City Council Agenda Packet 08-27-2007 Budget Workshop
Monticello City Council
Budget Workshop 2
August 27, 2006
1. Recap from Meeting. Items for future discussion - This is a process.
a. Mark Ruff - Policy Discussion -
i. Budget as a multi year process.
ii. Capital Improvement planning is major factor in long-term
financial planning
111. Long term Plan Financed every 2-3 years
IV. Council will still weigh all factors in seeting each year's budget
and tax rate.
b. Council to operate with a balanced budget between revenues and
expenses. Cash shall not be used to fund operating costs.
c. Sewer and Water Utilized to cover costs associated with fund operation.
d. Debt to be used for larger City projects and not as a method to avoid
current year expenditures (beware of cumulative affect, no more than 20%
of total levy, term 7-12 years.
e. Cash to be used for capital expenditures that are not annual expenditures.
f. Other Policies to be determined. .. detail.
2. Staff Seeking Council Direction. Basis for further budget refinement.
a. Review revised Tax Levy Summary
b. Expenditure refinement ideas - specific questions and comments on
budget.
c. Provide input to staff on specific items... Tax rate goals - 2008 and
beyond
3. Staff to take input and being establishment of short term options in context of
longer term plan for stabilizing tax rate, developing financial policies and
implementation
4. Next Steps. Establish initial levy Council Action.
5. Refine project prioritization list (October).
6. Review budget in more detail relating to project prioritization
list.(October/November).
7. Truth in Taxation Hearing/Adopt Budget and Project Prioritization
(December)