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equitable distribution of dollars Finally, issues have also been raised about the of many taxpayers for a small number of residents. As you know, with the current budget situation none of these will be easy decisions for the Council to face. The City expended around $400,000 responding to the September 14 flash flood event. In reaching its decision to recommend buyouts, the Corp performed a cost-benefit analysis. The analysis considers the cost of acquisition appraisal, demolition, relocation and other costs, weighted against ongoing losses occurring in a flood. Therefore, the Corps determined that the purchasing all of the properties in the 5-yr floodplain and a significant number of structures in the 10-yr floodplain meet their criteria for long-term savings for all taxpayers. Much of the past work was completed in the Third Ward, while none has been completed in the First Ward. th meeting on February 26 The upcoming will provide a history of the past flood mitigation projects in University City as well as answer questions such as what flood proofing means by the Corp’s standard and by MSD’s standards. The presentation materials will be similar to those provided in the presentation from June 2007, which I have provided in your attachments. The main changes will be that several of the options previously mentioned are no longer viable such as bio-stabilization of the channel and levees. The option of using detention basis as a flood mitigation strategy was eliminated by the Corps in June 2007 due to too few upstream sites with too little storage. We will focus on questions concerning the current SEMA grant proposal. Because there will be so many interested parties with questions we will provide time for citizens to meet individually at the beginning and the end of the session to ask specific questions concerning their property with representatives from the Corp, MSD and the City. There will be a follow up meeting with representatives of SEMA. During the meeting, we will collect question /comment cards that will be compiled into a summary document so that ALL questions will be answered and comments recorded. The summary document will be distributed to all those commenting and available to all at the library and on the City’s website. rd three tax The February 23 Council Agenda includes the ordinances for placing initiatives on the ballot for the August 4, 2009 election. Council gave staff the direction for these measures to help insure balanced budgets through FY 14 without significant service cuts. The three proposed ballot initiatives are being placed on the ballot now to stave off additional service cuts and eliminate the need to go back to the taxpayers for additional funds on a regular ongoing basis. In the past two years, the City has reduced the expenditure side of the equation while maintaining service levels. Without new revenue, however, significant budget cuts would be required and services will be eliminated or shifted to citizens or alternate taxing districts. The three initiatives that rd have yet to be formally named will be up for your consideration on the 23. A ballot initiative can be “Named” by any letter or number. The following are suggestions only for your discussion on Monday. Proposition Pproperty tax levy25 cents 1) is for an increase in the by per one hundred dollars of assessed valuation. This levy will be for general municipal purposes. Currently, the City’s portion of the total property tax is just under 10%.