City Council Minutes 2004 12 07 - Laserfiche WebLink

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Louisville City Council Meeting December 7, 2004 Page 9 of 11 Mayor Sisk requested a Staff presentation. Finance Director Patty Leslie explained that beginning in 1997 through 2001, the City designated $100,000 per year for five years from the Capital Projects Fund balance for the purpose of providing future funding for early debt reductions. These designations were made in five separate annual resolutions. In 2002 and 2003, the City refunded all of its existing debt at historically low interest rates and none of the refunded bonds set forth a plan for redemption prior to maturity other than what was listed in the payment schedule recorded in the official bond statements. Therefore, the funds restricted for early debt payment in the Capital Projects Fund are no longer required. Staff recommends Council approve Resolution No. 55, Series 2004, which lifts previous restrictions designating part of the fund balance of the capital projects fund for future debt reduction. MOTION: Council member Van Pelt moved for approval of Resolution No. 55, Series 2004, seconded by Council member Brown. Roll call vote was taken. The motion passed by a vote of 6-0. Council member Clabots was absent. RESOLUTION NO. 56, SERIES 2004 - A RESOLUTION ESTABLISHING WATER & SEWER RATES AND CHARGES Mayor Sisk requested a Staff presentation. Finance Director Patty Leslie explained that Resolution No. 56, Series 2004 proposes to fix, establish, maintain and provide for the collection of rates, fees and charges for water and other utility services furnished by the City. The approved 2005 Budget for Water and Wastewater Fund appropriation is $8,487,150. General operating expenditures in the Water and Wastewater Fund have increased in 2005 by 5% over the 2004 budget. In order to recover the increases in operating costs for 2005, the proposed water and sewer rate increase is 3.5%. The increase will change the minimum monthly charge on all accounts by $.30 from $8.75 to $9.05. The volume usage rates will increase respectively. The sewer rates on residential accounts will increase $.40 from $12.40 to $12.80 and commercial minimum charges increases from $14.90 to $15.40. The increase equates to $160 a year for water and $12 for sewer on commercial accounts and about a $7.30 a year increase for water and $4.80 for sewer on residential accounts. MOTION: Council member Levihn moved for approval of Resolution No. 56, Series 2004, seconded by Council member Brown. Roll call vote was taken. The motion passed by a vote of 6-0. Council member Clabots was absent. ORDINANCE NO. 1459, SERIES 2004 - AN ORDINANCE AMENDING CERTAIN SECTIONS OF CHAPTER 3.12 OF THE LOUISVILLE MUNICIPAL CODE CONCERNING TAX RELIEF FOR THE ELDERLY - 1st reading (set public hearing 12/21/04) Mayor Sisk requested a City Attorney introduction.