City Council Minutes 2001 11 20 - Laserfiche WebLink

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Louisville City Council Meeting November 20, 2001 Page 4 budget reflects increasing costs to maintain services and capital needs, balancing salary increases, and expenditures associated with operations. She reviewed property tax and noted that because of the recent passage of the Ballot Issue 2A, the City will receive the temporary credit, the mil levy will remain at 5.184 and a total of $230,000 will be added to the revenues of the General Fund. Ray reviewed the declining sales tax, and projected a 5% decrease from the budgeted amount. The 2002 projected sales tax is 9.5 million dollars. She noted that with the approval of the home rule charter, a position of sales tax auditor will be added to the budget. The position will be expenditure neutral because the position will be able to collect additional sales tax revenue that will cover the cost of the position. The City will be self-collecting on July 1, 2002. Ray stated that there is a decline in the development revenues. The estimated revenues for 2002 are 2.3 million, a 38.7% decline across all the funds affected by development. Ray reviewed the interest income and stressed that investments are kept on a short-term basis, with low interest rates. She outlined water and sewer users fees reflected in Ordinance No. 1371, will increase water rates by 2%. She stressed that increase will assist in keeping up with the water capital improvements. The water and sewer users fees were based on a residential growth factor of a quarter of a percent, and a commercial growth factor of six percent. She noted that the water and sewer assessment fees have been totally phased out. She stated that the total revenues in the General Fund is $11.8 million, which is two hundred fifty th. ousands dollars over the 2001 budget. Ray stated that the operational expenditures have been budgeted to balance with the declining revenues, coming in at 98% of the 2001 budget. Some of the exceptions were insurance costs, police communication center, the city-wide clean-up day, storm water regulations, bus transportation for the senior citizens, meals-on-wheels, and repairs on the Recreation Center. Ray reviewed the Capital Expenditures in the General Fund, which total under $300,000 dollars, about $27,000 under the 2001 Capital Expenditures. The Conservation Trust - Land Acquisition Fund, is funded through sales and use tax. She noted that those tax dollars are declining. She noted that there is $1.4 million dollars for open space purchases for 2002. The transfer of sales tax revenue from the General Fund to Capital Projects, totaling 1/8 of a percent of sales tax, will continue. In the Capital Projects Fund, the total projected revenue is $5.2 million dollars. She noted that $100,000 dollars is budgeted in the 2002 Capital Projects Fund for the development of the community park and a new item has been added designating $104,000 dollars for housing projects. Ray reviewed the Capital Projects expenditures, $2.1 million dollars for the Police Building, $1.8 million for street improvements, $190,000 for sidewalk and concrete projects, $96,000 for trail improvements, and $75,000 for landscaping. She reviewed the Water and Sewer Utility Funds. She noted that $733,000 dollars is budgeted for water