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C3-S7-19S3 IS:44 eic 4710632 LflCO P.Ol <br />LAKE MINNETONKA CONSERVATION DISTRICT <br />June 26, 1998 <br />TO:LMCD Member Cides <br />FROM: Greg Nybcck, Executive Director <br />SUBJECT: Adopledl 999 LMCD Budget <br />Enclosed is a copy of the 1999 LMCD Budget, which was adopted and certified by the LMCD <br />Board at the 6/24/98 meeting. Minnesota Slate Statute 103B.635, Subd. I requires the LMCD <br />Board, on or before July 1 of each year, to prq>are and submit a detailed budget of the <br />cistricl’s needs for the next calendar year to the governing body of each municipality in the <br />district with a statement of the proportion of the budget to be provided by each municipabty. <br />Per enabling legislation, the maximum levy the LMCD could forward to its member <br />communities in 1999 is $191,938.01. We are pleased to forward an approved budget that is <br />well below this maximum levy at $151,208.00. <br />The 1999 LMCD Budget breaks down to two budgets, Administration and EWM/Exotics. A <br />general overview of the key highlights of both budgets is detailed in Appendix A. <br />The LMCD maintains five reserve fund accounts. These accounts include Administration, <br />EWM/Exotics, Save the Lake, New Equipment Acquisition, and Equipment Replacement. <br />Both Save the Lake and New Equipment Acquisition funds consist of donated funds which are <br />are derived from non*taxable dollars. These funds are being held separate for purposes for <br />which they were donated. <br />Administration, EWM/Exotics, andifip Equipment-Aagi«KfBh funds are darived from tax <br />dollars which arc levied to the 14 member communities. Equipment Rq|)lacement is for non ­ <br />operating purposes and has been established to replace capital equipmen in the milfoil ­ <br />harvesting program. Both Administration and EWM/Exotics funds a^v u?ed for operating <br />purposes. Reserve fund balances of six months for AdminisiraUon an-- il. »onths for <br />EWM/Exotics have previously been agreed upon. It is anticipated these i-eserve fund balances <br />will be achieved by 12/31/99. <br />In closing, your city has the ability to require the LMCD to hold a heanng if your city has an <br />objection to the adopted 1999 budget. <br />On behalf of the LMCD Board, I would like to thank all 14 member cufnif.vnilies for your <br />continued participation and support in District related activities. Feel free call the office at <br />471-9588 if you have questions or concerns. <br />7