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MINUTES <br />CITY COiTNCIL <br />AUGUST 10, 1994 <br />*The General Fund balance increased by $90,074 <br />during 1993 after a$121,685 cash transfer to the <br />General Capital Improvements Fund to finance <br />future capital outlay/programs. <br />*The City affected its first Capital Improvements <br />(long-term) budget document in 1993 and 1994. <br />Voto reported that the City is currently where it needs <br />to be with regard to reserve balances on hand, and has <br />begun to do long-range capital improvement planning. <br />Voto felt this was a much better situation for the City <br />Council, allowing them to make long-range decisions. <br />Voto pointed out that with reserves on hand, the City has <br />the ability to pay for capital improvement purchases <br />avoiding increased bonding costs and interest rates. <br />Voto felt that the capital improvement procedures and <br />policy put in place by the City were excellent and would <br />result in nothing but good for the City. The result is <br />that the City can now plan rather than just react. <br />Voto reviewed General and Special Revenue Funds, shown on <br />page 2 of the Management Report. Voto pointed out that <br />in 1983 State Aids amounted to 38% of the City's revenue, <br />while in 1994 State Aids account for 23%. In 1983 <br />property taxes accounted for 40% of the City's revenue <br />and 58% in 1994. <br />Morelan asked what was included in the "All Other" <br />revenue category. <br />Voto replied that any other City revenue was included in <br />this category such as, interest on investments, license <br />and permit fees, etc. Everything other than property <br />taxes and State Aid. <br />Voto pointed out that the 1994 Budget represents a <br />$172,400 decrease in revenues from 1993 actual. Major <br />budgeted decreases are LGA/HACA penalty and liability <br />insurance, 3% gambling tax, license and permits, and <br />interest on investments. Voto indicated that the <br />majority of these items were extra-ordinary in 1993. <br />Morelan asked about the possibility of the State <br />Legislature imposing levy limits. <br />Voto replied that there has been this discussion at the <br />Legislature. In view of that fact, Voto advised the City <br />