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SPECIAL WORK SESSION August 31, 2009 <br /> APPROVED <br /> 47 hard times most likely lay ahead in 2011. That two-year view should include all the <br /> 48 pieces, and hard decisions in the area of employees should be made up front and perhaps <br /> 49 revenue options such as storm water utility and franchise fees left for next year. <br /> 50 <br /> 51 Finance Director Rolek discussed the interfund loan proposed to handle the 2010 debt <br /> 52 service on the Legacy bonds. Staff is still assuming that approximately one-half of that <br /> 53 debt service will be handled through such a loan, thereby leaving some flexibility for <br /> 54 2011. <br /> 55 <br /> 56 Regarding the maximum tax rate that will be approved by the council on September 14 <br /> 57 and forwarded, the council concurred they would go with 38.616 (a reduction). Having <br /> 58 that number in place, Mr. Rolek suggested that the council can have more discussion at <br /> 59 the September 8 work session on how to budget to represent that figure. The council <br /> 60 concurred that the figure is a maximum and the goal is a reduction from that point. <br /> 61 <br /> 62 There was a discussion of fund balance and Mr. Rolek asked for clarification that the <br /> 63 originally proposed use of$93,377 is on the table. One council member suggested that <br /> 64 the maximum rate discussion leaves the fund balance at a different figure. Another <br /> 65 member said he believes that fund balance represents levied but unused tax funds that <br /> 66 should be returned to the taxpayers (or to use the funds as part of a future budget). A <br /> 67 third council member suggested that he doesn't support use of fund balance at all—it <br /> 68 isn't a prudent budgeting tool. A majority of the council agreed to leave the $93,377 on <br /> 69 the table but with further discussion and review of fund balance. <br /> 70 <br /> 71 Regarding implementation of revenue options, staff remarked that they could begin the <br /> 72 review process but wouldn't recommend planning on any revenue for 2010—2011 would <br /> 73 be more realistic. <br /> 74 <br /> 75 On Mr. Rolek's question about presenting options for(partial or fully) funding internally <br /> 76 the debt service on the Legacy bonds, the council requested that staff report back on the <br /> 77 status of the project and options to get things moving. <br /> 78 <br /> 79 The meeting was adjourned at 6:40 p.m. <br /> 80 <br /> 81 These minutes were considered and approved at the regular Council meeting held on September <br /> 82 28, 2009. <br /> 83 <br /> 84 <br /> 85 <br /> 86 6.6telerL2 <br /> 87 City Clerk, Julianne Bartell Jo ►�°.erges , Mayor <br /> 2 <br />