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Special Council Meeting <br />3-10-08 <br />Page 5 <br />were going to go for the Stabile property at that point and we did not know the extent to which <br />we were going to acquire properties on Wilson Mills. Mayor Rinker added that we also did not <br />know of the problems with the storm sewer at that time. <br />Council President Buckholtz indicated that that is about $4-5 million that was not <br />projected. Mr. Brett said looking at the $13 million that does not incorporate any of the short <br />term debt. <br />Mr. Marquardt said that we have an increase in our transfers from the General Fund to <br />cover the debt. Mr. Brett said that was expected and pointed out two or three years ago. That <br />will go up if Council elects to increase funding to finish off the police station. That is the <br />primary reason that will go from 200 to 300 to 350 to 450 and then 550. Council President <br />Buckholtz asked which line that is. Mr. Brett replied the very last line in the second last <br />paragraph right above total revenues. Council President Buckholtz stated that we started that <br />last year. Mr. Brett said we did. <br />Council President Buckholtz asked about revenue projections. Mr. Brett replied that as <br />he said in the budget, assuming the numbers that we looked at last year, he is estimating income <br />tax revenues at a quarter million dollars less than what we received last year. That is why we <br />have a leaner budget this year. Let's hope that that is not the case. He cannot assume or <br />estimate any revenues on the basis of Campus III moving forward. It is just too big of a"what <br />if'. <br />Mr. Brett added we are assuming $250,000 less from Progressive and that non- <br />Progressive revenues will hold their own. They are actually a little bit ahead of last year. <br />Again, there is not enough data there. <br />Dr. Parker asked what accounts would be different for 2008 and 2009 in total revenues. <br />Mr. Brett replied that if you elect in 2008 to go out for additional stop gap funding for the <br />police station. He is just throwing this in as a"what if' scenario. He is not saying that this is a <br />decision that is made. Council President asked what we would be going out for. Mr. Brett said <br />that if you do the stop gap for the police department from where we were given a number and <br />where that actual number is coming in, roughly $2 million, that would be sold this year but it <br />would not show up as outstanding principal on the short term debt until next year at $5.6 <br />million instead of $3.6 million because that $2 million essentially is for the police station if <br />Council so chooses. Mr. Saponaro asked if that is Plan B. Mr. Brett said it is. Council <br />President Buckholtz said it is cash from debt. Mr. Brett said it is. <br />Council President Buckholtz asked if the perspective from last year was stronger about <br />potential revenues. Mayor Rinker said that Mr. Brett always underproj ects anyway. The fact <br />that it went even lower is significant. <br />Mr. Brett stated that we have not had a situation, (with the exception of a timing issue) <br />where we have had a decrease of Progressive income taxes and a decrease of overall income