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City Council <br />Special Meeting Minutes <br />October 30, 2007 <br />Page 4 of 12 <br />retain and expand existing businesses and influence new investment in <br />Louisville by providing rebates of permit fees and increased sales taxes as <br />approved by the City Council throughout the year. <br />General Fund Reserves <br />A graph illustrating the City's preliminary 6-year forecast of General Fund <br />reserves was presented. The forecast was based on the following assumptions: <br />• Both revenues and expenditures will continue to increase at the same rate <br />as the average increase over the past 8 years. <br />• Each year all departmE:nts combined will actually spend only 97% of the <br />funding included in the annual budget and the 3% savings will be available <br />for re-appropriation they following year. <br />COUNCIL COMMENTS <br />Council member Sackett suggested the general fund reserves reflect an <br />inflationary rate. Mayor Sisk concurred. City Manager Fleming stated the impact <br />should be incorporated into the forecast in the future. <br />Special Revenue Funds <br />• Public Access TV <br />• Northwest Parkway <br />• McCaslin Interchange <br />• Conservation Trust -Land Acquisition <br />• Conservation Trust -Lottery <br />• Impact Fee <br />• Cemetery Perpetual Cure <br />Conservation Trust Fund - <br />• Revenue is projected to increase from $1,148,666 in 2007 to $1,340,000 <br />in 2008. <br />Increase operating expenses by approximately $345,000 to more <br />accurately reflect parks and open space related activities and expenses <br />that were previously funded from the General Fund. <br />Increase capital projects expenses to $303,100 in 2008 from $240,600 in <br />2007 for various projects. Note: We are not planning any specific land <br />acquisitions in 2008. F~owever reserve funding is available for this <br />purpose and will be carried over to subsequent years for future high <br />priority land acquisitions. <br />Even with the added operating expenses, the Conservation Trust Fund <br />reserve funding is projected to increase by $150,000 to $287,000 annually <br />through 2012 when over $5.0 million will be available for high priority land <br />acquisition <br />