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2014 BUDGET DEVELOPMENT

2014 BUDGET DEVELOPMENT. Council – February 27, 2013. Timeline for Budget Development. 2014 Budget Development Principles. Council Mission, Priorities and Policies Thrive MSP 2040 Vision Legal/Regulatory Compliance Service Quality and Efficiency

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2014 BUDGET DEVELOPMENT

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  1. 2014 BUDGETDEVELOPMENT Council – February 27, 2013

  2. Timeline for Budget Development

  3. 2014 Budget Development Principles • Council Mission, Priorities and Policies • Thrive MSP 2040 Vision • Legal/Regulatory Compliance • Service Quality and Efficiency • Preserve & Rehabilitate our Infrastructure • Sustainable Operations and Management • Reasonable/Competitive Levies, Rates, Fares • (representative of service value, needs, and cost)

  4. Council Priorities & Initiatives • Thrive MSP 2040 • TOD Strategic Action Plan • Transit Funding Plan • Housing Policy Plan • Water Supply Plan • Integrated Operations • Workforce Planning

  5. Challenges Budget Development Schedule Legislative Session Outcomes Uncertainty of Federal Funding Workforce: Retire, Replace, Workload Economic Recovery Regulatory • PFOS, Phosphorus/Nitrogen, Emerging Contaminants • Reporting requirements

  6. Federal Sequestration Funding Impacts FFGA – Central Corridor LRT Project • $16.7 M impact under MAP-21 & Sequestration for FFY 2013 • Timing and size of GANS issues Build America Bonds • Interest subsidies for Transit and Wastewater Bonds • 2013 impact $215,000 • Debt service reserves (105%) Metro HRA • $2.5 M (approximately 350 Section 8 program participants) PFA Loan Availability • Replace with Council Bonds

  7. Payable 2013 Property Tax Levy - $78.5 M

  8. Livable Communities Levy Strategy • Livable Communities Demonstration Account • Grow to support Transit Oriented Development Grant Program

  9. General Purpose Levy Strategy • General Purpose Levy Priority • Support General Fund Operations • One-time uses and/or bridge to other funding sources • Most flexible use

  10. Debt Service Levy • Parks Bonding - Revolving Authority - $40M • Current Strategy: $2 Council Bonds match $3 State Bonds • $11 M Outstanding Bonds year-end • Transit Bonding – Annual Authority - $35.8M • Current Strategy: Annual request (increase $400K)

  11. Budget Parameters & Guidelines Target Operating Reserve Balances Salaries & Benefits Existing contracts & negotiating parameters Current Law & MMB Forecast for Revenues Budget 95% of MVST February Forecast Committee Budget Discussions Legislative outcomes Fare Policy Revenue Allocation Capital Allocation Wastewater Rate Policy TOD Strategic Action Plan

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