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LAKE MINNETONKA CONSERVATION DISTRICT <br />February 1, 1994 <br />TO: <br />FROM: <br />SUBJECT: <br />City Administrators <br />Executive Director Gene Strommen <br />Board Action on 1994 Budget Adjustment <br />A 1993 law change effective 1/1/94 now limits the total <br />funding from all municipalities in the district to .00242% of <br />the total taxable market value within the district.,, unless <br />three-fourths of the municipalities in the district pass a <br />resolution concurring to the additional costs. <br />On 1/26/94 the board approved a 1994 budget adjustment which <br />reduces the total budget to .00242% of the total of market <br />value. A reduction from $166,500 to $140,742 or $25,758 will <br />be charged to the current administrative fund balance. <br />Cities which have already paid their 1994 levy will receive <br />an adjustment. <br />A copy of the amended 1994 Distribution of Budgeted Expense <br />among the member cities is enclosed. <br />The board will evaluate its administrative and milfoil fund <br />balances in February. The board will advise the cities of <br />the direction it intends to take on the fund balances. <br />Unaudited fund balances at fiscal year close 12/31/93 are: <br />Administration — $266,394 (11.5 months reserve) <br />Mi1foi1: <br />Operations 144,672 (13.5 months reserve) <br />Equipment reserve -- 175,000 <br />Save the Lake -- 79,918 <br />Total Fund Bal. $665,984 <br />Please advise if you wish clarification or have questions. <br />f <br />•f <br />i «i«f #♦*1. a »**r;;'•rm .'V ■«»!?