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! <br />SUMMARY OF SEPTEMBER 8,1998 <br />BUDGET WORK SESSION <br />COUNCIL <br />The agenda for the work session was as follows. <br />f V’rfcof Riirlritfst Pmiprtinn <br />1. <br />2. <br />3. <br />4. <br />5. <br />1 <br />2. <br />3. <br />4. <br />SEP 14 1998 <br />CITY C.~ O.TOMO <br />Seven Year Budget Projection <br />Deteirnination of Tax Levy for 1999 <br />Enterprise Funds - Cash Flow Budgets <br />Alternative Funding Sources for Stormwater Infrastructure. Construction and <br />Maintenance <br />5, Truth in Taxation Hearing Date <br />Seven Year Budget Projection. Moorse explained the seven year budget projection was in <br />response to Counciltnember Flint’s comment that it would be easier to make a determinabon <br />regarding the 1999 levy amount if the Council knew how the 1999 budget and levy amount <br />fits into longer term funding needs. The budget projection was to serve two purposes: <br />a) To show that there are substantial funding needs, both short-term and long­ <br />term, mostly for infrastructure but also for staffing. ,• i j <br />b) To show that the addition of substantial additional funding, if accomplished <br />in a planned incremental way, can be provided with reasonable impacts on <br />property owners. <br />Moorse indicated the 1999 levy amount in the budget projection reflects levying at the City's <br />levy limit. <br />Mayor Jabbour suggested that the budget and expenditures be tracked in a way that eiwbles <br />one-time high expenditure "blips" to be tracked separately so that they do not simply get <br />built into the expenditure or budget base. The budget may include different high expenditure <br />blips in different years. Tiiese knew blips should simply replace the old ones to maintain <br />accountability and stability in the budget. <br />The Councilmembers attending the work session indicated the 1999 ley should set at *e <br />City ’s levy limit amount, plus a debt service levy, for a total tax levy of $2,354,142 in or <br />to fund short-term needs and to get a start on meeting long-term funding needs. <br />Mayor Jabbour indicated the City should have a contingency resets e to be used if the City <br />was to lose one or more police contract cities. <br />The water, se^ver and golf cash flow budgets were reviewed. The cash flow Budgets show <br />that the water and sewer funds are able to cover depreciation based on a 75 year life of the <br />majority of the water and sewer infrastructure. The projected water and sewer revenues <br />reflect a 2.8% increase in water rates and a 3.2% increase in sewer rates.