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SOLUTION No, 09-045 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON AMENDING THE 2009 BUDGETS AS A RESULT OF THE 1_TNALLOTMENT OF LOCAL AID (LGA) AND MARKET VALUE HOMESTEAD CREDIT (MVHC) REVENUES FROM THE STATE OF MINNESOTA the final 2009 Budgets were approved in December, 2008, as required by the State; and WHf"AS, the final 2009 Budgets included $152,339 for Local Government Aid (LGA) revenues from the t to as certified by the State on July 31, 2008; and WH AS, taxpayers receive a credit or reduction of their property taxes from the State in the form of the Nlkrket Value Homestead Credit (MVHC); and and , the City realizes a reduced amount from their City-wide tax levy as a result of the MVHC; �S, the City receives the same amount as the total City's taxpayers' MVHC credits from the 2009 this amount was to be $261,385, bringing the City back to "whole'; and WH AS, the LGA for 2010 was projected to be $65,619 and the MVHC was projected to be $2911$63; and AS, the Governor unallotted the 2009 payments to the City from the State's budget in the of $152,339 for LGA and $97,851 for MVHC for a total of $250,190 and a total of $357,153 for 201 , the Minnesota Department of Revenue notified the City of these revenues cuts in July, 2009; and WH EAS, earlier in 2009, the City was aware of these potential revenue reductions and that there was a high obability that they would be implemented; and the City prepared various alternative solutions to deal with the State revenue unallotments; and VM AS, the solutions are meant to address both the 2009 and 2010 State Aid revenue reductions. The lutions implemented in 2009 are in excess of the amounts needed for just the 2009 fiscal year. The exce amounts will be carried over from 2009 to 2010; and