City Council Minutes 2007 11 05 - Laserfiche WebLink

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City Council Meeting Minutes November 5, 2007 Page 4 of 9 • Including a balance of $33,850 in the Capital Projects Fund for the Housing Authority (this amount is the net total reflecting $16,000 to be appropriated in 2007 fc-r the window replacement project at the Sunnyside Family Housing site). Total Proposed 2008 Budget All Funds Fund Description Proposed Budget General $13,518,820 Public Access TV 18,050 Northwest Parkway 65,000 Conservation Trust -Land Acquisition 1,146,939 Conservation Trust -Lottery 261,150 Impact Fee 385,000 Cemetery Perpetual Care 60,000 Capital Projects 6,870,832 Debt Service Fund 519,984 Water Utility 4,489,723 Wastewater Utility 1,477,992 Stormwater Utility 221,332 Building Maintenance 1,983,974 Fleet Management 305,000 Total Proposed Appropriations $31,470,797 Updated General Fund Reserves Forecast The updated preliminary 6-year forecast of General Fund reserves incorporated new assumptions about (1) increased revenue from business assistance incentives and the related rebates, and (2) increased expenditures for street maintenance or other budget increases to return to pre-2005 levels. Accordingly, the current forecast is based on the following assumptions: • Both revenues and expenditures will continue to increase at the same rate as the average increase over the past 8 years. • Each year all departments combined will actually spend only 97% of the funding included in the annual budget and the 3% savings will be available for re-appropriation they following year. • In 2008 General Fund revenues will increase by approximately $450,000 and the City will rebate approximately $150,000 in accordance with Business Assistance Packages (BAPs) approved by the City Council in 2007 so the effect of BAPs is a $300,000 net increase in projected General Fund revenue. • General Fund expenditures for street maintenance and/or other issues will increase from current Levels by approximately $750,000 annually in years 2009 through 2013.