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DRAFT <br />11-7-24 <br />(1) Percentage Cap. The amount to be assessed Members under the operating <br />budget shall not exceed 120% of the amount assessed Members under the <br />previous year's budget, unless the City Council of each Member adopts a <br />resolution approving the increase. <br />(2) Tax Capacity Cap. The amount of a Member's annual contribution to the <br />operating budget shall not exceed one-half of one percent of the net tax <br />capacity of the Member's total area located within the Watershed, unless the <br />City Council of that Member adopts a resolution approving the increase. <br />(d) Budget Certified to Members. On or before July 1st, the Secretary or the <br />Commission Administrator shall certify the operating budget to the clerk of each <br />Member, together with a statement of the proportion of the budget to be assessed <br />and paid by each Member. If the proposed operating budget results in any of the <br />caps established herein being exceeded, the budget sent to the Members for <br />review must be accompanied by a letter clearly notifying the Members of the cap <br />being exceeded, the reasons for the proposed exceedance, and the Member <br />approval required to approve the proposed budget. If the approvals required <br />herein to exceed the cap are not obtained, the total budget or assessment amount <br />shall not exceed the capped amount. <br />(e) Member Review. The City Council of each Member agrees to review the <br />proposed budget provided by the Commission. If any Member has any <br />objections, they must submit them in writing to the Board prior to August 1. <br />Upon the receipt of any such written objections, the Board shall set a date to hear <br />the Member's objections and shall provide all Members notice of the hearing and <br />a copy of the written objections. After hearing the objections, the Board may <br />modify, amend, or affirm the proposed budget by majority of all eligible votes of <br />the then existing Commissioners. <br />(0 <br />Finalized. The proposed operating budget shall be considered final if no Member <br />files an objection by August 1st• If a timely objection is received, the Board shall <br />act to finalize the operating budget after conducting a hearing on the objections. <br />The Board shall provide a copy of the final operating budget to each Member. If <br />there are objections, the Board shall include its findings and decision regarding <br />such objections with the final operating budget. <br />6.4 Supplemental Budget. <br />(a) Insufficient Funds. If the Board determines it will not have sufficient funds in the <br />Commission's general fund to pay its obligations or to otherwise fund <br />Commission operations in the present year, the Board may adopt a supplemental <br />budget to raise additional funds as provided herein. <br />19 <br />