06-27-2016 Council Work Session Packet

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RELEVANT LINKS: Include personnel costs, office supplies, computers, software, building and maintenance supplies fuel costs and any other equipment. These are the current expenditures. Next look at money coming in, or revenue, from all sources. As explained in more detail below, property taxes are the largest source of revenue for cities. In order to balance the budget, total estimated revenues must be equal to or exceed total estimated expenditures. The budget sets out a council's yearly plan to maintain, change, add or drop services and activities. I Planning a city budget includes a fund balance, or unrestricted money Fund Balances for Local Governments, Statement of I available to cover unexpected costs. The state auditor recommends but does Position, Office of the State not require that cities keep a minimum of five months' operating costs on Auditor, Feb. 2014. "City Fund Balances 101" hand and accessible to cover such unanticipated costs. Some city councils League of Minnesota cities, believe that higher fund balances provide more protection against Sept. 2015. I I unforeseen emergencies. Section Vlll, Capital Cities often budget and plan separately for capital improvements because the Improvements. � process covers more than one year. Capital improvements includes planning i for replacing, repairing and maintaining infrastructure such as streets, sidewalks, water and sewer systems, transportation, buildings and parks. Planning for future infrastructure costs is essential. Without it, cities run the risk of costly emergency repairs to local infrastructure. jA. Council on Local Results and Innovation Mina:. Stat. § 6.90. ' Set up by law in 2010, the Council on Local Results and Innovation Office of the State Auditor: 2013 Per--b.-mance developed a standard set of 10 performance measures for cities to aid Measurement Repwt. residents, taxpayers, and state and local elected officials in determining the Minn. Stet. 6.91. efficacy of cities in providing services, and measure residents' opinions of those services. Cities that elected to participate in the standard measures system must report its results to its citizens annually through publication, direct mailing, and posting on the jurisdiction's website, or through a public hearing at which the budget and levy will be discussed and public input allowed. Participating cities must report their results to the state auditor. The state auditor must compile the results, make them available to all interested parties, publish them on the auditor's website, and report them to the legislative tax committees. A city that elects to participate in the standard measures program may benefit in these ways: Minn. Sat. § 6.90. i . Eligible for local government aid reimbursement of 14 cents per capita, Minn. Stay. § 275.70 -.74. but not to exceed $25,000 for any government entity. • Exempt from levy limits for taxes payable in 2015, if levy limits are in effect. League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 Municipal Budgeting Chapter 211 Page 6