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102089.2 <br />)o <br />TOz '.ayor and City Council <br />FROM: Mark E. Bernhardson, City Administrator <br />DATE: October 20, 1989 <br />COUNCIL MEETING <br />NOV 13 1989 <br />CITY OF ORM <br />SUBJECT: 1990 Budget Information <br />Attachment: A. Fund Balance Projection Information for 12/90 <br />B. Tax Capacity Shift Example <br />C. Minnesota Tax System <br />D. 1990 Budget Preliminary Resolution Dated 8/14/89 <br />E. Proposed Resolution Establishing the Preliminary <br />Maximum Levy <br />F. Truth is Taxation Bearing Schedule <br />ISSUE - <br />1. Presentation of Fund Balance projections for the year ending <br />December 1990 as an aid during budget discussions. <br />2. Presentation of approximate budget timeframe for Council for <br />1990 Budget. <br />3. Provide the Council with updated information on the impact of <br />the 1990 Budget following the special session. <br />4. Presentation of an overview of the Minnesota property tax <br />system. <br />5. Adoption of preliminary maximum levy for publication. <br />6. Set a public hearing date. <br />INTRODUCTION - As a result of the special Legislative session the <br />C tyT rs 6uaget process needs to be modified for the balance of the <br />year. In addition, at the budget meeting held on September 27, <br />1989, Councilmembers requested an update for the Fund projections <br />through the and of 1990. <br />DISCUSSION - Issue 41 - Fund Balance - The fund projections <br />present estimates of where the City will be with each of the <br />funds through the end of 1990. These projections do not take <br />into account estimated fund uses during 1990 for the Capital <br />Budget. The updated capital budget estimates that. The reason <br />it is not Included, is in part, the uncertanty as to which of <br />these projects will go ahead during the year. (In advance of the <br />discussion on the facilities on November 8, 1989, a summary of <br />fund sources available for building was presented to the <br />Council.) The primary reason the Fund Balancx information was <br />requested by Council was to ensure strong financial stability of <br />the organization should the City go ahead with the facilities. <br />Consideration of building the fund reserve will be considered In <br />1 <br />