08-11-99 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL AUGUST 11, 1999 meet needs, the future bonding for capital projects resulting in higher taxes to retire debt and interest. The next step the committee took was to identify a core objective of lon~-term financial stability for the City that would ultimately maximize benefits to the taxpayers. They determined that this objective could be accomplished by managing three essential priorities; and in considering these priorities, the committee gave them the following ranking: Tax Stabilization 2. Tax Reduction 3. Capital Improvement Funding Amount Available For Reallocation Finegan presented the Council with the committee's recommendation that is as follows: 2000 2001 2002 2003 2004 $256,400 $255,400 $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 Finegan noted that the recommendation provides for between 52% and 83% of tax stabilization/reduction for the years 2000 through 2004. The recommendation is an attempt to provide for the city's tax stability, general operating growth, and capital improvement and infrastructure needs with the overall long-term stability of the City's finances being the core objective of this process. Duray pointed out that the debt levy reduction provides the City with a unique opportunity to address long-term fiscal stability by lowerin~ tax rates, providing for future rate stability, and meeting the needs of ongoing capital improvements. The recommendation is the Committee's best estimate of what that future may