►
From YouTube: September 5, 2023 Budget Committee
Description
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A
C
B
A
Let
the
record
reflect
that
we
have
a
quorum
colleagues,
we
have
two
items
on
today's
agenda,
one
of
which
is
slated
for
discussion.
I
will
note
that
we
have
a
hard
stop
for
our
meeting
today
at
1:25,
as
we
have
congresswoman
Omar
scheduled
to
present
at
today's
Committee
of
the
whole
meeting
at
1:30.
If
we're
not
yet
finished
with
our
discussion,
we
will
continue
the
discussion
at
our
September
19th
budget
committee
meeting.
So
we
will
begin
with
item
number
one,
which
is
a
resolution
authorizing
the
transfer
of
temporary
American
Rescue
plan
act.
A
A
Item
I
am
not
seeing
any
so
on
this
motion
to
approve
all
those
in
favor,
say:
I
I
eyes,
those
oppos
say
who
oppose,
say:
nay,
the
eyes
have
it,
and
that
item
is
approved.
Item
number
two
on
our
agenda
today
is
a
status
report
from
our
finance
and
Property
Services
Department
on
the
results
of
Select
City
funds
for
the
second
quarter.
I
will
again
invite
L
Hodes
to
give
that
presentation.
Welcome
Mr.
D
Hodges
Cheri
Vice
chair
members
of
the
committee,
thank
you
for
having
me
as
noted,
I'm
here,
to
present
the
financial
status
report
as
of
second
quarter
2023.
This
is
for
the
period
through
June
30th
of
2023.
To
start
off
with,
we
have
an
overview,
a
few
positive
notes
for
the
city's
financial
status.
Just
last
month
in
August
we
were
upgraded
from
doua
plus
to
AAA
by
The
Fitch
rating
agency,
and
we
were
also
confirmed
to
AAA
by
standard
and
pores.
D
We
now
P
the
highest
possible
credit,
R
credit
rating
from
both
of
those
agencies,
and
that
is
the
first
time
since
2016
we're
also
seeing
a
rebound
in
our
parking
revenues.
They
are
currently
projected
to
finish
the
year
above
budget.
D
D
Continuing
on
with
the
overview
overall
cash
and
Investments
as
of
June
30th
2023
is
just
over
1.1
billion.
It's
a
slight
decrease
of
29.5
million,
from
where
we
were
at
June
30th
of
2022.
We
do
continue
to
meet
both
fund
balance
and
cash,
Reserve
minimums
and
all,
but
just
a
few
funds
you
can
see
here.
The
Self
Insurance
Fund
is
going
to
not
meet
its
net
position
goal
and
that's
due
to
long-term
liabilities
that
we
book
related
to
workers,
comp
and
liability
claims.
As
projected
by
the
actuaries.
D
We
do
have
a
cash
balance
in
that
fund
of
$13.1
million.
As
of
June
30th,
the
parking
fund,
as
I
mentioned
we
are
recovering.
However,
cash
will
not
be
restored
to
the
Target
position
that
we'd
like
to
see
yet
and
then
finally,
Property
Services
is
planning
to
do
some
additional
spending
this
year
related
to
projects
that
have
been
delayed
from
previous
years
and
that
will
bring
them
down
to
a
cash
balance,
that's
less
than
we
would.
D
Target
moving
into
the
general
fund
again,
this
is
where
we
account
for
all
Financial
Resources,
except
for
those
that
are
required
to
be
accounted
for
elsewhere.
Our
fund
balance
is
projected
to
end
2023
had
177.23
of
3.5
million
from
where
we
ended
2022
two
that
fund
balance
of
177
point2
does
exceed
our
177%
minimum
fund
balance
policy,
which
would
be
equal
to
around
110
million,
based
on
the
current
mayor's
proposed
2024
budget.
Originally,
we
planned
to
spend
about
$4.8
million
of
fund
balance
out
of
the
general
fund.
D
We
had
the
rollovers
earlier
this
year
of
unspent
Appropriations
and
that
increased
the
plan
use
of
fund
balance
cash
balance.
At
the
end
of
last
year,
we
had.
D
Million
looking
at
revenues
by
category
this
bar
chart
on
the
top
half
shows
the
budget
in
solid
blue
there,
and
then
the
projected
amount
is
the
right
hand
column.
You
can
see
in
most
categories
we
are
projecting
to
be
around
budget
or
slightly
over
bringing
our
attention
to
the
state
AIDS
line.
We
can
see
here
that
there's
a
significant
over
collection
projected
and
that's
resulting
from
the
legislative
or
the
state,
legislator's
onetime
public
safety
Aid.
D
D
Elsewhere
permits
are
forecast
to
be
about
equal
because
of
a
mix
of
over
and
under
budget
on
business
and
non-
business
related
permits.
We
do
expect
our
investment
earnings
to
exceed
budget
by
about
5.9
million,
and
we
also
expect
franchise
fees
to
come
in
about
3.4
million
above
the
budgeted.
D
Amount,
this
next
slide
shows
general
fund
Revenue
as
a
percent
of
budget
compared
to
Prior
years.
We
do
expect
to
finish
2023
at
about
104%
of
the
budgeted
amount,
which
would
be
slightly
more
than
we
see
in
the
past
three
years,
we've
seen
about
100
.2%
of
our
Collections
and
again.
This
is
all
due
to
that
Public
Safety
Aid,
the
one-time
funding
from
the
state.
D
Legislature,
switching
to
expenditures
again,
this
is
actually
the
first
quarter
that
we
are
presenting
expenditures
by
this
departmental
categorization.
So
this
is
the
newly
reorganized
names
and
categories
for
our
general
fund
expenditures,
and
you
can
see
many
of
many
of
the
categories
or
many
of
the
Departments
are
met,
are
projected
to
be
under
budget.
D
We
do
have
a
a
slight
overage
projected
for
Public
Works,
that's
often
related
to
snow
earlier
in
the
season
seon,
as
well
as
our
work
for
others,
projects
which
are
also
offset
by
some
Revenue
Public
Safety
is
also
projected
to
exceed
budget
by
year
end
and
that's
related
to
both
MPD
and
fire
Staffing
costs
and
then,
finally,
that
last
line
of
the
table
below
is
other
and
in
that
category,
that's
significantly
under
budget
is
our
contingency
funding,
which
we
currently
don't
project
to
spend
by
year.
End.
D
And
then
again,
we've
got
general
fund
expenditures.
The
budget
versus
projected
amounts
for
the
current
year,
comparing
it
to
previous
years
for
2023.
We
are
projected
to
spend
about
97.2%
of
the
budget
where
historically,
we
spend
about
95%
of
the.
D
Budget,
the
next
few
slides
Will
Group
group,
the
different
fund
categories
together,
the
first
category
of
funds
that
we'll
take
a
look
at
are
the
special
Revenue
funds.
This
is
where
we
account
for
and
Report
the
proceeds
of
specific
Revenue
sources.
I've
got
the
significant
special
Revenue
funds
listed
there
for
year
end
2023.
We
are
projecting
fund
balance
to
end
at
3,
37.5
million
slight
increase
compared
to
EUR
in
2022.
D
We
are
projecting
a
decrease
in
cash
in
this
group
of
funds,
a
total
decrease
of
about
70
million,
and
that
decrease
is
related
to
arpa.
So
we
received
arpa
funding
up
front.
We
have
the
cash
in
hand
and,
as
we
get
through
the
next
couple
of
years,
we'll
spend
that
down
so
we'll
see
the
cash
balance
drop
in
this
group
of
funds
due
to.
D
D
Slide,
the
next
fund
group
are
the
internal
service
funds,
as
the
name
implies.
We
use
these
to
account
account
for
goods
and
services
provided
internally
to
other
City
departments,
and
we've
got
six
primary
internal
service
funds
listed
there.
The
total
net
position
for
this
group
of
five
for
your
in
2023
is
projected
to
decrease
just
slightly
from
where
we
were
in
2022.
D
Total
cash
in
this
group
of
funds
also
projected
to
decrease
just
slightly
from
where
we
were
in
2022
again
this
this
group
of
funds
provide
services
internally,
so
we
can
manage
their
spending
and
services
provided
by
looking
at
other
departments,
budgets
and,
as
I
mentioned
before,
the
Property
Services
fund
is
planning
to
to
spend
down
some
of
their
cash
on
delayed
projects.
From
previous.
D
Years
and
then
the
next
slide
here
shows
us
again,
a
fund
by
fund
breakdown,
comparing
2022
to
2023
projected
for
both
cash
and
net
position
by.
D
Fund
and
then
finally,
we
have
our
Enterprise
funds,
so
these
are
the
business
type
activities
of
the
city,
including
all
of
our
utility
operations,
as
well
as
a
cped
Enterprise
Fund.
In
this
group
of
funds,
we
have
a
total
net
position
projected
at
year
end
2023
of
about
1.1
billion,
a
slight
increase
from
where
we
were
at
the
end
of
2022.
Projected
cash
at
the
end
of
the
year
is
about
111.5
million,
which
is
an
almost
$20
million
decrease
from
where
we
were
at
the
end
of
2022.
D
In
this
fund
group,
cash
is
generally
stable
from
year
to
year.
However,
storm
water
and
water
are
expected
to
draw
down
some
cash
to
work
on
capital
projects,
rather
than
use
Bond
funding.
So
that's
where
we
see
the
largest.
B
C
Hajes
but
I
did
want
to
just
acknowledge
and
Shout
out
director
D
and
her
team.
For
you
know
our
credit
ratings
I
think
that's
a
significant
action
for
the
city
and
just
want
to
say
job
well
done.
Thank.
E
Thank
you,
madam
chair,
for
our
staff
here.
Can
anybody
look
in
the
crystal
ball
and
anticipate
the
value
of
the
downtown
skyscrapers
as
they
sell?
For
you
know,
tens
of
millions
of
dollars
lower
and
I
know
property
tax
kind
of
has
a
lag
effect,
but
what
are
we
looking
at
with
these
skyscrapers
losing.
F
Value
through
the
chair
council
member
rainville,
it's
really
PR
difficult
to
predict
what
the
valuations
will
be.
This
would
be
a
good
question
for
the
city
assess
profor
to
determine
what
what
she
might
predict
for
valuations,
but
what
I
can
say
is
that
our
property
tax
collections
are
generally
in
the
98%
percentile
for
collections,
so
we
don't
expect
a
dip
in
our
collections
necessarily,
but
valuations
might
shift
the
burden
to
some
of
the
residential
sectors.
If
that
was
to.
E
Happen.
Thank
thank
you
very
much.
I'm
I'm
wondering
Madam
chair
if
to
have
a
good
discussion
about
our
our,
not
just
this
budget,
but
the
future
budget.
We
get
some
feedback
from
the
assessors
at
one
of
these
budget
meetings
about
potential
loss
of
value
in
these
downtown
skyscrapers
is
that.
A
G
Thank
you,
chair
KY
I
had
a
couple
of
questions,
I,
don't
know
which
staff
might
be
appropriate
for
this,
but
on
slide
three
under
self-insurance
I
just
wanted
to
see.
If
someone
could
explain
what
does
the
long-term
actuar
determined
liabilities,
what
that
part
means
I
assume
as
someone
who
read
the
actuary
report,
that
maybe
that
might
come
from
like
the
workers
comps
or
like
liability
claims,
but
wasn't
sure
if
that
assumption
was
correct.
D
Sure,
chair,
ksky,
Council,
M
wansley,
so
the
the
liability
that
we
book
in
any
given
year
in
the
Self
Insurance
Fund
is
heavily
determined
by
an
Actuarial
study.
As
you
noted
there,
and
so
they
take
a
look
at
the
population
of
claims
and
do
some
Actuarial
work
to
determine
what
they
think
may
occur
in
the
future.
And
so
that's
what
that
comment
is
meant
to
represent
that
we
we
book
an
amount
based
on
their
determination
and
so
because
of
that
our
net
position,
because
net
position
includes
both
our
assets
and
our
liability.
G
And
the
off
I
can't
remember
proportionally
what
it
was
in
the
actual
actual
Actuarial
study.
What
is
that
that
difference,
that
or
estimate
of
it
again.
E
D
Them,
oh
I,
don't
actually
have
that
in
front
of
me,
so
I
can
get
that
to
you.
G
Okay
and
I
can
also
look
back
at
the
actual
report
too,
but
wasn't
sure
if
yeah
wanted
to
make
sure
it
was
referring
to
that
report
and
the
estimates
that
it
had
projected
that
I
think
in
my
meeting
with
Director
D,
we
might
be
coming
under
based
off
our
our
current
budgets.
Next
question
on
slide:
four,
you
shared
that
again,
you
know
projected
towards
the
end
of
2023,
we'll
have
about
$177
million
in
the
fund
balance
and
our
minimum
balance
is
around
$0,
so
that
leaves
about
67
million
left.
G
D
Year,
chair
kusy,
council,
member
wansley,
the
the
short
answer
is,
it
depends,
unfortunately,
in
that
I
mean
obviously,
as
we
work
through
the
year
and
different
things
come
up.
We
find
other
ways
to
commit
dollars
so,
for
example,
with
the
mayor's
2024
budget,
some
of
those
funds
would
have
been
committed
in
terms
of
you
know,
use
of
fund
balance
in
that
plan
and
then,
as
you
all
make
decisions,
that
number
can
change.
D
So
I
don't
want
to
commit
to
a
specific
number
today,
but
that
sort
of
ballpark
amount
would
be
a
reasonable
estimate.
G
Okay
and
just
also
again
Clarity
on
this,
so
the
uncommitted,
whatever
is
left
Surplus,
wherever
you
want
to
frame
it
as
that
will
go
back
into
the
general
fund
unless
Council
allocates
it
otherwise,
during
the
first
few
months
of
2024,
trying
to
make
sure
I
get
that
process
right,
yeah.
D
Yeah
yep,
so,
generally
speaking,
whatever
we
end
up
with
at
the
end
of
the
year
in
terms
of
unspent
budget,
we
evaluate
whether
it
can
be
rolled
forward
into
a
future
year
for
for
committed
needs
that
were
in
occurred
in
2023,
and
so
that
discussion
happens
in
early
2024.
A
Much
okay
I
am
not
seeing
any
further
questions
or
discussions,
so
I'll
direct
the
clerk
to
file
this
report
and
see
no
further
business
before
us,
and
we
have
finished
just
before
on
time
here
and
without
objection.
I
will
declare
this
meeting
adjourned.