HomeMy WebLinkAbout1B Long Range Financial Planning - Workshop Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL WORKSHOP REPORT
MEETING DATE:
AGENDA ITEM:
June 15, 2019
1B
PREPARED BY: MICHAEL PLANTE, CITY MANAGER
CATHY ERICKSON, FINANCE DIRECTOR
PRESENTED BY: CATHY ERICKSON
TOPIC: LONG-RANGE FINANCIAL PLANNING
DISCUSSION: Introduction
The purpose of this workshop item is to provide an update to the Long-Range
Financial Plan that includes the following items:
• 2020 Tax Levy Impact based on Preliminary Budgets
• General Fund Reserve Impact
• Five-Year Property Tax Projection
• Debt and Debt Levy Impacts
See the attached powerpoint presentation that will be discussed at the workshop.
Based on the powerpoint information presented, staff is looking for Council feedback
and direction in the following areas:
1. Council direction on the proposed 2020 tax levy % change. This is needed to
move forward on the budget process.
2. Does the Council support the following planning assumptions:
• Maintain the 2020 tax rate equal to 2019 tax rate
• Maintain the General Fund balance at 46%
• Include debt service, and CIP funding as identified in the five year capital
improvement program