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City Council <br />Special Meeting Minutes <br />June 9, 2015 <br />Page 3 of 12 <br />He noted all these assumptions and targets are simply a place to start the 2016 budget <br />process and will be revised over the next five months as updated information is received <br />on the local economy and building projects. <br />Using the initial assumptions and targets, coupled with the recommended C -I -P, staff <br />developed preliminary five -year financial plans for all the funds containing capital <br />projects: General Fund and Capital Projects Fund, Conservation Trust — Lottery Fund, <br />Cemetery Fund, Combined Utility Fund, Golf Course Fund and Internal Service Funds. <br />City Manager Fleming summarized the projected revenue, expenditures, and fund <br />balances for each of the funds and noted the fund projections will be continuously <br />updated throughout the 2016 budget process. <br />COUNCIL COMMENTS <br />Council member Stolzmann asked about how TABOR might affect the revenue from <br />property tax due to the increased assessments being seen and if tum backs were <br />anticipated. Finance Director Watson noted the City "de- bruced" property tax so there <br />would be no required tum backs, however, the City could voluntarily reduce the mill <br />levy. He noted the assessments and building numbers are likely low and will be <br />adjusted when the County sends the preliminary assessed valuation. <br />City Manager Fleming noted the numbers will be updated throughout the budget <br />process. <br />Council member Lipton asked for subtotals in each revenue category. Finance Director <br />Watson cautioned there would need to be a way to ensure readers know they are <br />seeing subtotals as not all the revenues are included. <br />STAFF PRESENTATION <br />City Manager Fleming noted the history and impacts on revenue such as the sales tax <br />drop due to the Home Depot in Boulder and the increase brought in by the consumer <br />use tax. He commented that purchasing power over time is eroded by inflation. <br />Building related revenue is volatile and relatively small compared to sales tax. <br />He discussed the Expenditure targets and noted the 2015 increase in wages was due to <br />increased staff, mostly at the golf course. Likewise, the temporary wage increase was <br />due mostly to golf course. He anticipated Parks and Recreation Director Stevens and <br />his staff would make the golf course at least a break even operation and generate <br />enough revenue to cover the capital costs as well. The benefits also reflect an increase <br />due to increased staff. <br />COUNCIL COMMENT <br />