06-22-99 Council Workshop Minutes

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MINUTES CITY COUNCIL JUNE 22, 1999 Morelan asked if the committee looked at the tax bill for those properties in School District #624. Finegan replied that they focused on #623 as the basis of their recommendation, noting that the difference between the School Districts was relative small. Duray indicated that the committee looked at the dollar return to taxpayers if the entire debt levy reduction were returned to taxpayers. Using a 1999 median value home of $116,600, that return would be $160. The committee felt that while this was a significant sum to most taxpayers, returning it in its entirely would not be the most prudent course of action. Problems with returning the entire debt levy reduction were identified as the need for future levy increases to meet needs, and future bonding for capital projects resultin~; in higher taxes to retire debt and interest. The next step the committee took was to identify a core objective of long-term financial stability for the City that would ultimately maximize benefits to the taxpayers. They determined that this objective could be accomplished by mana~ing three essential priorities; and in considering these priorities, the committee gave them the following ranking: Tax Stabilization Tax Reduction Capital Improvement Funding Fine~an presented the Council with the committee's recommendation that is as follows: 2000 2001 Amount Available For Reallocation $256,400 $255,400 2002 2003 2004 $345,300 $637,000 $637,000 Percent of Available Amount Allocated to: CapitalImprovements 25% 17% 24% 48% 45% Tax Stabilization 35% 43% 43% 30% 33% Tax Reduction 40% 40% 33% 22% 22% Dollar Amount Allocated To: CapitalImprovements $ 65,000 $ 44,000 $ 82,000 $303,000 $283,000 Tax Stabilization $ 89,000 $109,000 $149,000 $194,000 $214,000 TaxReduction $102,000 $102,000 $114,000 $140,000 $140,000 Fahey asked if the committee considered future needs for capital improvement funds. Finegan reported that the committee did consider a number of capital