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r <br />i <br />i <br />iv. ; <br />V! <br />Vi- <br />p * <br />Proposed 1998 Annual Budget Continued <br />and zoning activity. This activity is producing additional revenue which will be used to fund the <br />position. The police sergeant position is needed to assist the Police Chief with supervisory and <br />administrative duties. <br />The budget also includes $20,000 for special project expenditures which could include fire <br />inspection services, updating the City's Comprehensive Plan, and beginmng a fund to finance parks <br />and open space capital projects. <br />Mandated increase <br />A new requirement recently passed by the legislature increases the city's pension contribution firom <br />4.48% of gross pay to 5.18%. This will increase the city's pension costs by approximately $11,000. <br />This new requirement includes a new revenue source to fund it called "Payroll Aid", so the increased <br />expenditures ''11 not require increased property taxes. <br />Sewer .ind Water Infrastructure Rehabilitation and Utility Rate Increase. <br />It is projected that to provide adequate funding to address long term sewer and water infrastructure <br />needs, water rates will need to be increased 2.9% per year and sewer rates will need to be increased <br />3.2% per year over the next 20 years. <br />Conclusion <br />In summary, the 1998 budget is a fiscally conservative budget that minimizes the tax levy increase <br />while addressing priority service needs and both short term and long term infrastructure needs. <br />COUNCIL ACTION REQUESTED: <br />Motion to adopt the following resolutions: <br />1. Resolution adopting the final 1997 Tax Levy Collectible in 1998. <br />2. Resolution to adopt the 1998 General Fund Budget. <br />3. Resolution to adopt the 1998 Special Revenue Funds Budgets. <br />A <br />i