12/18/2006 Council Minutes (3) - Laserfiche WebLink

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COUNCIL MINUTES DECEMBER 18, 2006 APPROVED 1 2 Application of Centennial Middle School PTA 3 To Conduct an Excluded Bingo Event on 4 February 2, 2007, Centennial Middle School, 5 399 Elm Street Approved 6 7 FINANCE DEPARTMENT REPORT, AL ROLEK 8 9 Public Hearing, 2007-2011 Five Year Financial Plan: 10 11 Consideration of Resolution No. 06-207, Adopting the 2007-2011 Five Year Financial Plan, Al 12 Rolek — Finance Director Rolek advised staff has prepared a draft Five Year Financial Plan for the 13 years 2007-2011. The Plan includes all of the required elements. The Plan first addresses the Public 14 Service Program and lists anticipated personnel and other resources needed to meet these needs over 15 the five-year term. Projectionss of the City's tax capacity and tax levy authority are presented next, 16 followed by projected revenues (Revenue Program) for the next five years. A detailed projection of 17 anticipated program expenditures follows. Finally, the Capital Improvement Plan (CIP) is presented 18 which addresses future needs in the areas of infrastructure extension and replacement, equipment 19 replacement and part improvements. Project descriptions, costs estimates, financial resources and 20 cash flow analyses are included within the CIP, and constitute projected budgets for future capital 21 needs. S22 23 Finance Director Rolek presented the highlights of the Plan noting the assumptions used in the Plan 24 are based upon both historical data and projections of future growth and needs. The Plan includes 25 two tax base growth scenarios based on assumptions leaning from a conservative to a less 26 conservative approach. These, in turn, lead to tax rates resulting from those assumptions. In general, 27 an inflation rate of three percent (3%) was used in projecting future expenditures. This percentage 28 varies somewhat based upon what is known about inflation of particular factors, industries, etc. 29 Existing statutes were used to calculate available taxing capacity and taxing authority. More detailed 30 assumptions and factors are listed throughout the document. 31 32 Mayor Bergeson opened the public hearing at 6:55 p.m. 33 34 Ms. Cori Duffy, 6256 Hollow Lane, came forward and asked how conservation development will 35 affect the growth rate of 147 new homes built per year. She also expressed concern regarding the 36 addition of a rental inspector. She stated rental property within the City might affect the safety of the 37 community and citizens. 38 39 Finance Director Rolek advised conservation development was included in the 147 average numbers 40 of new homes to be built per year. 41 42 Community Development Director Grochala stated there are currently rental units within the City. 43 The Lakewood project would be the first apartment complex built in the City. The Plan anticipates •44 the need for a rental inspector to be in year 2011. 45 2