HomeMy WebLinkAbout24-139 Resolution Amending the 2024 Budget CITY OF LAKEVILLE
RESOLUTION NO. 24-139
Resolution Amending the 2024 Budget
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows:
1. The 2024 budget for the General Fund is hereby amended for the fiscal year ending
December 31, 2024 as per Exhibit A, as attached hereto.
2. The 2024 budget for construction/improvement or other projects are hereby amended
for the fiscal years ending December 31, 2024 as per Exhibit B, as attached hereto.
3. The 2024 budgets for all funds are hereby amended to reflect the actual January 1,2024
fund balance.
ADOPTED by the Lakeville City Council this 16`h day of December 2024.
�
Lu . Hellier, Mayor
Ann Orlofsky, City C erk
Exhibit A
(1) Fire State Aid
Amend the Fire Relief Association contribution resulting from increase in state aid.
Revenues
Intergovernmental 119,526
Expenditures
Other Charges and Services 119,526
(2) Police SWte Aid
Amend the Police state aid due to increase over estimates.
Revenues
Intergovern mental 155,222
Fund Balance
(Increase) (155,222)
(3) Police State Grent
Amend the Police budget to reflect ICOPET grent(1 cadet).In total$SOk but will be split
between FY24 and FY25.
Revenues
Intergovernmental 26,000
Expenditures
Personnel-wages&benefits 14,656
Other charges-tuition 11,344
(4) Recreation Revenue and Expenditures
Adjust recreation revenue and expenditures based on program registretions and rentals.
Revenues
Chargesforservices 44,300
Expenditures
Other Charges and Services 44,300
(5) Building Permit Revenues
Adjust building permit revenues.
Revenues
Building Permits (300,000�
Fund Balance
Decrease 300,000
(6) Interest Income
Adjust based on current market conditions.
Revenues
Interest Income 300,000
Fund Balance
(Increase) (300,000)
(7) City Clerk-Electior►s
Adjust for Election amendments
Expenditures
Personnel 42,050
Operating Supplies 10,000
Other Contractual 600
Fund Balance
Decrease 52,650
(8) Legal
Expenditures
Othercontractual 10,000
Fund Balance
Decrease 10,000
(9) Contingency
Expenditures
Other �3,676)
Fund Balance
(Increase) (3,676)
Exhibit B
(1)
Amend the Capital Project Fund(CPF)budgets for 2024 cost estimates and transfers between funds needed in 2024.Costs were initially budgeted in
2022 and 2023,but work continued into 2024.The transfer amount is an estimate based on projected remaining work to be completed during 2024,
and the actual trensfer from the Park Dedication Fund to the Arenas Capital Project Fund will be based on actual costs incurred.
CPF-Park Dedication Fund,F4200:
Transfer Out(CPF,Park Dedication Fund,F4200) 1,400,000
Fund Balance-Decrease 1,400,000
CPF-Arenas Capital Improvement Fund,F4161:
Transfer In(CPF,Arenas Capital Improvement Fund,F4161) 1,400,000
Engineering Costs(4161.4164.6213.00.P22-18) 100,000
Other Charges and Services(4161.4164.6280.00.P22-18) 1,300,000
(2) Misc.Roadway Repain,City Project#24-01
Amend the Pavement Management Fund(F5300)and Sanitary Sewer Operating Fund(F7700)for change orders/additional costs incurred on this
project,including additional cost allocation to the Sanitary Sewer Opereting Fund.
Expenditures:
Capital Outlay-Pavement Management Fund,F5300 50,756
Other Charges and Services-Sanitary Sewer Operating Fund,F7700 33,975
(3) 2024 Street Projects,City Project#24-02 and 24-03
Amend the Improvement Construction Fund for changes to actual bond principal/premium received in 2024 compared to original budget amounts,
including projected interest earned during 2024.
Revenues:
Bond Proceeds(F6595,2024A-CP24-02) 1,812,016
Bond Premium(F6595,2024A-CP24-02) 461,745
Interestearnings(F6595,2024A-CP24-02) 55,000
Bond Proceeds(F6596,2024A-CP24-03) 49,944
Bond Premium(F6596,2024A-CP24-03) 217,292
Interest earnings(F6596,2024A-CP24-03) 17,000
(4)
A)Amend the Park Bond Fund budget for YTD and projected costs recorded on the Antlers Park project in 2024.
B)Amend the Park Bond Fund budgets for a transfer of excess 2022C bond proceeds from the Antlers Park project#CP22-10 to the Grand Preirie Park
project tt24-20,including a portion of the bond premium received and the interest earnings recorded to the project.
A) Expenditures:
Capital Outlay-Parks and Recreation,BU 4704 680,000
Revenues:
Interest Earnings(2022C) 68,614
Fund Balance-Decrease 611,386
B) Transfer Out(Park Bonds Fund,Antlers Park,BU 4704) 2,422,200
Transfer In(Park Bonds Fund,Grand Prairie Park project,BU 4721) 2,422,200
Exhibit B
(5)
Amend the Water Trunk Fund,Sanitary Sewer Trunk Fund,Stormwater Infrestrure Fund and Park Dedication Fund to adjust for increases in
development-related reve�ues received compared to amounts budgeted,as well as other cost adjustments needed for revised cost projections on
larger projects in these funds and removal of a transfer from Park Dedication to Park Bonds Fund due to excess bond proceeds available from other
Park Bond Fund projects as noted above(Antlers Park project).
Water Trunk Fund
Expenditures:
Capitai Outlay CP24-20-f5500(6rand Prairie Park) 611,832
Capital Outlay CP23-60-F5500(135 water crossing) 30,865
Capital Outlay CP24-07-F5500(Well#23) 825,280
Revenues
Connection Charges-F5500 547,350
Water Laterel Access Charges-F5500 45,982
Special Assessments-F5500 14,230
Charges for Services-CP24-04-F5500(developer reimbursement) 110,578
Fund Balance-Decrease 749,837
Sanitarv Sewer 7runk Fund
Expenditures:
Capital Outlay CP24-20-F5600(Grand Prairie Park) 291,596
Capital Outlay F5600(Developer Trunk Construction) 80,246
Capital Outlay CP24-09-F5600(New lift station) 151,640
Revenues
Connection Charges-F5600 169,950
Availability Charge-F5600 268,794
Charges for Services-F5600(developer reimbursement) 211,118
Special Assessments-F5600 3,490
Charges for Servites-CP24-04-F5600(developer reimbursement) 113,536
Fund balance(Increase) (243,406)
Stormwater Infrastructure Fund
Expenditures:
Capital Outlay CP24-20-F5400(Grend Prairie Park) 721,017
Capital Outlay F5400(Developer Trunk Construction) �169,063)
Capital Outlay-Storm land-F5400 97,845
Capital Outlay F5400(CP23-59) 5,500
Revenues
Storm Sewer Area Charge-F5400 500,997
Other Governmental Revenues-CP24-20 Vermillion-F5400 278,060
Other Governmental Revenues-CP24-02 Vermillion-F5400 91,940
Fund balance(Increase) (215,698)
Park Dedication Fund
Expenditures:
Capital Outlay-Land-F4200 46,500
Revenues
Park Dedication Fees-F4200 1,113,966
Trensfer OUT(Park Bonds Fund,Grand Prairie Park project,BU 4721) (2,031,706)
Fund balance(Increase) (3,099,172)
Exhibit B
(6)
Amend the Municipal State Aid Budget for revenues received from developers,amounts invoiced to the County,and projected 2024 costs on this
project,which was substantially completed during 2023.Punch list work and final cost reconciliations incurred during 2024,as well as finalization of
contracts with developers adjacent to the improvements.
Expenditures:
Capital Outlay-F5200(CP24-04) 45,573
Revenues:
Charges for Services-District 196/Developers-F5200(CP24-04) 1,545,577
Intergovernmental Revenues-Dakota County-F5200(CP24-04) 36,259
Proceeds from Note issued(Advance from Dakota County)-F5200(CP24-04) 60,504
Fund balance(Increase) (1,596,767)
(�)
A)Add costs for replacement of downtown banners,including a contribution from the Visitors Bureau.
B)Increase budget for quarterly newsletter and small tools/equipment to reflect 2024 projections higher than estimated.Decrease in attorney fees
estimated but not needed in 2024.
C)Adjust cable N license fee and PEG fee projections to reflect decreases compared to 2024 estimates.
A) Expenditures:
Other costs-replace downtown banners(2000.2007.6310.00) 5,153
Revenues:
Local donation(2000.2000.4350.00) 1,442
Fund Balance-Decrease 3,711
B) Expenditures:
Attorneyfees�2000.2005.6211.00) (5,000)
Print Public Information(2000.2007.6252.00) 3,503
Small Tools and Equipment(2000.2005.6140.00) 1,000
Revenues:
Fund balance(Increase) (497)
C) Revenues:
Licenses Cable TV(2000.2000.4127.00) (93,749)
PEG Fees(2000.2000.4354.00) (5,576)
Fund Balance-Decrease 99,325