Laserfiche WebLink
that over the next three months City Council will have the opportunity to <br />conduct its deliberations and make modifications to the budget, if members <br />so desire, which is also part of the normal budget process. Mr. Walker <br />thanked Finance Director Tina Charumilind and her excellent staff who have <br />been of tremendous assistance in terms of putting together this budget. He <br />stated that as some members of Council and the public may know, in the <br />past it was customary to submit the budget to Council in May and ask <br />Council to vote on the budget in June. Mr. Walker stated that today it is <br />presented to Council during the latter part of February and provides <br />Councilmembers with three months to deliberate. <br /> Mr. Walker stated that his focus this evening would be on the General <br />Fund; the highlights, challenges and some of the planned capital <br />improvements. <br /> <br />BUDGET HIGHLIGHTS <br />1.No reduction in City services. <br /> <br />2.No increase in real estate taxes for residential or commercial property. <br /> <br />3.No sales tax increases. <br /> <br />4.Two percent cost of living adjustment for all employees, with the exception <br /> <br />of Local 2665, with which the City is currently in contract negotiations. <br />th <br />5.Funding for a youth program for the 4 year. <br /> <br />6.Increased funding for sidewalk and street repairs. <br /> <br />7.Funding to replace information technology infrastructure. <br /> <br /> <br />Mr. Walker stated that upon his arrival as the City Manager Councilmember <br />Price had been adamant that University City have a youth employment <br />program. He stated that it has been a very successful program. The first <br />year there were approximately six participants and thereafter the City has <br />been able to employ over twenty youth each year. <br /> <br />BUDGET CHALLENGES <br />1.A five percent decline in population from the 2000 Census <br /> <br />Mr. Walker stated that because so much of the City’s revenue is based upon <br />its population, revenues have declined. He stated that the number of <br />households in University City has increased, but the number of people within <br />those housing units is declining. As a result of this decline the City will lose <br />approximately $400,000 per year. <br />2.Declining accessed valuation <br /> <br />There was a 32 million dollar decline in the assessed value of University City <br />properties, resulting in real estate and personal property tax revenues being <br />reduced. Mr. Walker stated that a considerable portion of the City’s revenue <br />is either based on per capita or personal property and real estate taxes. <br />3.Capital Needs <br /> <br />Mr. Walker stated that University City is an aging inner-ring suburb and as a <br />result, the infrastructure is quite old and repairs are needed to streets, <br />sidewalks and curbs. Mr. Walker stated that last year Council took a <br />significant amount of money out of reserves in order to address some of the <br />backlog with respect to this infrastructure. The City was well served and in <br />many neighborhoods you will see the building of new sidewalks, curbs and <br />the repaving of the streets. He stated that in the past two years the City <br /> <br />