City budgeting factors provide for a comprehensive process
The city of Marshall has recently presented to Council a draft budget and a preliminary property tax levy amount. All cities are required to prepare and adopt an annual levy and budget. By law, in Minnesota, the fiscal year of a city and all its funds must be the calendar year. The budget sets out a council’s yearly plan to maintain, change, add or drop services and activities. For cities, a budget is one year of estimated money coming in (revenue) and money going out (expenditures). Property taxes are the largest source of revenue for cities. Thus, through this budgeting process ...