02/18/2014 Meeting Minutes - Laserfiche WebLink

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