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City of AGENDA ITEM #9.7 <br /> Pequott <br /> L TO <br /> CITY COUNCIL <br /> Date: January 6, 2009 <br /> Subject: Update On Current and Future Budgets <br /> Report: On December 19th Governor Pawlenty announced <br /> `- his decision to balance the State's short term deficit of $426 <br /> million dollars. The Governor issued an unallotment of <br /> payment of aides and credits to cities and counties. What <br /> affect did this have on the City of Pequot Lakes? <br /> • Reduction of Local Government Aid - $4020 <br /> • Reduction of Market Value Homestead Credit - $19,058 <br /> • TOTAL REDUCTION IN 2008 REVENUES = $63,078 <br /> The Council will receive a report in February indicating <br /> how this shortfall will affect our 2008 budget. <br /> For the 2009 budgets, the League of Minnesota Cities has <br /> issued the following statement: <br />