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MINUTES <br />City Council <br />July 28, 1993 <br />Voto indicated that the graph on page 7 shows that the <br />bonded debt levies are remaining relatively constant which <br />is the goal the City wants to attain. Voto stated that the <br />City Administrator may have some information on reducing <br />that total for the 1994 budget year. <br />Voto stated that page 8 shows that the City~s portion of the <br />total tax levy has decreased from 21% in 1983/84 to 14% in <br />1992/93. <br />Voto indicated that page 9 shows the General and Special <br />Revenue Funds with a pie chart for 1992. He stated that <br />Property Taxes is the principle revenue with <br />Intergovernmental second. <br />Voto stated that page 10 shows the expenditures for the <br />General and Special Revenue Funds with Public Safety at <br />50.2%. <br />Voto indicated that page 11 shows that the investment <br />earnings for 1992 were $69,600 less than 1991 due to <br />decreased yields available to the City. <br />Morelan asked who advises the City financially. The City <br />Administrator indicated that different brokers advise the <br />City. <br />Voto indicated assessment collection rates as shown on page <br />15 were 91o in 1989, 109% in 1990, 99% in 1991 and 104% in <br />1992. He stated that a one year decrease in collection <br />rates is not critical. However, if there were decreases for <br />two or three years in a row the City would want to find out <br />why. The total delinquent balance of assessments in <br />December of 1992 was $32,140. The total delinquent taxes is <br />about $56,000. Voto stated that these figures are nominal <br />as compared to the City's total tax levy. He felt that the <br />City has solid collection rates in both those areas. <br />Voto stated that page 20 shows that the General Fund <br />increase by $67,838 in 1992. The City had initially <br />budgeted about a$3,000 increase. However, actual revenues <br />exceed budget by about $200,000 and actual expenditures were <br />under budget by $83,000. Some transfers were made to the <br />General Capital Improvement Fund of $189,421, the City Hall <br />Construction Fund of $29,609, and the Assessable Interim of <br />$2,242 according to the policy adopted by the Council in <br />June, 1993 retroactive to December, 1992 whereby sufficient <br />money would be left in the General Fund to finance current <br />-3- <br />