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City Council <br /> Meeting Minutes <br /> June 28, 2011 <br /> Page 3 of 7 <br /> Financial Forecast/Revenue Projections for 2012 <br /> City Manager Fleming explained the budget is formulated based on assumptions about <br /> anticipated revenue and expected expenditures. Those assumptions drive the <br /> projections of changes in fund balance. He reviewed the 2012 revenue projections for <br /> property tax, sales tax, city services, and solid waste fees. Based on current revenue <br /> trends and the assumptions, including the decline in sales tax revenue in 2011, it was <br /> anticipated the total General Fund revenue will remain roughly the same as 2010 <br /> through 2012. Staff did not anticipate proposing for 2012 significant increases in service <br /> levels that would increase on -going operating costs. Staff projects revenue increases <br /> beginning in 2013 with the ConocoPhillips development. <br /> COUNCIL COMMENTS <br /> Council members' questions and comments centered on property tax projections for <br /> new homes in the North End and Steel Ranch; revenue derived from the ConocoPhillips <br /> development, water facilities studies and future water commitments and employee <br /> compensation and benefits. <br /> City Manager Fleming reviewed a series of graphs, which illustrated the forecast for the <br /> following funds: General, Capital Projects; Conservation Trust Land Acquisition and <br /> Combined Utility. He noted all the charts, graphs and assumptions do not assume any <br /> additional revenue from the ConocoPhillips development. <br /> COUNCIL COMMENTS <br /> Council members' comments and discussion focused on projects proposed for 2012, <br /> including the McCaslin /Dillon Intersection improvements and CDOT contributions; the <br /> McCaslin/Washington Pedestrian Crossing and a preference for the signal option at a <br /> lower cost and the City Shop Remodel. There was concern expressed over the 25% <br /> funding of the City Shops Remodel from the Conservation Trust Land Acquisition <br /> Fund. <br /> Parks and Recreation Director Stevens updated Council on the proposal for a <br /> parks /open space dedicated area in the remodel of the City Shops. It was <br /> recommended the project be renamed to cover all the departments, which will be <br /> housed in the remodeled facility. <br /> City Manager Fleming noted a water capacity expansion project is not necessary until <br /> the development of the ConocoPhillips campus. At that time, ConocoPhillips would <br /> provide the revenue to expand the City's water capacity. <br /> PUBLIC COMMENTS <br />