02/02/2010 Meeting Minutes - Laserfiche WebLink

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r.-,. Council Minutes of 02-02-10 $300,000, which she had projected about $200,000 of expected carryover was related to revenue. Recall that $110,000 is the unexpected property tax advance that was received late in 2009 that are really 2010 collections. The remaining are charges for services, fees, permits and fines that did exceed the plan and estate tax and rollback which they had been discussing most of the year. The one thing that did happen was that some of the projects were not completed which they had advanced monies to other funds which is $100,000 CDBG and $70,000 for the NOACA grant. Sometime in 2010, that money will be advanced back to the general fund. It didn't make it in this year's budget. Also note that municipal income tax ended at 99.6 of planned which was 6% less than last year's. The expenditures ended at 11.7% below the prior year. At 95.8% of the budget was expended which left about $850,000 unexpended. She looked at it on a global level for the salaries and benefits. It's about 98.5% expended. Materials and supplies was where the city saved significantly with only 53.6% of it being expended. Outside services - 10% of that budget was not expended. Security of persons and property was at 99% expended. Projections were that with concessions for the 2010 plan, there was an expected $600,000 carryover. With those concessions and some of the other things that were talked about throughout the year, there was an expected $250,000 to still overcome; with the million one that covers that deficit and leaves about $300,000 out of a $20 million operation for good measure. • She is starting on the budget process for this year. She did have preliminary information that has been compiled by division heads and directors. With the change in Administration, they've been working on reviewing those, updating them with year-end information and hopefully waiting for other bargaining units to settle so there's a little more clarity in the salary and benefit line item. • The estate taxes; the first half is almost due and are going to be closed for the collections. They jumped from $120,000 two weeks ago to $369,000 this week. • There are five pieces of legislation on for first reading. Most of them are prior year Note Ordinances that mature April 1. The city is taking out new Notes to pay them down. 2010-15 is the 2007 street improvement, 2010-16 is the 2008 street improvement, 2010-17 is the 2009 street improvement, 2010-18 is the new monies street improvements, and 2010-19 is the Sewer Jet Truck which Council passed at the beginning of this year. There is a 2009 Note that the city is going to be paying off which is the computer server equipment for about $160,000 so that will not be renewed. These Notes are due September 30. Speaking with Bond Counsel and some investment advisors and bankers, they really feel that the rates which have been low for awhile are probably going to start increasing in the short term either later this year or next year. It's probably time to go to Bonds. This is done every few years, and the last time it was done was 2006. You can't go to bonds in April because you need audited financial information; it's a tougher credit market than it was a few years ago. Therefore, they are having the Notes mature in September, and sometime in the late summer/early fall they are going to be going out to Bond market. 5