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<br />CITY OF UNIVERSITY CITY COUNCIL <br />BUDGET STUDY SESSION <br />FEBRUARY 7, 2011 <br /> <br /> <br />The Council Budget Study Session held on the fifth floor of City Hall, on Monday, <br />February 7, 2011. Mayor Welsch called the meeting to order at 6:04 p.m. In <br />addition to the Mayor the following members of the Council were present: <br /> <br /> Mr. Stephen Kraft <br /> Mr. Terry Crow <br /> Mr. Michael Glickert <br /> Mr. Arthur Sharpe, Jr. <br /> Mr. Byron Price arrived at 6:10 <br /> Ms. Lynn Ricci arrive at 6:20 <br />Also present were the City Manager Lehman Walker, the Finance Director Janet <br />Watson and City Attorney John Mulligan <br /> <br />The study session was to discuss the midyear financials for fiscal year 2011. <br />The Finance Director Ms. Watson gave an overview of where the City is with <br />respect to the revenue and expenditures of the current year budget and some <br />projections for fiscal year 2012. Mr. Walker noted this is the first year the City <br />presented a midyear financial review and in the future it would be helpful for staff <br />if questions would be given ahead so staff can prepare information needed. <br /> <br />Ms. Watson said that the documents distributed are very detailed reports <br />showing revenues and expenditures of each fund. She would start with the <br />summary pages of the Revenue and Expenditure FY 11 of each category of the <br />General Fund’s revenues and expenditures and then go to the Budget <br />Projections. She stated that the original budget had revenues of $25,268,930 <br />and expenditures of $27,402.941 giving a deficit of $$21,134,011Ms. Watson <br />noted the reason for such a large deficit was that there was a one-time grant <br />match for the Wilson Ave. flood buyout which reserves would be used for. This <br />was subtracted out as it was not really part of operations, therefore giving the <br />City’s operation budget deficit of $1,134,011. Ms. Watson stated that since the <br />original budget was passed there was $425,000 of other budget reductions <br />made. She also noted that the City had a one-time settlement the City received <br />from T-Mobile for $650,000 which was a one-time payment in this fiscal year. Ms <br />Watson explained there was a Fire Pumper for $550,000 of which $350,000 was <br />set aside in 2009. She said it was originally budgeted for the last fiscal year but <br />the City was unable to generate the specifications in time to get it awarded in that <br />year. With the one-time revenue and the one item expenditure, the operating <br />deficit is now $608,424 for the year. Ms. Watson said the money set aside could <br />be used for another fire pumper needed in the future. Ms. Watson projected that <br />the City would receive about $26,415,000 in revenue and expenditures would be <br />approximately $27,227,000, which would leave a deficit of $812,000. Then <br />subtracting the flood buyout plan with the use of reserves for $1,000,000, it would <br />actually be in a surplus of $188,000 in the operating budget. If the money that <br />had been set aside for the pumper were used, it would result in a net reduction in <br />the City’s expenditures of $350,000 bringing the operating surplus to $538,000. <br />1 <br /> <br /> <br />