08-27-2018 Council Budget Work Session Minutes

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CITY COUNCIL WORK SESSION August 27, 2018 APPROVED 40 Council Member Stoesz recommends letting the public know that is the land is city and 41 plans are coming. Also it will be important for people to understand financing. 42 43 Mayor Reinert said he'd like to see $300,000 set aside (reserve) at this time. Moving 44 ahead, additional financing will become clear. 45 46 Mayor Reinert said he'd also like to designate $50,000 of the reserve for a war memorial 47 project. He would like to see that those funds are not utilized until they are privately 48 matched. Council Member Maher is supportive. 49 50 The remaining reserve amount was identified at $400,000. If that amount were applied 51 overall, the tax rate would be 41.724 (3.70% annual increase). Ms. Cotton noted that the 52 council may also want to consider that debt levy that will be coming on line. 53 54 Mayor Reinert asked if any projects will come off the books next year that will contribute 55 to the Closed Bond Fund. Director Cotton noted that the City Hall Complex has been 56 fully paid; there will be excess of about $500,000. 57 58 Mayor Reinert suggested one more meeting to do a final review. He asked that council 59 members do their final drill down on the proposed budget so that discussion be 60 concluded. The council will plan on having that final discussion at the regular 61 September work session unless that runs late in which case they will set another day. 62 63 Council Member Stoesz asked that the preliminary budget be placed on the city website 64 in a spot that is easy for public access. 65 66 The council will review information presented for future discussion. 67 68 The meeting was adjourned at 7:50 p.m. 69 70 These minutes were considered, corrected and approved at the regular Council meeting 71 held on August 27, 2018. 72 73 74 75 76 Ju�anie Bartell, City�Clerk —" 77 2