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02/18/2014 Meeting Minutes
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02/18/2014 Meeting Minutes
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3/28/2014 10:37:16 AM
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North Olmsted Legislation
Legislation Date
2/18/2014
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• The estate tax estimate is what we collected on a revised 2013 return and <br /> 2014-A collections on filed returns in the process to be remitted, which up <br /> to budget introduction had been $75,000. Recall the elimination of the <br /> estate tax effective January 1, 2013, so it will be gone as a revenue <br /> stream. <br /> • Recreation center revenues are based on historical activity, except for the <br /> addition of fitness in the fall with an estimated $177,000 in fees, which <br /> equates to 800 monthly ($25) memberships and 675 yearly ($232.50) <br /> memberships. <br /> • Revenues in the solid waste and recycling fund, which is 15% of the <br /> income tax collections, are up and budgeted consistent with last year's <br /> actual. The important thing is that with stabilized and slightly increased <br /> income tax collections and a much more cost effective contract for solid <br /> waste collection, the fund will be able to support the entire solid waste <br /> contract and the leaf pick up contract of $200,000 and the staff and <br /> equipment for the chipping program. <br /> • The Permanent Improvement Fund, which is funded with 15% of the <br /> income tax collections also has recovered enough to support the $ <br /> 400,000 street improvement program this year as the street maintenance <br /> fund may need its resources for salt, fuel and overtime from the tough <br /> winter weather. Recall the note proceeds for the windsor culvert also are <br /> estimated in the fund. <br /> • The capital improvement fund includes the note proceeds for the <br /> recreation center improvements. <br /> • The Sewer Revenue Fund estimated resources reflects the rate increase <br /> offset by a projected decline in usage. The Olmsted Township <br /> customers' rates were increased in January, but Fairview as a master <br /> meter customer, has not seen a cost increase based on the contractual <br /> formula. There is also a $1,250,000 advance to the Sewer Improvement <br /> Fund for the engineering and project management contracts that are <br /> reimbursed rather than paid directly due to EPA loan procedures. <br /> • Springvale Golf and Ballroom revenues have a projected increase of <br /> $71,000, which split about 30/70 with golf and ballroom. Golf is based on <br /> rate increases and strength of leagues and outings scheduled and the <br /> ballroom is based on the book of business reserved being greater at this <br /> time than last year. <br /> • The hospitalization fund has nearly a 45% increase in estimated premiums <br /> as compared to last year. These estimated premiums are charged to <br />
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