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r <br />TO: <br />FROM: <br />DATE: <br />Mayor Peterson and Council Members <br />Ron Moorse, City Administrator <br />November 20,2002 ' <br />SUBJECT: 2003 Budget <br />The Council has reviewed the General Fund budget, and has set the tax lev>' for 2003. The Council has <br />not reviewed the proposed capital outlay expenditures, or the cash flow budgets of the enterprise funds. <br />Attached are a memo from Greg Gappa outlining the proposed capital expenditures for 2003 in the <br />Public Works area, which includes Streets, Water, Sewer and Storm Water, and in the Golf Course, <br />and a listing of capital expenditures necessary to meet information technology needs. Also attached are <br />cash flow budgets for the enterprise funds-Water, Sewer, and Golf Course. <br />Capital Expenditures <br />The largest capital expenditures in the Public Works area are for the replacement of vehicles that are <br />nearing the end of their useful lives. The information technology expenditures arc necessary to keep <br />up with technology and to increase the security of the City ’s computer network. <br />Enterprise Funds <br />Both the Water and Sewer ftmds arc projected to have a much improved cash position in 2003, due to <br />the final payment of debt service related to the Highway 12 area water and sewer project in 2002. <br />In the Golf Course Fund, the 2001 revenues w-ere substantially lower than projected, due to poor <br />weather. The 2002 revenues are also well below projections. The revenues are expected to rebound <br />if the weather is favorable, particularly in the spring. The revenues will be closely monitored, and <br />expenditures, particularly capital expenditures, may be reduced if revenues are below projections. <br />Road Improvement Projects <br />There are several smaller roadway projects being planned for 2003, which will be funded through the <br />Municipal State Aid(MSA) fund. These include the addition of left turn arrows for northbound traffic <br />at the WilIow/I2 and Old Crystal Bay Road/12 intersections, along with a right tiun lane for north <br />bound traffic at the Old Crystal Bay Road/12 intersection. As the costs of these projects become more <br />clear, they will be provided to the Council.