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City Council <br />Meeting Minutes <br />September 15, 2015 <br />Page 10 of 19 <br />• The proposed Open Space and Parks budget provides reserves in Open Space <br />and Parks Fund to cover the City's share of acquiring the 3 highest priority open <br />space purchases if they become available <br />Revenue Forecast Assumptions <br />• Sales Tax Revenue: +4.9% in 2015, +3.5% in 2016, annual average of +3.5% for <br />2017 through 2020, excluding effects of Historic Preservation Tax. <br />• Property Tax Revenue: +1.4% in 2015, +17.6% in 2016, annual average of <br />+2.2% for 2017 through 2020, excluding effects of Historic Preservation Tax. <br />• Consumer Use Tax Revenue: =5.0% in 2015, +2.0% in 2016, annual average of <br />+1.0% for 2017 through 2020, excluding effects of Historic Preservation Tax. <br />• Building Use Tax: +54.9% in 2015, - 19.8% in 2015, annual average of -31.7% <br />for 2017 through 2020. <br />Key Council Decisions: <br />• Are revenue and expenditure estimates reasonable? <br />• Does proposed budget reflect prudence (not overly cautious nor overly optimistic) <br />given the current economic conditions? <br />• Do Significant Changes reflect Council priorities? <br />• Do capital projects preserve assets and focus on areas of greatest need? <br />• Can we maintain service levels over the long run? <br />Budget Calendar — Key Dates: <br />September 15: City Council Meeting: Presentation of the City Manager's Proposed <br />Budget — Set Public Hearing for October 20 <br />September 21 Special City Council Meeting: Discussion /Q & A and identify <br />(Monday) revisions Council wants to see on Proposed Budget. <br />October 13 Special City Council Meeting: Discussion /Q & A and identify <br />Revisions Council wants to see on Proposed Budget <br />October 20 City Council Meeting: Conduct Public Hearing and identify any <br />further revisions <br />November 2 <br />Monday) <br />City Council Meeting: Resolution adopting the budget; <br />Resolution appropriating funds; Resolution levying taxes <br />COUNCIL COMMENTS <br />Council member Lipton stated during the budget retreat there were several policy <br />assumptions discussed. He asked City Manager Fleming to address those financial <br />policies. Finance Director Watson stated the policies have been brought before the <br />Finance Committee for review, but would be presented at the September 21st meeting. <br />28 <br />