City Council Agenda and Packet 1987 10 20

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RESOLUTION #29 - ADOPTION OF 1988 BUDGET - PUBLIC BEARING Rautenstraus read in its entirety Resolution 029, 'A Resolution summarizing expenditures and revenues for each fund and adopting a budget for the City of Louisville, Colorado, for the calendar year beginning on the first day of January, 1988, and ending on the last day of December, 1988.6 Handley explained that before Council tonight was the consideration of the 1988 Budget for the City of Louisville developed jointly by City Council and staff. The budget was discussed in detail at several budget work sessions and reflects requested changes by Council. Hundley gave a brief summary reiterating the key features of the 1918 Budget including proposed revenues of $8,898,000 and expenditures of $7,429,767. Other highlights included: 1) for the first time since 1984, the City is not cutting its operating budget from the previous year's level; 2) an increase of 70 in sales tax revenue is projected based on growth in the City's commercial/retail base; 3) an increase of $67,764 in additional property taxes due to new commercial and residential growth and recent annexations; 4) no tax increases are proposed other than the 5.5% allowed by State Statute, all of which will be used for the City's Capital Improvements Program; 5) no increases proposed in the City's user fees; 6) no increase in development fees; 7) an increased tax dollar commitment into the City's CIP (8 1/4% in 1988 compared to 2% in 1987); 8) a contingency fund of $203,211; 9) salary increases totalling 3 1/2%; 10) a funding of $16,341 in Discretionary Requests; and a sizable Capital Improvements Program with an increasing reliance on property taxes and a decreasing reliance on growth fees and lease-purchase financing. Finance Committee Chairman Szymanski reiterated the fact that there is a 5.5% property tax increase that is going into the CIP Fund and as !Wadley stated, this increase brings that Fund up to 8 1/4% funded by tax revenue rather than growth. Prior to last year, Szymanski stated, the CIP's were funded 100% by growth fees. •Over • period of two years, even though it is only up to 8%, at least it is a step in the right direction. It shows the direction we are going and I think that' very significant. Szymanski commented that with the economy of the nation many people are having trouble with their budgets and many are reducing budget. 'I think its important to note that we have actually in some areas increased services this year. Our Senior Citizens are getting some additional funding this year and also our Library is expanding its services this year I 3