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Session 1840 <br /> <br />MINUTES OF THE UNIVERSITY CITY COUNCIL <br /> <br />May 13, 2002 <br /> <br />At a duly posted budget study session of the City Council of University City held in the <br />E.O.C. Room on Monday, May 13, 2002, Mayor Joseph L. Adams called the meeting to <br />order at 7:30 p.m. In addition to the Mayor, the following members of the Council were <br />present: <br /> <br />Ms. Cassandra Colquitt <br />Mr. Wayne Munkel <br />Mr. Robert Wagner <br />Mr. Larry Lieberman <br />Ms. Shelley Welsch <br />Mr. Arthur Sharpe, Jr. <br /> <br />Also present was City Manager Frank Ollendorff. <br /> <br />OPENING REMARKS: <br /> <br />Mayor Adams asked members of the audience that had comments to please submit <br />them in writing to the City Manager and he would distribute the information to the <br />Council. <br /> <br />Mr. Wagner wished to comment and make a suggestion on the budget. He discussed <br />his idea with the City Manager and hoped that the rest of the Council was receptive. He <br />stated that our policy was to keep 15% in the reserve fund, which is a minimum amount <br />that we should encumber to use at the start of each year. We show $6.2 million in <br />reserves, which is more than adequate. Generally, according to standard business <br />practice, the comfort zone was 15% - 30%. Property taxes, for next year, are estimated <br />at coming in at $2.9 million, which is a 2.9% increase. This is a reasonable increase in <br />property tax revenues. Mr. Wagner said that the city manager believes this increase is <br />due to new construction. We have two good things happening - adequate reserves and <br />an increase in property taxes. Mr. Wagner directed the Council to page A-3 of the <br />budget and noted that next year's estimated revenue is $24.6 million. This year the <br />revenue is $23.5 million. We are looking at an increase of $1.53 million or 4.9%. <br />Appropriations, which are being recommended to us on page 1, are $25.5 million. <br />Current year is a little over $24 million. We are looking at an increase in appropriations <br />of about 6%. Mr. Wagner believes and recommends that we should hold the increase <br />in appropriations to the increase of the revenue. We should have the discipline to not <br />spend more than the increase in revenue. We are still going to run a deficit budget. <br />The prior year's revenue is $800,000. The bottom line is $397,753 should be removed <br />in order to balance the budget. We should get our overspending under control now and <br />continue the habit in future years. <br /> <br /> <br />