Item 2. Council Memo (10-14-2024)
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: October 14, 2024
SUBJECT: Budget Meeting #6
Previous Actions
At the September 23, 2024, meeting, the City Council adopted Resolution 2024-69 Adopting a Preliminary
Property Tax Levy for Taxes Payable in 2025 in the amount of $9,733,646. This amount is the maximum
amount the City can levy and is the amount used for truth-in-taxation notices.
Items for Additional Review
City staff is aware of the following budget components that need additional review and discussion:
- Advisory Commissioner Pay Rates
- Cost of Living Adjustments
- Employee Benefits
- Public Utility Operating Budgets
- Capital Improvement Plan
Next Steps
With item 7.1 on the agenda for the regular meeting tonight, City staff will be requesting a budget meeting
to review the operating budgets for the Utility Funds at 5:30PM on October 28, 2024.
City staff would recommend the City Council schedule one additional meeting in November to review the
Capital Improvement Plan document, any changes to the General Fund budget, to review the cost-of-living
adjustment, any changes to the property tax levy, and anything additional as directed by the City Council.
The Truth-In-Taxation meeting is scheduled for November 25, 2024, and the final budgets and property tax
levy should be adopted by the City Council on December 9, 2024.