Laserfiche WebLink
! <br /> .,, <br /> • PUBLIC HEARING MINUTES OF SEPTEMBER 7, 1977 Page 6 <br /> � calculation of the reverse referendum, The resolution states <br /> � that a ten percent increase in the levy limit base would raise <br /> � the base from $553, 759 to $609, 135 exclusive bf Local Government <br /> Aid. The resolution should read that a ten percent increase <br /> • in the levy limit base would raise the base from $696, 364 to <br /> � $766, OOO, including Loca1 Government Aid. <br /> � <br /> Based on the budget and revenues changes, there should be about <br /> � $30, 000 of surplus generated by the inclusion of the reverse <br /> � referendum in the revenue sources . It is recommended that <br /> this surplus be budgeted for the express purpose of recodifi- <br /> � cation of the City Ordinances in 1978. <br /> ! <br /> Actually, to call the additional revenue to be generated by <br /> � _ the reverse referendum a surpl�us is somewhat misleading. Each <br /> � year the City receives certain monies from the Federal Govern- <br /> ment as its portion of revenue sharing. In 1977 the Federal <br /> � Government changed its fiscal year from June 30 to September <br /> � 30. At the same t�me the Department of Revenue Sharing changed <br /> the methods and requirements for using revenue sharing monies <br /> � effective January 1, 1977, for those budgets enacted after <br /> � that date. Due to these changes, the last entitlement period <br /> � under the old rules was for the last two quarters of 1976. <br /> � The first entitlement period under the new rules was for the <br /> first three quarters of 1977 (Jan. -Sept. ) . These monies had <br /> � . not been budgeted for use in the 1977 budget because of the <br /> . fact that the 1977 budget was enacted prior tQ January 1, 1977. <br /> The second entitlement period under the new rules is for a <br /> • full year, October l, 1977, to September 30, 1978. Therefore, <br /> � the total Federal Revenue Sharing monies available for our <br /> budget year 1978 includes seven quarters, January l, 1977 to <br /> � SeptemY�r30, 1978. The problem is that for our budget year <br /> � 1979 there will only be one year (four quarters) of revenue sharing <br /> monies available for use. This will mean a reduction in monies <br /> • available of about $24, 000. <br /> i - <br /> w <br /> • <br /> , <br /> • <br /> • . <br /> � � <br /> � (Continued) <br /> � <br /> � � <br /> � <br />