ITEM 2
City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163
TO: Mayor and City Council
FROM: Adam Flaherty, City Administrator & Finance Director
DATE: June 8, 2020
SUBJECT: Budget Meeting #2
On Monday, Council and staff will continue the 2020 budgeting discussions. I have developed an
outline of discussion topics below. Please note that the information presented during this meeting is
for discussion only and that nothing is final or set in stone at this point of the process. Staff would
only be asking for Council direction on the items below in order to effectively and efficiently move
the budgeting process forward.
Special Revenue Funds
Staff will review detailed line item budgets, a combined budget summary, and source and use cash
flow projections with the City Council and further discuss each of the 5 special revenue funds.
Debt Service Funds
Staff will review a summary of bonds outstanding, detailed line item budgets, a combined budget
summary, and source and use cash flow projections with the City Council and further discuss each
of the 7 outstanding bonds.
Property Tax Levy
At this time of the year, much of the information being used is estimates. Based upon the
information currently available from Wright County, the City’s net tax capacity for the 2021 tax
levy will increase approximately 5.96%.
Next Meetings
June 22 – At this meeting, staff and Council will review the proposed tax levies and cash flow
projections for the capital project funds.
July 27 – At this meeting, staff and Council will be reviewing the detailed line-item budgets for
General fund revenues and department expenditures.
City of Otsego│13400 90th Street NE, Otsego, MN 55330│Tel. (763) 441-4414 Fax (763) 441-9163
Materials
1) Special Revenue Funds – Budget Summary
2) Special Revenue Funds – Cash Flow Projections
3) Debt Service Funds – Budget Summary
4) Debt Service Funds – Liability Summary
5) Debt Service Funds – Cash Flow Projections
6) Tax Levy Summary – Payable 2021
7) Tax Rates – Comparison Chart