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be made until a Special Council Meeting is set and <br />proper publication. is made for the continuation of <br />the Public Hearing. <br />Hundley outlined revenues generated from this two <br />mill increase would be placed in the City's <br />Capital Improvement Fund solely for use on capital <br />improvement projects throughout the City of <br />Louisville. Several tables were presented showing <br />specifically how a 2 mill increase would be used <br />and its impact on homeowners with varying property <br />values. <br />Several people spoke in opposition to and in favor <br />of the tax increase. <br />Mayor Meier asked for Counci 1 comments with regard <br />to the proposed tax increase. <br />Leary explained why the proposed budget reflects a <br />carry-over balance as "a prudent rule of thumb." <br />An adequate contingency fund is necessary to get <br />through a year in cases of emergencies. Leary <br />also outlined the Capital Improvements Program and <br />the necessity of each item. "At this point in <br />time, I still support the concept of going ahead <br />with the 2 mills unless the sales tax issue <br />passes. If it does, then drop it back to the 7$ <br />rule," Leary stated. <br />Luce related his views stating that the City's tax <br />rate has remained constant, while costs in general <br />have continued to escalate over time. Two years <br />ago, this Counci l_ inherited a policy of deficit <br />spending of growth revenues that the City was <br />collecting. However, growth did not pay its way <br />in this community, Luce stated. Quick fix <br />solutions would continue to make the City <br />dependent on a boom and bust cycle with the <br />building industry. Luce stated that he could not <br />support that point of view as it is not healthy <br />for the City in the long term on factors that the <br />City has no control, specifically the national <br />housing market and economy. Major cuts have <br />been made this year to try to deal with deficits <br />including cutting staff. "There has been a very <br />strong effort and I would say a commendable effort <br />to maintain a quality level of service in this <br />community so that despite some reductions, we <br />still have some services that we can be proud of <br />In this COmmuriity. There comes a point ou sta t <br />cvttinq things.....y <br />that w~ien You stdzt I'm not willing to do that <br />t,~1r,Q~ 1'Rt~ the boS nev ez a q ea e w 111 not affect <br />Cv' ~~ "Thew ed tax incz <br />either., .•The 4r°p°s <br />tare <br />