City Council Resolution 2017-87CITY OF MONTICELLO
RESOLUTION NO. 2017-87
ADOPTING THE 2018 BUDGET AND AUTHORIZING SPECIFIC
FINANCE -RELATED ACTIVITIES
WHEREAS, the budget is the fiscal blue print for the entire year where the City Council has
considered and incorporated all foreseeable spending plans for 2018; and
WHEREAS, the City, through sound fiscal policy, establishes that current revenues will be used
to finance current expenditures and regularly -occurring capital expenditures; and
WHEREAS, the City Council shall by this resolution set forth the total expenditures and uses,
excluding depreciation, and the total revenues and other sources for each budgeted fund.
NOW THEREFORE, BE ITRESOLVED, by the City Council of the City of Monticello the
following is hereby approved:
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Revenues
Expenditures
Fund Balance
Fund
2018 Budget
2018 Budget
Added (Expended)
General Fund
$ 8,287,000
8,287,000
$ -
Special Revenue Funds
Economic Development
1,073,928
903,116
170,812
Cemetery
18,600
27,723
(9,123)
Minnesota Investment
15,000
-
15,000
Monticello Community Center
1,810,500
2,079,500
(269,000)
Total Special Revenue Funds
2,918,028
3,010,339
(92,311)
Debt Service Funds
2010A G.O. Improvement Bond
127,614
300,074
(172,460)
2011A G.O. Refunding Bond
395,375
780,100
(384,725)
2014A G.O. Judgment Bond
538,586
512,736
25,850
2015B G.O. Bonds
228,842
216,000
12,842
2016A G.O. Bonds
517,769
527,900
(10,131)
2017A G.O. Bonds
520,159
470,350
49,809
Total Debt Service Funds
2,328,345
2,807,160
(478,815)
Capital Proiect Funds
Capital Project
6,419,000
9,650,000
(3,231,000)
Closed Bond Fund
59,000
-59,000
Park & Pathway Dedication
402,000
670,000
(268,000)
Stormwater Access
65,000
-65,000
Street Lighting Improvement
90,000
300,000
(210,000)
Street Construction
20,000
44,899
(24,899)
Total Capital Project Funds
7,055,000
10,664,899
(3,609,899)
Enterprise Funds
Water
1,346,341
1,626,673
(280,332)
Sewage
2,386,516
2,860,203
(473,687)
Liquor
5,775,784
5,818,178
(42,394)
Deputy Registrar
526,400
429,589
96,811
Fiber Optics
1,840,600
2,003,600
(163,000)
Total Enterprise Funds
11,875,641
12,738,243
(862,602)
Internal Service Funds
IT Services
276,500
272,900
3,600
Benefit Accrual
19,500
-
19,500
Central Equipment
252,800
438,600
(185,800),
Total Internal Service Funds
548,800
711,500
(162,700)
Total All Funds
$ 33,012,814
$ 38,219,141
$ (5,206,327)
By resolution, the Council can amend or rescind this section as the year progresses. The
following list may include transfers for projects that have not received formal council
authorization. Transfers for these projects can be rescinded any time during the budget year.
a. To 2011A GO Improvement Bond Fund fi-orn EDA/TIF - $200,000.
b. To 2010A GO Improvement Bond Fund from Street Reconstruction Fund $44,899.
c. To FiberNet Fund from Liquor Fund - $130,000.
d. To Park & Pathway Fund from Liquor Fund - $400,000.
e. To Capital Projects Fund from Water Fund - $600,000.
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III I 111 1 1 1' _1 I
a. Appropriates resources for Central Equipment Fund purchases: Streets — rubber inelter
($60,000), black -top hot box ($95,000); Parks — aerator ($30,000), utility mule ($15,000).
b. Appropriates resources for Enterprise Fund purchases: Water Fund — truck ($45,000);
DMV Fund — fleet vehicle ($26,000).
c. In accordance with the purchasing policy, all capital asset (equipment, buildings, etc.)
purchases included in this section are subject to further review and must be approved by
specific council action.
a. Removes prior commitments and assignments, except those required by GASB, from
fund balance classifications.
b. Sets the General Fund reserve policy at 65% of expenditures.
c. Approves Senior Center annual subsidy of $60,160.
d. Approves a 2% wage adjustment to full-time, part-time (excluding MCC staff and
volunteer fire personnel) and seasonal employees for the pay period commencing on first
pay period beginning in January 2018 and an additional I% commencing on first pay
period beginning in July 2018.
e. Establishes the monthly standard health insurance benefits at $1,151.08 with an effective
date of March 1. Premium contributions are required from family/dependent plan
participants for the difference between the standard benefit and coverage costs. No
contribution is required from single -plan and non -plan participants.
ADOPTED BY the Monticello City Council this 11"' day of December, 2017.
CITY OF MO TICELLO
Z
ldriaiStumpf', Mr
JeffCity Administrator