11-08-89 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL November 8, 1989 The foregoing resolution was duly seconded by Mrs. Scalze. Ayes (5) Blesener, Scalze, LaValle, Collova, Fahey. Nays (0). Resolution declared adopted. Voto reviewed Exhibit C-2, Proposed Major Equipment Financing. Voto pointed out that rather than issue equipment certificates as major equipment financing, that there are funds in the Sewer and Water Funds, and General Capital Improvement Fund which can be used. Voto pointed out that the State has eliminated the City~s authority to finance these purchases within the City's taxing authority. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 89-11-546 - APPROVING THE FINANCING OF THE PURCHASE OF CAPITAL EQUIPMENT AS PROPOSED WITH SEWER AND WATER FUNDS AND GENERAL CAPITAL IMPROVEMENT FUND MONIE5 RATHER THAN EQUIPMENT CERTIFICATES AS OUTLINED BY THE CITY AUDITOR The foregoing resolution was duly seconded by Mrs. Scalze. Ayes (5) Blesener, Scalze, Collova, Fahey, LaValle. Nays (0). Resolution declared adopted. The Auditor next reviewed Exhibit E, Levy Limit Calculations, pointing out that the State has shifted aids from cities and towns to school districts. The cities must now levy more in local taxes to make up for this loss of funds. The Auditor pointed out that the City is loosing $256,000 in Local Government Aid from the State which will cause the City to levy an additional 20% in taxes during 1990. Blesener pointed out that this $256,000 is money in Local Government Aid that will not come to the City from the State due to the new 5tate tax laws that were adopted. Voto agreed, pointing out that the State is giving more State Aids for local education, and part of these funds are coming from the decrease in aid to cities and towns. Page 5