City Council Minutes 2015 09 15 - Laserfiche WebLink

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City Council Meeting Minutes September 15, 2015 Page 10 of 20 • The proposed Open Space and Parks budget provides reserves in Open Space and Parks Fund to cover the City's share of acquiring the 3 highest priority open space purchases if they become available Revenue Forecast Assumptions • Sales Tax Revenue: +4.9% in 2015, +3.5% in 2016, annual average of +3.5% for 2017 through 2020, excluding effects of Historic Preservation Tax. • Property Tax Revenue: +1.4% in 2015, +17.6% in 2016, annual average of +2.2% for 2017 through 2020, excluding effects of Historic Preservation Tax. • Consumer Use Tax Revenue: =5.0% in 2015, +2.0% in 2016, annual average of +1.0% for 2017 through 2020, excluding effects of Historic Preservation Tax. • Building Use Tax: +54.9% in 2015, - 19.8% in 2015, annual average of -31.7% for 2017 through 2020. Key Council Decisions: • Are revenue and expenditure estimates reasonable? • Does proposed budget reflect prudence (not overly cautious nor overly optimistic) given the current economic conditions? • Do Significant Changes reflect Council priorities? • Do capital projects preserve assets and focus on areas of greatest need? • Can we maintain service levels over the long run? Budget Calendar — Key Dates: September 15: City Council Meeting: Presentation of the City Manager's Proposed Budget — Set Public Hearing for October 20 September 21 Special City Council Meeting: Discussion/Q & A and identify (Monday) revisions Council wants to see on Proposed Budget. October 13 Special City Council Meeting: Discussion /Q & A and identify Revisions Council wants to see on Proposed Budget October 20 City Council Meeting: Conduct Public Hearing and identify any further revisions November 2 Monday) City Council Meeting: Resolution adopting the budget; Resolution appropriating funds; Resolution levying taxes COUNCIL COMMENTS Council member Lipton stated during the budget retreat there were several policy assumptions discussed. He asked City Manager Fleming to address those financial policies. Finance Director Watson stated the policies have been brought before the Finance Committee for review, but would be presented at the September 21st meeting.