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BOND PROCEEDS <br />1. 1975 General Obligation Water Bonds <br />2. 1976 Sewer Revenue Bonds <br />41% TOTAL <br />$ 800,000 <br />280,000 <br />$1,280,000 <br />GRAND TOTAL OUTSIDE SOURCES OF REVENUE 84% $2,617,200 <br />After deducting the above named revenues, we are left with a bud- <br />get of under one-half (1/2) million dollars. <br />As I have stated in past budget messages, the economic picture <br />is not bright what with high interest rates on housing and the status <br />of natural gas availability we can expect severe limitations on our <br />growth projections. It should be noted that when growth slows down <br />or stops a major source of revenue for the City slows down or. stops. <br />This problem coupled with the reluctance on the part of the <br />Council and the people to allow increased revenues from the sources <br />enumerated below. <br />1. Taxes <br />2. Water Charges <br />3. Sewer Charges <br />4. Gross Receipts or Sales Tax <br />Plus the increased costs of supplies, salaries and inflation places <br />us in the position of relying more and more on outside sources of <br />revenue to fund the operational and maintenance aspects of the City's <br />operation. This policy is a dangerous one and should be reviewed <br />carefully by the City Council and the staff in 1976. As I have stated <br />in previous messages a thorough study must be made of our revenue <br />(E) <br />