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<br />City Council <br />Meeting Minutes <br />October 18, 2005 <br />Page 4 of 9 <br /> <br />2006 PROPOSED BUDGET - public hearing (advertised Daily Camera <br />10/15/05) <br /> <br />Mayor Sisk opened the public hearing and requested a Staff presentation. <br /> <br />Finance Director Patty Leslie explained since the last budget meeting, of October <br />11, 2005, the following changes have been made to the budget based on City <br />Council direction: <br /> <br />. $40,000 was added to the General Fund in various line items "Utilities- <br />Gas" accounts to better reflect the utility increases expected in 2006. <br /> <br />. The Golf Course fund was revised to reflect a more accurate forecast and <br />budget for 2006. The Golf Course fund is expected to have a cash <br />balance of $46,229 at the end of 2006. <br /> <br />The following is a summary of some of the more significant items in the proposed <br />2006 operating and capital budget. <br /> <br />Revenues - All Funds <br /> <br />The 2006 budget includes a total revenue projection of $26,499,999 for all funds. <br />The revenues plus the beginning projected available fund balances for all funds, <br />the estimated bond and loan proceeds, and operating transfers in will generate <br />available sources of funds for the 2006 budget of $48,605,585. An additional <br />source of revenue is expected to come from tap fees in the amount of $750,000. <br /> <br />. Property Tax - $394,377,557 <br />. Sales Tax - $ 9,876,887 <br /> <br />Capital Proiects Funds: 39% of Sales tax will fund future capital projects, with1 % <br />shifted to the General Fund to fund economic development efforts for the City's <br />future. <br /> <br />Conservation Trust Fund - Land Acquisition Fund: The .375% voter approved <br />sales tax is restricted for open space acquisition and operation and maintenance <br />expenses. <br /> <br />General Fund: 61 % of the 3% sales tax is allocated to the General Fund for <br />2006. This is an increase of 1 % from 2005 and is equivalent to approximately <br />$100,000 to be earmarked for economic development. <br /> <br />Charqes for Services: Charges for Services budget is $1,548,243, a 6% <br />increase over the 2005 budget. Charges for Services in the Water and <br />Wastewater fund are projected to be $4,805,011, which is approximately <br />