City Council Minutes 2002 07 23 - Laserfiche WebLink

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Louisville Special City Council Meeting July 23, 2002 Page 2 Simmons stated that the anticipated revenues, expenditures and the fund balance would be reviewed. He noted that in the 2002 projections, the Community Investment Fund has been taken out and will be held in reserve. He noted that Staff would identify the transportation relief projects that aid street improvements, which include Dillon Road, 96th Street and Highway 42. Also not included are the projects subject to the bond issue on the November 5th ballot. Those will be stand-alone projects and a separate fund will be established within the capital projects to track the revenues and expenditures. He noted that Staff has not reviewed in detail, the water and sewer funds, but they will be analyzed and brought back to Council at the next work session. He pointed out that for 2003 revenue projections, an estimated $500,000 has been reserved for the construction of the Community Park. Those funds are in the Community Fund Balance, and the Community Park is included as a 2003 capital project. Funds have also been reserved for repayment of debt. Simmons noted that no new revenues are proposed. Finance Director Charlene Laus reviewed the revenue projections through the following assumptions: · Sales Tax Increase Per Year 2.0% · Bldg Use Tax Increase 2.0% · Investment Interest Rate 3.5% · Operations Expense Increase 3.0% · LotteryRevenue Increase 2.0% Laus noted that the Residential Use Tax reserved for School Improvements ends 2003. She stated that there are grants in the 2002 Capital Improvement Project budget, however additional grants for 2003 have not been projected. There was Council discussion relative to the projection of the operation expense increase. Some members of Council voiced their opinion that the 3.0% projection was too low. City Manager Simmons stated that the projects are broken down by three different funds: Capital Projects Fund, Conservation Trust Fund/Lottery Fund and the McCaslin Interchange Fund. Davidson stated that $15,044,256 dollars must be cut from the Capital Projects Funds. He suggested that only essential City services be considered. It was noted that debt service could not be cut. There was considerable Council discussion relative to considerations of streets improvements, and sidewalk replacement. Tom Mayer suggested that Council review the Capital Improvement Projects and set priorities. Van Pelt agreed that Council should assign priorities to the Capital Improvement projects. She noted that projects are scheduled in different years and if they are not 2