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<br />City Council <br />Meeting Minutes <br />November 1,2005 <br />Page 3 of 8 <br /> <br />ADOPTION OF THE 2006 BUDGET <br /> <br />Mayor Sisk requested a Staff presentation. <br /> <br />Finance Director Leslie presented the 2006 Operating and Capital Budget and <br />distributed a budget newsletter. She reviewed the changes made to the budget <br />since the last proposed budget presentation at the October 25, 2005 Special City <br />Council Meeting. The changes are as follows: <br /> <br />· $15,000 was added to the General Fund revenues line item "Fines and <br />Forfeitures" based upon the September 30, 2005 year-to-date results and <br />historical information. <br />· $1,400 was added to the Recreation/Senior Center to adequately fund the <br />2006 special transit service expenses in the senior cost centers. <br />· All funds were adjusted to reflect YTD actual data. The impact of the <br />adjustment lowered the beginning cash balance for the 2006 budget by <br />approximately $70,000, which is a conservative approach. <br />· An amount of $30,000 was shifted from the City Hall Renovations $1.5 <br />million in 2006 budget to 2005 to account for current year design costs. <br />The total estimated costs for the remodel for 2005 and 2006 are still <br />budgeted at $1.5 million. This shift reduces the beginning cash balance for <br />the 2006 budget by another $30,000. <br /> <br />A summary of the proposed 2006 Operating and Capital Budget is as follows: <br /> <br />Revenues - All Funds - The 2006 budget includes a total revenue projection of <br />$26,730,822 for all funds. These revenues plus the beginning projected available <br />fund balances for all funds and operating transfers in will generate available <br />sources of funds for the 2006 budget of $48,540,981. The residential assessment <br />rate for property tax will remain 7.96%. <br /> <br />Highlights of the 2006 Revenues are as follows: <br /> <br />. General Property Taxes - $2,646,273 <br />. Sales Tax - $9,876,887 <br />. Use Tax - $1,196,133 <br />. Franchise Tax - $897,556 <br />· Lodging Excise Tax - $308,097 <br />. Other Taxes - $179,000 <br />. Licenses & Permits - $758,000 <br />. Intergovernmental - $1,108,000 <br />. Charges for Services - $8,696,400 <br />. Fines & Forfeitures - $170,000 <br />. Miscellaneous - $ 894,426 <br />