Agenda Packet Cc - work session 6/23/2025

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RELEVANT LINKS: League of Minnesota Cities Handbook for Minnesota Cities 9/10/2024 Municipal Budgeting Chapter 20 | Page 9 A city with a population over 2,500 must have an annual audit performed. Remember to check with the state auditor for current audit thresholds in February of each calendar year. 5. Budget amendments City budgets are not set in stone. Many cities must revise their original budgets over the course of the year for a variety of reasons. Amending the budget is not illegal nor is it necessarily undesirable. Typically, city councils simply note the reason for amending the city budget and adopt the amendment in a resolution. Minn. Stat. § 412.731. Section X: Plan B cities. However, in Minnesota’s 19 Plan B cities, resolutions reducing amounts in the budget or authorizing transfers from unencumbered balances must pass by a four-fifths vote of all the members of the council. City of Eden Prairie, 2023 Comprehensive Financial Report Recipient of Comprehensive Annual Financial Report award from GFOA. Governmental Accounting Standards Board. (GASB 34). For cities over 2,500 in population, the Governmental Accounting Standards Board (GASB) requires that cities include the original budget and budget amendments in budget reports, such as the comprehensive annual financial report. IV. Budget as a communication tool 2023 Corporate Report to the Community: City of Bloomington. City councilmembers, as policymakers, must understand budget documents. Making a city budget understandable to citizens is not easy. Comprehensive Annual Financial Report City of Arden Hills. Using the budget process and product to communicate with the public, by showing what services resident tax dollars fund, is one way to make budgeting meaningful for council members and residents. Government Finance Officers Association (GFOA): Sort by state to see all Minnesota recipients of the Distinguished Budget Award. Certificate of Achievement for Excellence in Financial Reporting Program. An award was created by the Government Finance Officers Association to recognize government entities that extract information from their comprehensive annual financial report to produce high quality annual financial reports specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance. A. Explain city financial conditions in budget documents Comprehensive Annual Financial Report 2023, City of Richfield. Citizens have a sense of the current economy but may not understand how the state economy impacts city budgets. City councilmembers also need to look at the city budget in light of overall economic conditions. In the budget documents, explain which of these state and local challenges affects your city: 18