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City Council <br />Meeting Minutes <br />October 21, 2014 <br />Page 5 of 24 <br />• Added $10,000 for Helburg Memorial in 2015, $20,000 in 2016 (contingent on <br />matching funds) <br />• Delete Parking Permit Program Study ($50,000) <br />• Delete Nite -at- the -Rec (to offset Ranger costs) <br />• Move BNSF North Underpass from 2015 to 2016 <br />• Reduce Transfer from GF to CIP Fund from $1.1 Million to $755,000 <br />The changes combined with updated revenue and expenditure estimates result in a net <br />General Fund surplus of approximately $260,000. The City Departments prioritized <br />their 2015 budgets. <br />Revenue Assumptions: <br />- Sales Tax Revenue: +6.0% in 2014, +4.4% in 2015, annual average of +3.5% for <br />2016 through 2019. <br />- Property Tax Revenue: +2.8% in 2014, +1.2% in 2015, annual average +2.8% for <br />2016 through 2018. <br />- Consumer Use Tax: -5.0% in 2014, +23.7% in 2015, annual average of -1.3% for <br />2016 through 2019. <br />- Building Use Tax: -15.8% in 2014, +2.1% in 2015, annual average of -12.8% for <br />2016 through 2019. <br />City Manager Fleming reviewed the General Fund Forecast; the Capital Projects Fund <br />Forecast; the Combined Utility Fund Forecast and the Open Space and Parks Fund <br />Forecast. <br />Key Council Decisions: Does Council support the October 21st version of the proposed <br />Budget? Does Council want to include any optional cuts to generate a General Fund <br />surplus exceeding roughly $260,000? <br />BUDGET CALENDAR - KEY DATES <br />October 7 City Council Meeting <br />Presentation of City Manager's Proposed Budget <br />Set Public Hearing Date <br />October 14 Special City Council Meeting <br />Discussion /Q & A and identify revisions Council wants to see on <br />Proposed Budget <br />October 21 City Council Meeting <br />Conduct Public Hearing and identify any further revisions <br />November 3 City Council Meeting <br />Resolution adopting the budget <br />Resolution appropriating funds <br />