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City Council <br />Meeting Minutes <br />August 8, 2017 <br />Page 5 of 13 <br />Council member Stolzmann felt the General Fund trend should be operating <br />expenditures should be covered by operating revenue. <br />There was discussion concerning what the sales tax projections should be Council <br />member Maloney noted this information was from June and projections out to 2021 will <br />be available in September <br />Mayor Pro Tem Lipton suggested letting the open space and parks fund rebuild on its <br />own. Council member Stolzmann noted the only way it grows nght now is with the <br />recurring transfer. Mayor Pro Tem Lipton questioned the amount of the transfers He <br />suggested not having to have an amount to purchase all properties in the fund, having <br />some liquidity in the system and finding the dollars when open space properties become <br />available Keany leaves 7:53 PM <br />Mayor Muckle noted there would be more data in September to continue this <br />discussion. Council member Stolzmann asked staff to provide more than one sales tax <br />projection for that discussion to allow comparisons The fiscal policy can be brought <br />back as well. <br />Mayor Pro Tem Lipton asked how to explain the Targe percent of change in property tax <br />revenue for next year The answer was the recreation center. Director Watson noted <br />on assessment years 5-6% is budgeted and on non -assessment years a 2 — 2.5% <br />increase in property tax is projected Department revenue projections will also be <br />available in September. <br />Director Watson noted if the General Fund is used to fund other funds, it is difficult to <br />plan when using it as a bank Fees should fund what they are gathered for. <br />• Capital Projects Fund; <br />• Utility Funds, Targe balances with Targe spend downs in future years <br />• Golf Course Fund; projected to increase in reserves in 2017 and 2018 No <br />indirect costs being charged to this fund <br />Council member Maloney asked why this did not show equipment replacement costs <br />Director Watson felt a policy needs to be written to restrict funds for replacement costs if <br />that is what Council wants Council member Stolzmann felt there was a need for more <br />information to set a policy to address the capital needs in the future Director Stevens <br />noted there has been a schedule for equipment replacement. The mechanic is doing a <br />good job of keeping the equipment in excellent working condition. The trend of revenue <br />is going up Council'member Stolzmann asked if a policy would be available in <br />September. Director Stevens felt more time was needed; nothing was being deferred, <br />just being cost conscious Interim City Manager Balser stated preliminary conversation <br />could be done in Finance Committee and then work toward a policy <br />Budget Calendar <br />