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MIN~TES <br />City Council <br />Sept. 4, 1g85 <br />198 6 Mr.Bob DeBace reported that the Relief Association would like <br />Budget to increase benefits to $800 per year of service. DeBace reported <br />that according to actuarial reports no increase is necessary in the <br />City's contribution to do this. However, DeBace felt that an <br />increase of 5% would put the fund in better shape. <br />Mr. Blesener pointed out that by increasing the benefit from $700 <br />to $800, the funded balance drops from about 95% to 81%. In three <br />years the funded balance will increase to 100%. Blesener reported <br />that the Auditor feels that the fund is healthy and it is not <br />necessary to increase the City's contribution. <br />Mr. Voto reported that the Firemen's Relief Association Fund is in <br />much better shape than most of the plans he looks at. Voto stated <br />that the benefit can be increased with no problem and this is <br />consistent with the two or three year increases that have taken <br />place in the past. <br />The City Clerk reported that he has budgeted for a 5% increase in <br />the City's contribution. <br />It was the concensus of the Council that the increase was not <br />necessary and should be removed from the budget. <br />Mr. Fahey suggested that the City Clerk invite the Chamber of <br />Commerce to the Council meeting at which the budget will be acted <br />upon. <br />It was the concensus of the Council Ehat the Fire Department budget <br />was in order and should be approved at the next Council meeting with <br />the removal of the 5% increase for the Firemen's Relief Association <br />Fund. <br />Mr. Bob Voto, City Auditor appeared before the Council to make a <br />presentation on bond indebtedness and proposed tax levies. <br />The Auditor presented exhibits on the actual tax levies in the City <br />from 1981 through 1985, scheduled debt levies from 1985 through lggl, <br />debt study analysis data, property tax levies from 1985 through 1991, <br />property debt tax levies from 1g81 through 1991, and the general. <br />purpose revenue base (1oca1 tax levy and local government aid) from <br />1980 through 1g86 estimated. Also assessed valuation, tax levies and <br />mi11 rates were compared for 1979 through 1986 estimated. <br />Mr. Voto pointed out that there will be a$107,000 decrease in 1985/ <br />1g86 in property tax levies. After 1991 the City's tax levies should <br />stay at about $450,000 or $475,000 and remain consistent rather than <br />fluctuating up and down as it has in the past. <br />Voto reported that any future improvements will effect the tax levies, <br />but after 1988 they are pretty stable. <br />Page -2- <br />