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Mayor & City Council Septemb»r 10, 1993 Page 8 possibility. It could reduce the levy from the present $177,300 figure to approximately $100,000. A couple of options exist relative to any savings realized by this transaction. * The first would be to buy down a property tax increase by utilization of these funds. * The second would be to allocate these funds into a capital improvement program on an ongoing basis in order that we provide a source of funds for this area. Dollars would be used for items such as our street improvement program, sidewalk systems, Public Works equipment, Fire Department equipment, administrative needs, Park development, and other special projects which may come up from time to time. It is my belief that the $77,000 available is only a portion of what will ultimately be needed in these areas. At the goal setting session, we need to plan for the overall reduction in our debt service amounts occurring around the year 2000 in order that we are properly meeting capital needs into the future. My recommendation would be to apply any levy savings as a result of this transaction into the General Capital Improvement Fund on an ongoing basis thereby creating no new net increase to our tax support requirement. (See Attachment 5 for a summary of the details of this transaction. This matter will be on the Council September 22 agenda for future discussion.) 30. WATER AND SEWER BUDGETS (Pages 49 -56) - I am not proposing any major discussions at this point in time given that they are very preliminary and we need further information from the Board of Water Commissioners and the Metropolitan Waste Control Commission before finalizing these numbers. However, you will note that increased costs associated with these services are being anticipated and could affect our revenue generating capabilities. This should be watched closely with futher refinements made as we approach 1994. JRH:kpv Page 2