City Council Minutes 2002 12 03 - Laserfiche WebLink

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Louisville City Council Meeting December 3, 2002 Page 3 ADOPTION OF THE 2003 BUDGET Davidson called for Staff presentation. Finance Director Charlene Laus explained the 2003 Budget presented many challenges; economic uncertainty, increased costs to maintain services, and the high cost of capital needs. She reviewed the projected revenues for the 2003 budget: · Property tax - $1,934,083, based on 2002 property valuation of $373,087,021, and a mill levy set at 5.184 · Sales tax - $9,480,000, based on 2002 estimated sales tax · Development revenue - $3,278, 762, based on one significant development · Lodging Tax - $250,000 - the full amount is restricted for future use · General Fund revenue -$12,262,483 · Northwest Parkway Fund - $11,960,000 · Conservation Trust-Land Acquisition Fund - $2,476,396 · Capital Project Fund- $4,907,495 · Water Utility Fund - revenues are based on continued drought conditions and a continuation of watering restrictions · Golf Course Fund - revenues based on information from the golf course staff Laus explained the Capital Improvement Program is a 5-year planning process, which is continually changing. Council approval is requested for the annual appropriations for the fiscal year beginning January 1, 2003 and ending December 31, 2003. COUNCIL COMMENTS Keany asked if Council is funding the entire balance of the Capital Improvement budget including the line items as possible projects. Laus stated when appropriations are approved; they are approved for the fund and projects by line item. She noted every project will be required to come back before Council for review and to award contracts. She stated the line items are anticipated projects for 2003; however, it is entirely up to Council. She noted Council has the option to approve the budget as presented or change the appropriations prior to approval. Mayer stated the City's Charter requires a 5-year capital improvement program. Laus stated the Charter requires the City review a 5-year capital improvement program, however the nature of a capital program is a plan. She noted Council has the ability to change those projects. Mayer stated he could not support the budget because it is heavily laden with public works improvements and buildings and lacks amenities to the citizens. He stated the budget does not reflect a balance of services and amenities. He emphasized the budget