line items contained within 2014 Proposed General Fund Budget with possible <br />recommendation of changes to full city council at upcoming budget worksession and review of assumptions within <br />the 5-Year 2014-2018 budget document. <br />Attachments <br />2014 Proposed General Fund Budget <br />