City Council Minutes 2004 11 16 - Laserfiche WebLink

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Louisville City Council Meeting November 16, 2004 Page 3 of 8 Mayor Sisk thanked Callahan for updating Council on the operations of the Boulder County Recycling Center. ADOPTION OF 2005 BUDGET Mayor Sisk requested a Staff presentation. Finance Director Patty Leslie presented the 2005 Operating and Capital Budget and noted it is reflective of the City Council's goals. She reviewed 2005 Budget. Revenues - All Funds; Property taxes; Sales Tax and Development Revenue. The 2005 budget includes a total revenue projection of $28,647,908 for all funds. These revenues plus the beginning projected available fund balances for all funds and operating transfers will generate available sources of funds for the 2005 budget of $58,947,622. Expenditures - All funds; Personal Services, and Capital Improvements. The total expenditures for all funds in the 2005 budget are $44,158,536. Included in this amount is $18,734,598 for operating expenditures, $2,999,225 for payment of debt service, and $22,424,713 for capital improvements. Total uses of funds, including operating transfers out and inter-fund loan repayments are $45,658,572. Finance Director Leslie reviewed the highlights of the funds. Revenue: The General Fund estimated ending unrestricted cash balance for 2004 is projected at $1,982,419. This amount is approximately $4,763 higher than the City's fiscal policy reserve requirement of $1,977,656. The 2005 General Fund revenue is projected at $13,350,274. The transfer of sales tax dollar allocation from the Capital Projects Fund to the General Fund created an increase over the 2004 budget of $595,000. Franchise Tax is increased approximately $36,034 over the 2004 Budget. Licenses and permits increased approximately $218,128. Charges for services are projected to be $337,847 from the 2004 budget. Expenditures: The 2005 General Fund is increased 5.5% over the 2004 budget. There was a 3.0% increase in salary and benefits; 17% increase in Property & Casualty Insurance, 5-10% increase across-the-board for electricity and 10-15% for gas. Street light increased 44.5% and custodial expenses increased 5%. $78,000 was budgeted for Phase II of the Louisville Comprehensive Plan; $180,000 for the Brownsfield Grant, $10,000 for the Louisville Revitalization Commission, $100,000 for DRCOG Highway 42 Grant. $50,000 was budgeted for the Northwest Parkway Fund; and $405,000 for the McCaslin Interchange. She also reviewed the following fund highlights: Conservation Trust - Land Acquisition Fund; Cemetery Perpetual Care Fund; Capital Projects Fund; Library Capital Construction Fund; Water and Wastewater Enterprise Fund; Golf Course Fund and Self Insurance Fund. 3