The Redwood Falls City Council approved the 2014 city budget on Tuesday evening; the total amount of money being debated and approved: slightly over $44 million in expenditures.
The Redwood Falls City Council approved the 2014 city budget on Tuesday evening.
The total amount of money being debated and approved: slightly over $44 million in expenditures.
Some highlights of the city's budget for next year:
• Of the city's expected revenues — about $43,741,000 — only 4.72 will come from the annual levy. All other revenues will come from other sources.
• The city's levy is unchanged from last year: $2,116,934.
The reason for the lack of change is that the state has restored the amount of Local Government Aid (LGA) Redwood Falls used to receive.
After years of having its LGA get cut to help the state balance its budget, St. Paul has restored the city's promised LGA back to the level it was 10 years ago: approximately $1,400,000.
• The 2014 levy has been set at slightly below Redwood Falls' estimated tax capacity of $2,463,323.
• Of the city's expenditures, the largest share (28 percent) will go for public safety, followed by administration/finance at 18 percent, culture and recreation at 18 percent, streets at 17 percent, the public library at 16 percent, economic development at two percent, and debt payment at one percent.
• Redwood's culture and recreation budget is significantly higher than most other towns its size. That's largely because of maintaining Alexander Ramsey Park and the Redwood Area Community Center.
• If you take into account all city funds, then the Redwood Area Hospital (owned by the city) takes up the largest percentage of city funds: 51.64 percent.
• The hopsital's 2014 capital budget — the amount set aside for equipment and facility improvements — is set at $1,189,242.
• Among the budgeted items, two park-related improvements (Perks Park and Alexander Ramsey Park) are dependent on the city receiving grants the city has applied for.
If the grants are denied, the projects will be postponed or cancelled.
• The city's cash and investments as of Nov. 20, 2013 came to $35,925,557.
• However, the city's debt outstanding as of Jan. 1, 2014 will be $31,510,834.
• The city's budgeted reserves are currently $2,831,552.