City Council Minutes 2003 05 20 - Laserfiche WebLink

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Louisville City Council Meeting May 20, 2003 Page 9 of 11 Brown stated the library poll indicates that Louisville residents have a desire for a new library and he supported moving forward with the bond proposal this year. Davidson noted the poll results reveal that people would be willing to accept an increase of $35.00 in property tax. He asked Finance Director Laus for the total of the use-tax collected in a year. Laus stated the use-tax on residential construction is approximately $100,000 per year. She noted that half of the lodging tax was also calculated to go toward the payment of the Library's operating expenses, which is $125,000. She explained that 46.5% of sales tax revenue is being allocated to the capital projects fund. Davidson noted there was substantial funds budgeted in the Capital Project for the McCaslin Interchange and he suggested using that money toward the library. Laus confirmed the estimate for the McCaslin Interchange was 5 million dollars, with a payment of over $400,000. She stated the money could be used if other projects in the capital improvement program were deferred. Levihn agreed the people expressed their desire a new library and stressed the importance of getting the facts and figures to the public. Van Pelt voiced her support of the bond question, however, she did not support minimizing the capital improvement projects. Brown concurred there are a number of projects in the capital improvement program. He felt that since the hotel tax in not being used, it would be appropriate to use it for the library; however, he did not want to tie the City's hands. Sisk voiced his appreciation for alternative fund solutions; however, he noted his concern over dedicating the lodging tax solely for library purposes, as Council earmarked the funds for library and recreational purposes. He stated if the use-tax appeared on the ballot, it would help the arts community and the schools. Sisk suggested a ballot question increasing property taxes by $35-50 per year. He stated the voters could be shown the money will also come from the McCaslin Interchange fund. Davidson asked Finance Director Laus how much money goes into the capital budget each year. He noted only a small part of the capital budget would be dedicated to the library and the library is a capital project. Laus responded over the last two years, four million has been allocated for the capital projects budget. She reminded Council of the increase in the assessed valuation of Louisville properties. Van Pelt emphasized that only 50% of the lodging tax was allocated for the library. She stated the level of support for the project would drop if other projects suffered. She asked Staff to present different scenarios, and noted the Tabor requirement that the amount of the bond could never be more than what is actually required.