City Council Minutes 1996 06 18 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 42, SERIES 1996 - AMENDING THE FINANCIAL POLICIES FOR THE CITY OF LOUISVILLE Dianne Ray, Finance Director, stated that this amends the financial policies, creating a fund balance policy for both the General Fund and the Water and Sewer Utility Funds. The Louisville projection of Sales Tax revenues will make up 47.5% of the General Fund. The Finance Committee recommended that the General Fund create a minimum fund balance policy of 15% and the reserves for the Water and Sewer Utility Funds be at 15%. Additionally, a reserve should be maintained to allow for unanticipated capital emergences. One year of depreciation expense would be an appropriate level as an addition to the minimum level of unrestricted cash balances in the water and sewer funds. An approximate cost for 1996 is $750,000 for Water and $300,000 for Sewer. Davidson called for Council comments. Sisk commended Ray for the professionalism she had brought to the Finance Director's job. Davidson commented that it is through the City of Louisville's strong financial position that this is possible. Mayer thanked the Finance Committee, Finance Director Dianne Ray, and former Finance Director Sharon Asti-Caranci for their outstanding work. Sisk moved that Council approve Resolution No. 42, Series 1996, amending the financial policies for the City of Louisville. Seconded by Howard. Roll call was taken. Motion passed by a 7 - 0 vote. RESOLUTION NO. 38, SERIES 1996 - APPROVING A PROPERTY PURCHASE AGREEMENT BETWEEN THE CITY OF LOUISVILLE AND BOULDER COUNTY, INCLUDING IN CONNECTION THEREWITH THE GRANTING OF RECIPROCAL CONSERVATION EASEMENTS AND THE PURCHASE OF CERTAIN WATER RIGHTS, CONCERNING PROPERTY KNOWN AS THE ADMOR PROPERTY - NOTICE PUBL. LSVL. TIMES 6/1 & 6/8/96 Bill Simmons, City Administrator, stated that Boulder County had purchased the 80.5 acre parcel at the southwest corner of Dillon and 96th Street. Of the 80 acres about 46.8 acres are located on the east side of Goodhue Ditch and about 33.7 acres are located on the west side of the Goodhue Ditch. The purchase price for the undivided half interest in the east parcel is $6,000/acre or $280,800, and the purchase price of the west parcel is approximately $1,138,400 ($1,700,000 less $12,000/acre for the east parcel). The purchase price included water rights. The Council had previously adopted a supplemental appropriation for the purchase of this property. Reciprocal Conservation Easements will be granted between the County and the City. The entire property is subject to a farm lease expiring on December 31, 1997. The City had initiated discussions with the holders of the lease to determine what options may be available. He pointed out that there is a house 6