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Session 1882 <br />May 12, 2003 <br /> <br />He reported that the fund balance for fiscal year 2002-2003 was greater than <br />predicted. The only major expenditure that remained in the next six weeks was <br />for a new Information system for the Planning Department which was expected to <br />be approximately $200,000; all other items were under budget. <br /> <br />He summarized General Fund Revenues as totaling $26,000,000.00+: the prior <br />year's total was $25,000,000.00+. <br /> <br />The City Manager then proceeded to recap expenditures in the 2003-4 Budget. <br />Some of the items mentioned were: <br /> <br />· the $560,000.00 budgeted to pay off old bond issue using sales taxes; the <br /> final payment is next year. <br />· the inclusion of a 2% cost-of-living wage increase for employees and an <br /> anticipated 17% increase in the cost for health insurance. <br />· that the Sewer Lateral Repair fund was less than $2000.00 and only <br /> cover a couple of repairs; all other eligible applicants will have to wait for <br /> the beginning of the 2003-4 fiscal period. <br /> <br />Mr. Ollendorff anticipated three major projects on the horizon for the next fiscal <br />year, namely: <br /> <br />1. Improve the fire station on North & South (estimated at $1,000.000.00) <br />2. Rehabilitate City Hall (estimated cost - $1,000.000.00) <br />3. Possible need to borrow monies for improvements to recreation center <br /> <br />Next year, the final bond issue payment of $560,000.00 is due next year; it will <br />reduce the City's debt by that amount thereafter. The Council may then choose <br />to go to the voters for a new bond issue for capital improvements. <br /> <br />Mayor Adams announced that the next Budget Study Session to continue the <br />review of budget items will be held on May 14, 2003 at 7:00 p.m. in the EOC <br />room and adjourned the meeting at 8:50 p.m. <br /> <br />Leisha Meine Forsythe <br />City Clerk <br /> <br />Page 2 <br /> <br /> <br />