2008 BUDGET - Laserfiche WebLink

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Significant Issues The 2008 General Fund budget reflects the following significant changes and new initiatives when compared with the 2007 General Fund budget: • Transfer expenses of $314,000 from the General Fund to the Conservation Trust Fund to more accurately reflect parks and open space related activities. • Eliminate, establish or add new positions or increase hours as follows: • Consolidate the Land Management and Recreation and Senior Services programs into one Parks and Recreation Department; eliminate one Department Director position and adjust three other positions to reflect new responsibilities. Savings: approximately $75,000 in salary and benefits. • Establish a Facilities Manager in Public Works to ensure that the new library, police and court, city hall and the recreation and senior center are properly maintained (effective 2nd quarter). Cost: $80,000. • Add an Operations Tech in Street Operations to keep up with increasing street maintenance workload (effective 3rd quarter) Cost: $20,000. • Add $20,000 to fund additional time spent by the City Attorney on an increasing caseload related to various issues including information requests and litigation. • Establish a half time Planner in the Planning Department to assist with Comp Plan update and other ongoing work. Cost: $16,000. • Increase the Museum Coordinator's hours from 20 to 29 hours per week to expand the days and hours the Museum is open. Cost: $10,000. • Increase Library temporary salaries by $11,500 to improve staffing during operating hours. • Replace 3 temporary life guard positions at the Recreation Center with a 32-hour Head Life Guard position to reduce staffing turnover and improve scheduling. Net cost: $7,500. • Continue Business Retention and Development activities by funding an economic development consultant, completion of a real estate database and continuation of prospect recruitment, revitalization and redevelopment activities. Cost: $151,750. • Construct gateway signs accenting the north and south entrances to the City on South Boulder Road. Cost $30,000. • Increase the Library budget by $22,500 to provide additional funding for more adult and children's books. • Increase funding for the Louisville Cultural Council by $3,600 for Concerts in the Park, $5,500 for the Art Walk at Community Park and one-time funding of $1,200 for book keeping services. • Devote up to $5,000 in the City Manager's budget to fund energy efficiency, recycling and other sustainability efforts. Six-year General Fund Forecast As in past years, in 2008 we will continue the policy of maintaining a General Fund reserve of at least 15% of current year expenditures for operations and debt service. The projected General Fund ending fund balance for 2008 is $4,955,530 or 37% of expenditures. • The graph below illustrates the updated preliminary 6-year forecast of General Fund reserves. This forecast is based on the following assumptions: • Both revenues and expenditures will continue to increase at the same rate as the average increase over the past 8 years. • Each year all departments combined will actually spend only 97% of the funding included in the annual budget and the 3% savings will be available for re-appropriation the following year. • In 2008 General Fund revenues will increase by approximately $450,000 and the City will rebate approximately $150,000 in accordance with Business Assistance Packages iv