Laserfiche WebLink
RELEVANT LINKS: <br />Internal Controls for <br />Municipal Liquor Stores <br />League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 <br />Municipal Budgeting Chapter 21 1 Page 8 <br />Note: Once cities certify a proposed levy in September they may <br />Minn. stat. § 275.065, subd. <br />decrease the amount when they certify a final levy in December—but <br />1. <br />Minn. Stat. § 275.066. <br />may not increase it. <br />• Between Nov. 25and Dec. 20: The TNT public comment hearings, if <br />required, must occur. Remember to check current calendars for each <br />year's due dates. <br />LMC information memo, <br />• On or before five working days after December 20 in each year: <br />Budget Guidefor cities <br />Cities must adopt a final tax levy and certify that final property tax levy <br />to the county auditor. <br />Minn. stat. § 477A.015. <br />Cities generally receive property tax revenues and state aid at various times. <br />Minn. Stat. § 273.1384, subd. <br />4. <br />The county treasurer distributes property tax revenues to cities in two <br />League of Minnesota cities: <br />payments. The state Department of Revenue distributes LGA payments to <br />Budgets Dates 101. <br />cities in two equal installments, on or around July 20 and Dec. 26 each year <br />City budgeting never stops. While city councils and staff are preparing new <br />annual city budgets, they are also tracking and reviewing the current year's <br />revenues and expenditures. As cities implement a new year's budget, they <br />are also auditing and reporting on the past year's expenditures. Preparation, <br />approval, implementation, and audit review comprise the ongoing budget <br />cycle. <br />1. Budget preparation <br />Cities begin budget preparations in May or June, examining current <br />economic trends, as well as all revenue sources and expenditures and <br />proposing increases or decreases accordingly. City staff collects budget <br />information and presents it to the council at meetings, where interested <br />citizens may participate. The goal of budget preparation is to balance all <br />revenues and expenditures, prioritize capital improvements, and <br />appropriately manage outstanding debt. <br />2. Budget approval <br />Minn. Stat. § 275.07, subd. 1. <br />By law in Minnesota, the fiscal year of a city and all of its funds is the <br />Section VI, A 2. Setting the <br />property tax levy within <br />calendar year. By December of each year cities determine their financial <br />limits. <br />condition showing a freeze frame in time of all money flowing in and out of <br />the city, outstanding city debt and financing for needed capital <br />improvements. Cities adopt a new budget late in December to begin in <br />January of the coming year. <br />3. Budget implementation <br />Statements of position office <br />City councils must monitor the current budget, directing how staff accounts <br />of the State Auditor: <br />Internal Controls. <br />for expenditures and revenues. <br />Internal Controls for <br />Municipal Liquor Stores <br />League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 <br />Municipal Budgeting Chapter 21 1 Page 8 <br />