City Council Minutes 1985 12 03 - Laserfiche WebLink

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ORDINANCE #874 - CAPITAL IMPROVEMENT PROJECT FUND - PUBLIC HEARING Rautenstraus read by title only Ordinance #874, "An Ordinance amending Title 3 of the Louisville Municipal Code creating a Capital Improvements Fund and Merging the Service Expansion Fund, Parks and Recreation Fund and Major Thoroughfare Fund into the newly created Capital Improvement Fund." Rautenstraus stated that the Ordinance was properly published as was the notice of the Public Hearing. Hundley stated that this Ordinance implements the policy direction of Council during budget deliberations which was to combine four special assessment funds (Capitol, Parks, Tree and Streets & Sidewalk Improvement) and the Major Thoroughfare fund into one Capital Improvements Fund. This was recommended by the City's independent auditing firm and would provide greater flexibility and efficiency in completing the City's highest priority projects. Mayor Meier asked for any public comments either in favor of or in opposition to Ordinance #874. None. Leary suggested that a financial policy be drafted referring to Section 3.16.060 concerning the 55 cents collected per square foot of the capital improvement fee used to help defray the expenses of the departments of finance, community services, community development, public works and city administration with said portion of the fee being deposited into the general fund of the City to help defray such expenses. Mayor Meier closed the Public Hearing and moved that Ordinance #874 be adopted. Luce seconded. By Roll Call, Ordinance #874 was passed unanimously. RESOLUTION #36 - CAPITAL IMPROVEMENT PROJECT FUND Rautenstraus read in its entirety Resolution #36, "A Resolution adopting a policy relative to disbursement of the Capital Improvement Fund." Hundley noted that under the previous agenda item, this Resolution expresses Council's desire to ensure an equitable distribution of capital improvement funds to all functional areas 4