City Council Minutes 2007 11 05 - Laserfiche WebLink

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City Council Meeting Minutes November 5, 2007 Page 3 of 9 Mayor Sisk reported City Manager Fleming joined him at the US 36 Mayors and Commissioners Meeting, where US 36 was discussed. 12EGULAR BUSINESS PRESENTATION BY MAl(OR SISK ON EXEMPLARY PUBLIC SERVICE Mayor Sisk noted this would k>e Mayor Pro Tem Brown's last City Council meeting. He stated he was tc-uched by Mayor Pro Tem Brown's devotion and loyalty to the City, the Council and his family. He presented Mayor Pro Tem Brown with a plaque in appreciation for his many years of service to the City. Mayor Pro Tem Brown thanked his family, his colleagues on Council and the citizens. He stated it was his honor to serve the City of Louisville. ADQ-PTION OF 2008 BUDGET Mayor Sisk requested a Staff presentation. City Manager Fleming reported the budget reflects changes in response to citizen comments from the October 30, 2007 public hearing and direction from City Council. The following changes were made: General Fund A DBA grant of $15,000 was approved at $10,000 for the Street Faire and $5,000 for Winter Skate Removing from the City Manager's budget $200,000 for business assistance rebates. Instead, to more accurately reflect and track the effect of business assistance rebates, staff will do the following: (1) add a "negative" revenue account directly under the sales tax revenue item that will carry a negative (debit) balance reflecting the outstanding/unpaid rebate commitments; (2) include in the forecast model both incremental increases and rebates of revenue from all business assistance packages; and (3) update the forecast each time the City Council approves a new BAP and each time a rebate is earned. Capital Projects Fund Capital Projects spending is budgeted at $6.9 million to reflect the following changes: $30,000 added for a Quite Zone Study/Analysis; Increasing funding to r~splace a golf course pond liner by $70,000 to provide a total of $220„000 for that project