10-01-86 Council Minutes - Laserfiche WebLink

Home Browse Search

f~INU7ES Cit.y Council October 1 , 1986 Voto pointed out that in 198b the City budgeted $100,OD0 for street repairs and $50,000 for land acquisition. Exhibit G showed a 9raph of historical tax levies, while Fxhibit N was the summar,y of the history of property tax levies in the City. Voto recommended that the City approve an annual tax levy to assure that monies are available for major capital outtay purchases. Such levies should be part of a long-term plan. Additionatly, such ntonies should be transferred to a separate Capital Improvement Fund. This fund should be hudgeted separately as a Capital Improvement Program and Long-7erm Budget. Fxhibit I showed actual/proposed prooerty tax levies from 19£31/1952 through 19£36/19II7 with options. Fxhibit J was the general purpose revenue base from 19£30 through estimated 1987, and Exhibit K showed assessed valuation, tax levies, and mill rates from 1979 through estimated 19II7. Voto pointed out that under Option A, the mill rate for 1987 would be 21.903, under Option !3 the mill rate would be ?1.530 and under Option C the mill rates would be 20.917. Voto pointetl out that the City would be dropping almost 1 mill ~~ihile absorbing a$46,000 decrease in revenues as the State ~aill be eliminating revenue sharing. In Exhibit L, Voto presented the Council r~ith a proposed resolution establishing a Capital Improvement Fund. Under this Fund, tfie City ~vould approve a 5-Year Capital Improvement Program which 4aould be funded from the monies in this Fund. The Council would establish priorities for the various proJects listed in the Program. Council discussed the $100,000 the City budqeted for in 1986 for street repairs. The City Clerk reported that street improvements will be assessed for, but initially the City has to pay for the projects and it will take 3 to 5 years for the money to return to the City through assessments. Voto stated that it is a Council clecision on the length of time to assess street improvements, but suggested that if possible, the assessment period should be 2 or 3 years. The City Clerk pointed out that overlaying costs are estimated at $6.50 per front foot and it would be possible to assess such improvements in three ,years. The Clerk aiso suggested that the overlaying costs for condominium units should be a 1.year assessment. Council discussed whether or not the City had indicated an assessment period at recent public hearings on street improvements. Council felt it indicated a 9 to 10 year assessment period for major road reconstruction. Voto reported that the Cit,y is also looking at financing 1and acquisition through a storm sewer project, and, therefore, money set asicle for land acquisition will be freed up and can be placed in a Capital Improvement Fund. Page -2-