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RELEVANT LINKS: <br />Minn. Stat. § 6.745. <br />Minn. Stat. § 471.6965. <br />See Sections X -XII, Plan B <br />cities, Standard plan cities, <br />Charter cities. <br />CITIES <br />PRIVATE OR NON- <br />GOVERNMENTAL <br />ORGANIZATIONS (LAGOS) <br />Must not borrow money from a bank <br />Obtain funds by borrowing money to build <br />but issue debt in the form of bonds to <br />or improve their business or buildings. <br />build public infrastructure such as <br />roads and bridges. <br />Use taxing authority to raise funds to <br />Charge for services or programs at a cost <br />provide services and programs often at <br />that includes a profit. <br />or below cost. <br />Prepare budgets in public and include <br />Prepare budgets in private with no public <br />the public in the process and in the <br />participation. <br />final product. Minn. Stat. § 471.6965. <br />Information on budget decisions, city <br />Detailed budget decisions and information <br />revenue and expenditures is public <br />on private companies is not public and <br />data, done in public. <br />done in private. <br />City councils must make budgeting <br />Non-governmental organizations often <br />decisions by consensus. <br />vest decision-making authority in one <br />person. <br />Competing interests are a given when <br />Fewer competing interests - making a <br />cities prepare budgets. <br />profit and/or being competitive is typically <br />the focus. <br />Must budget for services in good and <br />Make budget decisions based on <br />bad markets based on community <br />competition with other businesses and on <br />needs, goals and objectives. <br />market conditions. <br />Subject to stringent and <br />Not subject to public accounting and <br />comprehensive financial controls and <br />financial controls or public scrutiny of <br />public reporting to prevent <br />funds and spending activities. <br />mismanagement and misuse of public <br />funds. <br />II. Budgeting basics and funds <br />Budgeting is basically planning and prioritizing goals for the coming year <br />based on experiences in the past year or years. All cities are required to <br />prepare and adopt an annual budget. By law in Minnesota, the fiscal year of <br />a city and all of its funds must be the calendar year. Thus, for cities, a budget <br />is one year of estimated money coming in, or revenue and expenditures or <br />money going out. <br />League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 <br />Municipal Budgeting Chapter 21 1 Page 4 <br />