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CASE # 1 TRUTH IN TAXATION REQUIREMENTS By: Sandra Ashley Helling, Finance Officer Background: Case //5 on tonight's council agenda deals with the Proposed 1992 General Fund · Operational Budget and the Proposed 1991, Payable 1992 Municipal Levy. As is explained in the case, the Resolution for the Proposed Levy is anticipating the City adopts the levy limit at this time. This is in agreement with our previous discussions at Budget Committee meetings. To further meet the statute requirements, we must also adopt a Proposed General Fund Operational Budget. As the statute also states the Final Budget cannot exceed the Proposed Budget, I have proposed expenditures at the 1991 original budget level and then established revenues in the same amount. In reality it appears our 1992 Budgeted Expenditures will be closer to 90% of the 1991 budgeted amounts that is if we are to have a balanced budget without utilizing other financing sources such as the Landfill Tipping Fee Fund or Landfill Trust Fund. In any case, the Proposed Budget provides the Council with flexibility as to expenditures while meeting the specifics of the statute. Staff is finalizing the budget expenditure requests; however, in order for the City Administrator to present a recommended balanced budget to the Budget ...Committee, revenues must also be determined. For this reason I am requesting the "next Budget Workshop Meeting be devoted to rates and charges for 1992.~:~¥ Committee Action: Motion to recommend/not recommend that Council adopt the resolution entitled Proposed 1992 General Fund Operational Budget as submitted. Motion to recommend/not recommend, that Council adopt the resolution entitled Proposed 1991, Payable 1992 Municipal Levy as submitted. Direct staff to present recommendations for the City's Rates and Charges at the next Budget Committee Workshop. Review Checklist: City Administrator (I2 08/27/91