Laserfiche WebLink
rTTn~uTr:.s <br />Cit.y Council <br />May 7_tI, 19£35 <br />Audit f:ran the County, a Parl< Commi.ssi.on carry-over. Tl~e Audi.tor suggested <br />Repor.t t:hat the Ci.ty mi_ght want to formalize a reserve balance and sec aside <br />~Cont.) a certa:in amount f.oe minimum cash fLow reserve on a formula basis, <br />Pahey su~gested that the ci.ty des~i.gnate a certai.n perrentaf;e of <br />cash Llow each year Co a lancl acqui.siCi.on f:und, Fahey as)ced i.f thi.s <br />should be budge[:ed for i.n the Park ]~udp,et or taken from the General <br />Tund. <br />Mr. Voto replied that thi.s coulcl be transf:erred to the Park Land <br />Acquisi_tion ~und. Fahey pqi.nted ouT. that Che Ci.Cy can always transfer <br />the money bacfc if. it wanted to, <br />P1r. VoCO pointed ouC that any amoimts spent on parlc land acquisition <br />would be large, so the Ci.ty shoulct be putting some money a~oay each <br />ycar Lor chi.s. ~Irs. Scalze staCed thaC i.n 1985 the Ci.ty put 520,000 <br />away for park l.and acqui.sition. <br />ilr. I3lesener pointed ouC that the City ,~lso has to start reserving <br />money for f.ixing C,i.ty roads. The lin~;i.neer. d~iu a report on this subject <br />and estimates i.t wi.11 cost $400,000 to $500,000 to ~et Che Ci.ty's roads <br />i.n good shape. f3lesener felt Chat the amount needecl to Lix roads woutd <br />be pretCy 1eve1. for Lour or five years, and then the amount may f.luctuate <br />up and down afCer thaC. <br />Fahey asked if thi.s wi.11 reflect negativeLy in terms of: Clie Ci.ty's tax <br />l.evi.es. <br />Blesener sCated thaC some of the r.oad repairs can be assessed, but <br />oChers probabl.y cannot. <br />The Auditor stated that if the Ci.ty assesses, this will not ef.f;ect Che <br />Cax rate, or the Ci.ty could assess a por.tion and put the rest on <br />~eneral taxes. VoCo sCated Chat he di.ct not Chi.nlc any communi.ti.es <br />reassessed 100%. <br />Mr. Chlebeck poi.nted out Chat CarLa Lane was a pri.vaCe ;;treet and was <br />never assessed. <br />Mr. Col.lov~ [elt Chat Che Ci.ty wi.ll. have to take cach circumstance <br />separately. fahey poinCed ouC Chat the people ].ivin; on County roads <br />are not assessed. <br />1'he Aud~.itor reporteci on speci.al. Revenue Punds. ~ext, P'ederal Revecwe <br />Sharing was rePorted on. The Audi.tor reporCecl Chat he eaill bs cloing <br />a Pederal Revenue Sharin~; Compliance Aucii.t Lor the City shortl.y. <br />Debt Servi.ce Pimds and State Ai.d Street Bonds were then reviewed< <br />General Obli.gation Equi.pment Certif:i.cates of 1983 and Capi.tal Project <br />i'unds were also reviewed. <br />Page -3- <br />