Budget Message City of Golden Valley, Minnesota
2015 - 2016 Adopted Biennial Budget
Adopted December 2, 2014
City Officials
Mayor
Shep Harris
Council Members (at-large)
Joanie Clausen
Larry Fonnest
Steve Schmidgall
Andy Snope
Management Team
Tom Burt, City Manager
Rick Birno, Director of Parks and Recreation
Stacy Carlson, Police Chief
John Crelly, Fire Chief
Chantell Knauss, Assistant City Manager
Marc Nevinski, Physical Development Director
Sue Virnig, Finance Director
Cheryl Weiler, Communications Manager
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Citizens of
Golden Valley
City Council/
HRA
Board of Zoning Civil Service
Appeals Commission
Environmental Human Rights
Commission Commission
Human Services Open Space&
Fund Recreation Commission
Planning Teen Committee
Commission x��'
City Manager
Physical
Finance Park&Recreation Development P011Ce Fire
Accounting Golf Maintenance Engineering
Computer Services Golf Operations Inspections
Elections&Voter Recreation Planning
Registration
General Services Maintenance
MotorVehide
Licensing Park Street Utilities Vehicle
Maintenance Maintenance Maintenance Maintenance
Building Forestry Recycling
Operations
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Date: December 31, 2014
To: Mayor and Council
From: Thomas D. Burt, City Manager
Re: 2015 -2016 Adopted Biennial Budget
On December 2, 2014, the Goiden Valley City Council approved the proposed biennial 2015-2016
Budget. During the first year of the two-year process, both years' budgets are developed and reviewed.
Only the first year's budget was adopted and the levy was approved by the City Council. The second
year's budget was approved in concept and will be reviewed in detail in 2015. The two-year budget
gives staff and City Council a future picture and the tool to examine impacts from the State Legislature
and economic climate change from property values.
The Budget represents the collective effort of City elected officials and staff, combined with input from
many public meetings, for decisions on providing quality services in Golden Valley. The City remains
on sound financial footing and continues to receive a bond rating of AA1 from Moody's Investors
Services. The City takes pride in the services it offers its taxpayers.
Levy limits were not in place for the 2015 budget process. This allowed the City to transfer monies from
the General Fund to sta�t funding an overlay program that would help maintain the street system in a
long-term effective manner as presented with the Pavement Management Program. Additional monies
will be transferred to the building and park improvement funds to maintain the city's buildings and park
infrastructure.
This Budget is a balanced budget and uses no source of fund balance (except for cash flow purposes,
until the tax payments are received in July and December). The General Fund fund balance is
projected to be $9,707,985 as of December 31, 2015. This level will be adequate to finance the City's
cash flow and contingency needs and is equal to approximately 57% of adopted expenditures. The
concept budget for 2016 will need additional property tax revenue in order for it to be balanced and will
be discussed with the upcoming biennial budget for 2016-2017.
Continued work to finish the Pavement Management Program will require additional debt levies for
payment of future bonds. Replacement of the Community Center will be discussed along with future
needs of assets and infrastructure. Maintenance of infrastructure and reinvesting in the City is a high
priority of the Council along with the impact on the taxpayer.
As we look forward to 2015, there are still many challenges ahead. I look forward to working with you in
the coming year to execute this adopted budget.
Sincerely,
Thomas D. Burt
City Manager
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