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police and fire pensions. Various scenarios range from phasing It in over different
<br />percentages all at once or in phases. Those range from an impact of $228,000.00 to
<br />$460,000.00 for 2025 based on our current budget, and OPERS, which covers all the
<br />other city employees, is discussing to do the same as well, but not quite to that
<br />extent.
<br />Increase in salaries that we've agreed to as fair, reasonable, and competitive, as I
<br />presented in the packet last week, estimated the General Fund impact of about
<br />$494,000.00 in 2025 and an additional $509,000.00 in 2026. The increase in fuel
<br />costs, equipment parts, materials and supplies, property and liability insurance,
<br />equipment purchases, and the cost of capital projects seen by how many times
<br />we've had to go out to bid for certain projects or come back to Council to ask for
<br />additional monies because the equipment that's on back order is now going to cost
<br />us this much more.
<br />We understand that this is a large increase in property value. The residents do have
<br />the right to go to the Board of Revision if they do not feel their property values are
<br />fairly stated. Secondly, the use of taking it down to, hold on one second, I think
<br />you've stated that you're interested in .3 mill? The annual impact of 1 mill for, let's
<br />just say, a $200,000 home, because that's about the average, is $70. If you take half
<br />of that, it's $35, a quarter of it is $17.50 and .3 mills is $21, for the annual impact to a
<br />resident. There are many things that you have talked about and the Administration
<br />over the last couple of years that will ultimately help all taxpayers.
<br />The Administration and Council have discussed starting a Capital replacement fund
<br />so that when we are saving for when we have to replace it, so we don't have to rely
<br />on borrowing to replace this equipment and this Capital replacement as often. There
<br />are always going to be times where we do have to borrow. The administration and
<br />Council have discussed starting a true revolving home loan repair fund, so that it will
<br />keep going by people repaying it.
<br />The Administration and Council have also discussed aquatic needs at the Recreation
<br />Center, the Lorain Road repaving share is $1.6 million estimated, which is going to
<br />take place in 2025, which we will likely need to borrow. We have $10,775,000.00 in
<br />bond anticipation notes that we could pay down a portion so that we could pay less
<br />interest for next year. Then as you need those dollars for other things, you can then
<br />incorporate them and go back into and pay smaller amounts down in the future
<br />years. In the near future, our schools want us to purchase the other three school
<br />properties; with Chestnut, Maple, and Pine, it's like $3.2 million. It might even be
<br />$3.3 million. It's in our community's best interest to do so and control the process of
<br />redevelopment, which will ultimately provide more quality, affordable housing to
<br />our residents.
<br />Lastly, this is new information, not that we talked about at the Committee Meeting
<br />last week. The County Council also considered reducing their millage to a certain
<br />point. Their Council voted it down in Committee based on similar needs and
<br />expenses.
<br />The other thing is that, in that discussion, there was a reference to State laws that
<br />are bills right now, but they seem to have bipartisan support; they're going through
<br />the House and the Senate at the same time. This bill creates a refundable tax credit
<br />against the personal income tax, or an equivalent rebate up to $1,000 per year as
<br />adjusted for inflation in future years, for homeowners and renters meeting certain
<br />09-17-24 Council Meeting Minutes - Page 5
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