RES 2023-87 Adopting the 2024 Annual Operating BudgetsCITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2023-87
ADOPTING THE 2024
ANNUAL OPERATING BUDGETS
WHEREAS, the Otsego City Council has on December 11, 2023, held a public meeting to allow for public comment before
adopting a final budget and certifying a final property tax levy; and
WHEREAS, the Otsego City Council has reviewed the proposed General, Public Utility, Debt Service and Special Revenue fund
budgets and has determined the budget is adequate to fund the respective fund operations for the year 2024.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OTSEGO, MINNESOTA:
1. That the following revenues and expenditures (summarized) be authorized as the final budget for the operation of
the General fund for 2024 as follows:
Revenues
Property Taxes $6,324,793
Cable Franchise Fees 132,000
Licenses and Permits 11657,040
Intergovernmental 461,984
Charges for Services 258,515
Miscellaneous 159,120
Transfers from Other Funds 427,000
Total Revenues 9 420 452
Expenditures
General Government $2,120,045
Public Safety 41029,903
Public Works 21035,838
Parks and Recreation 1112%706
Economic Development 104,960
Total Expenditures 89,420A52
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3.
4.
That the following revenues and expenses (summarized) be authorized as the final budget for the operation of the
Public Utility funds for 2024 as follows:
Revenues
Operating $7,679,101
Non -Operating 31721,630
Availability & Connection Charges 31733,574
Special Assessments 382,206
Bond Proceeds 19,600,000
Total Revenues $3521160511
Expenses
Operating $3,615,457
Capital Outlay 23,055,807
Depreciation 41274,943
Debt Service 4,7811299
Transfers to Other Funds 427,000
Total Expenses $36 154 506
That the following revenues and expenditures (summarized) be authorized as the final budget for the operation of
the Debt Service funds for 2024 as follows:
Revenues
Property Taxes $299 144
Special Assessments 176,239
Total Revenues 475 383
Expenditures
Principal $460,000
Interest and Fiscal Agent Fee's 99,406
Total Expenditures 55590406
That the following revenues and expenditures (summarized) be authorized as the final budget for the operation of
the Special Revenue funds for 2024 as follows:
Revenues
Tax Increments $532,815
Total Revenues S531815
Expenditures
Economic Development $479,110
Total Expenditures 479 110
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ADOPTED by the Otsego City Council this 11th day of December, 2023.
MOTION BY: Dahl
SECONDED BY: Goede
INFAVOR: St:ockamp, Dahl, Dunlap, Goede,and Moores
OPPOSED: none
CITY OF OTSEGO
Jessica L. Stocl<amp, M
ATTEST:
k,
Audra Etzel, City Clerk