City Council Minutes 1993 11 16 - Laserfiche WebLink

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1994 BUDGET ADOPTION- PUBLIC HEARING (PUBL. LSVL. TIKES 11/6/93) Sharon Asti-Caranci, Finance Director, reviewed Resolutions No. 42, 43, and 44, Series 1993. She explained that the total 1994 Budget is $24,069,430, a 17.5% reduction over the 1993 Budget. With the exception of the voter approved 3/8% sales and use tax increase, there are no other tax increases in the Budget. The Budget includes a 12% water and a 3.5% sewer rate increase. The Budget includes 7.596 new positions that will be added to the city's work forue. Funds are in the Budget for wage and benefit adjustments for city employees totaling 4.74%. In summary of where the Budget goes $10.4 million is for the General Fund operations of the city, $10.1 million is for Capital Projects, approximately $488,000 will be reserved for any excess revenue over-expenditures, and the balance of approximately $3 million goes to all of the dept service payments. The 1994 Budget is in compliance with Amendment 1. It is 14.38% below the limits of Amendment 1. In calculating the city's spending limit for 1994 a 3.5% inflation factor was used and the city's growth rate was 8.48% for a total of 11.98%. That means that the 1994 base Budget could have increased 11.98%, but it decreased 2.4%. The property tax mill levy rate for taxes collected in 1994 has been set at 5.820%, which is a .042 mill levy reduction over the 1993 rate. The city's assessed value for 1994 is $174,847,520, an 11.78% increase over last years assessed value. The city's actual value for1993 is $967,242,950, a 19.71% increase over the previous year. For 1994 the city's residential property will be assessed at 12.86% of actual value, which is compared to 14.34% for 1993. For every $100,000 of actual value a Louisville homeowner would see a decrease in Louisville property taxes of approximately $9. Chris Miller, Assistant to the City Administrator, reviewed the Capital Improvement Programs for 1994 - 1998. For all funds for 1994 revenues are projected at $20,341,524 with total expenditures projected at $12,488,115, leaving an ending fund balance in 1994 for the entire CIP of $7,853,409. RESOLUTION NO. 42, SERIES 1993 - SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE CITY OF LOUISVILLE, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 1994 AND ENDING ON THE LAST DAY OF DECEMBER, 1994 Hornbostel opened the public hearing calling for anyone in the audience wishing to comment on Resolution No. 42. NONE Hornbostel closed the public hearing and called for Council comments. Howard stated the seniors were pleased with the Budget. 5