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8/7/84 page -9-- <br /> stated <br /> Mr. Rupp/the period that he envisioned hav- <br /> ing the financial analysis done and presented <br /> back to Council would be within the month of <br /> August. <br /> Councilman Leary Commented that he did not feel another con- <br /> Parameters for Financing sultant would be able to verify the figures, <br /> even though they have municipal financial <br /> experience. He did feel that we needed to <br /> hire such a person but also strongly felt <br /> that Council needed to set forth some general <br /> philogagtdesthattle consultant is to work under. <br /> Under the scenario that was presented tonight, <br /> he felt that it went away from where Council <br /> is going rather than refined it. He felt <br /> that there were certain parameters that Council <br /> felt very strongly about that needs to be laid <br /> out first. <br /> Some of his suggestions would be some type bond- <br /> ing but not amounts that are not for .improve- <br /> ments that are needed irrespective of growth. <br /> Commented that the 700 homes that were built <br /> a year ago did not pay enough money and per- <br /> haps this was true of previous ones. He <br /> did not think the population base should have <br /> to pay those costs of growth. One other op- <br /> tion would be prepayment, than if building <br /> drops off the City would not be paying the <br /> interest, it would be the developers. Another <br /> option would be that if a development does <br /> not materialize, a guarantee that they will <br /> pay the short fall that the City has, or split <br /> that among the developers. Other things <br /> that were needed was something more than <br /> $100,000 balances at the end of the year. He <br /> would feel much more comfortable with a <br /> million dollars a year as a contingency than <br /> $100,000. Further he did not think that we <br /> should be developing scenarios that lead us <br /> to 30 million dollars surpluses. <br /> One other point in the watering operating fund <br /> we have been budgeting some depreciation, so <br /> there is some contingency for replacing pipes, <br /> equipment and facilities. However if the <br /> operating fund is running in a deficit, this <br /> would be one of the last priorities. <br /> Councilman Luce Wished to add another criteria to Councilman <br /> Leary' s suggestions and that would the ex- <br /> asrination_ of tap fee increases. He also <br /> commented that typically when one hires a <br />