City Council Minutes 1994 09 12 - Laserfiche WebLink

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differential would be no more than about 10 to 15 basis points from alternative #1 to alternative #2. Alternative #2 being the more expensive. Mayer wondered, since the sales tax is good for another nine years, was there an implicit limit on the length of the bonds. Cason stated that the nine year limit is built into the repayment revenue. Mayer moved that Council adopt Resolution No. 49, Series 1994, including the ballot question bonding open space as presented in alternative #1 with the amendments as noted by the city's bond counsel to change open space sales tax to open space sales and use tax. Seconded by Levihn. Roll call was taken. Motion passed by a 5 - 0 vote. DISCUSSION - GENERAL FUND (WRAP-UP) - FINAL BUDGET REDUCTIONS Sharon Asti-Caranci, acting City Administrator, updated Council on Budget reductions from the last meeting. Davidson called for Council comments. Mayer felt there was a lot of "slosh" in the Budget with regard to the Recreation Center, which he wanted addressed before the Budget was finalized. DISCUSSION - 1995 LEVYING OF GENERAL PROPERTY TAXES Sharon Asti-Caranci, acting City Administrator, reviewed the calculations. Local growth would be 6% for next year. The calculation to be used in the Budget for inflation is 3.5%. The actual figure won't be known until next February or March. For property tax the calculation is 6.0% (local growth) + 3.5% (CPI) = 9.5% (maximum allowable increase in property tax revenue under Tabor 1). That would generate $1,112,455 approximately in property tax dollars. The second calculation is taking the new assessed value times the old mill levy generating $1,041,785. The third calculation generates $1.1 - $5 million. The city has to take the most restrictive method, #2, keeping Louisville's mill levy the same with the new assessed valuation, generating the $1,041,785, which is currently included in the Budget. Mayer suggested a mill levy decrease of 5.75, costing the city approximately $12,500. Sisk felt the mill levy should remain the same. Sisk moved that Council set the taxes for 1995 at the mill rate of 5.82 mills and utilize that for the property tax limitation. Seconded by Levihn. Roll call was taken. Motion passed by a 4 - 1 vote with Mayer voting against and Howard and Lathrop being absent.