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t <br />THE CI TY OF NORTH OLMSTED <br />RESOLUTION NO. 93- 74 <br />By: The Mayor and Entire City Council <br />A RESOZUTION OPPOSING THE BUDGET PROPOSAL OF THE <br />GOVERNOR OF THE STATE OF OHIO WHICH AOULD PERMANENTZY <br />REDUGE THE PERC„ENTAGE OF STATE T.AX FUNDS DEPOSITED <br />INTO THE LOCAL GOVERNMENT FUND AND THE bOCAL <br />GOVERNMENT EVENUE ASSISTANCE FUND, AND DECLARING <br />AN II4RGENCY. <br />WREREAS, the City of North Olmsted annually receives <br />approximately $845,000 in revenues from the Zocal Government <br />Funds allocations; and <br />WREREAS, such funds are essential to the financing of the <br />ongoing operations of and delivery of services to the citizens <br />and taxpayers of North Olmsted; and <br />WFEREAS, the State of Ohio has placed a"cap" on the <br />growth of the local government fund which limits it to a <br />percentage of revenues; and <br />WFEREAS, this "cap" has resulted in severe restrictions <br />on the growth of the fund, initially through the year 1992, and <br />more recently, for the first six months of 1993; and <br />WREREAS, the City of North Olmsted has already implemented <br />stringent cost-cutting and cost-saving measures for the years <br />1993 and 2994 based in part on the growth restrictions imposed <br />by the State on shared revenue sources; and <br />WFEREAS, the Governor's proposed State budget further <br />restricts local revenue sources by suggesting that the Local <br />Government Fund and Local Government Revenue Assistance Funds <br />be set in permanent lax at 4.2$ and .6# of the revenue <br />generated by the State's four ma.jor taxes, which represents a <br />reduction from the current levels of 4.6$ and .7$ respectively; <br />and <br />WREREAS, the cost of these reductions in revenues to <br />North Olmsted can be fairly esti.mated to be in the thousands <br />of dollars; and <br />WHEREAS, the loss of such funds to the City would have a <br />distastrous effect on the City's financial condi tion.