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MINU`~'ES <br />City Couxacil <br />August 5y 1g81 <br />Nir. Voto also commented that the Gity of Little Caaaada does not <br />benefa.t f'roan the fisca7. disp$rities po.Licy, <br />P~irs. Sealze ~sked the reason the Cityos mi11 ra'te was so high in <br />comparison with other cities, NIr, Voto replied that the fiscal disparities <br />polacy and general obligation debt were reasons lor the City~s ha.gh <br />mill rate, However' a.n cpmparing mi11 rates between ci.ties, sa:l.es <br />ratio rnust a],so be taken into consideration. Little Canada has the <br />l.owest sa].es ratioy and thus the City+s t~x base is low and mi].l rate <br />is high. <br />l~ira Voto a.nformed Council that the 5tate has been talka.ng about putt9.ng <br />an a~ aap on a:11 taac levies, 7'kias would be disastrous for the City as <br />bond oblzgations must be met, This Yaas been defeated9 howover' Voto <br />fQlt it would probably be considered agaan in the :~uture, <br />iKrs. Sca].ze pointed out that the Cityos Park Fund has been set aside <br />~'ox land acquisition purposes, Scal.ze stated that it was her undex0 <br />standa.ng that anoney would not be taken £rom this fund for park <br />irnprcvements. i~Tonies %or such improvements were to come out o£ the <br />General F'und, <br />i~lr, Vobo stated that tha.s woul.d be corrected. lhis means that tho <br />report has overstated the Genexal Fund and understated the Par~s Fund, <br />The City Attorney pointed out that money collected by the City in <br />~arks charges is lami.ted by State law for use izz land acquisition, <br />The Cityos orda,nance was amended to include this provision. <br />rLr. Voto commented that the special assessment furzd has a$37~a'000 <br />shortage. `the shortage is mainly due to the 196G and 1967 sewer <br />improvements and the 1971 amprovernent. Nir. Voto suggested that the <br />City take a look at present assessment def'errmenta, Voto felt that tYze <br />shortage in the special assessmexit fund wa.l1 be resolved caithin a£ive <br />year perzod. <br />Voto also commented that the debt serva.ce study fox the City wi11 be <br />do~xe at a later date, <br />I't was discussed by the Counci~. that the City should be chargir~ <br />interest on deferred assessmexits> <br />I~lr, Pahey stated that when the Cityos deferrments are reviewed9 the <br />Counei]. should consider charging interest on the assessments that <br />vri11 remain de.ferred. <br />~'he Caty Clerk pointed out that a.nterest is b~'ing charged oxi senaor <br />citizezx def'errments. <br />The City Attorxaey stated that Sta~te .~aw roquires that these cases be <br />treated uni2'ormily, p~, the time that th~ City dei'erred assessments, <br />tkae subject o~' interest was not considered. `1'his is now a new issue <br />and could be brought up in the future, <br />aYlr. Voto informed the Couracil that the t;ity is trying to irnprove ats <br />i.nvestment po].ici.es, Therei'ore, Voto 9.s recommendixzg that the Cous~ci~. <br />appxove several banks and savings and loan institutions as City deposstoriesm <br />Page -2» <br />