01/29/2007 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting 1-29-07 Page 6 The median value of a home -$139,000.00 in 1993 Over $201,000.00 in 2000 Income tax revenues in 1993 -$2,800,000.00. Income tax revenues in 2006 -$10,260,000.00. We still have the same income tax rate. Realistically, the effective rate even though it has gone up. That has largely been because of the school levies. Schools are caught in that cycle where they always have to go back to be able to beat inflation and to keep pace. Apart from that, if we were to exclude those levies, we probably would actually be paying effectively a lower tax rate than we were in 1993. General fund revenues - just over $3.6 million in 1993 In 2006, just over $12.5 million. Ending cash balance in 1993 - just under $1.8 million. In 2006, just over $10 million. And then look at some of the changes. As a Village, we owned 13 acres of land in 1993. We now own just under 180 acres. That is a big big change. Some of the buildings that we have done: The fire station was a three million dollar project, Parkview pool and bathhouse, also the playground, that's about $3.3 million dollars. Interestingly enough, with regard to the two soccer fields and the third field beyond it, when you take all three of those fields together, the total net cost to the Village was $25,000.00. We basically worked those into the various construction projects. Everyone was moving a lot of dirt and we found a resting spot for those. With regard to the sewer project, when we started out we had to deal with a major disruption in Beech Hill and Bonnieview. You may recall that in the summer of 1993 we had a terrible storm. Some people say we had a microburst, a minor hurricane that passed through Mayfield Village. Tons of trees went down in that neighborhood. At the end of the day after sewer work was done and we were able to change things around there, we cleaned up that neighborhood pretty well. After that we did my neighborhood, Worton Park. That was just under a million dollars for that project. The North County line, you may recall at the time it was novel, but it has already been over 10 years since the North County trunk line went in at S.O.M. Center Road. That whole project was $5.5 million. The improvements that have gone in to Wilson Mills is just under $750,000.00. The wetlands preserve while itself was about a quarter of a million dollars of expenditure to create the preserve, when you net out the land acquisitions between Parkview Golf Course, the old Schultz farm and then we worked out a lot split and consolidation for Progressive for Campus II, the ultimate cost of the land and the improvements for the wetlands was two million dollars. To me that is a pretty interesting figure because we all kind of look at greenspace, we all appreciate the greenspace. We don't always understand