03/04/2025 Meeting Minutes - Laserfiche WebLink

Home Browse Search

Building Permits and other related fees are projected at 2024 budgeted levels. There are some larger building projects planned for 2025 at this time including a couple of housing developments that were originally planned for 2024. The amount estimated is greater than the four-year average of building permits. Local Government Funding is determined by the state. The estimate decreased for 2025, but the local government funding is a complicated, multifaceted formula based on revenues the state takes in and for the last few years, the actual collections have exceeded the original estimate they projected. Note that the state proposed fy 26-27 budget has a proposed increase in distributions to municipalities from 1.7 % of GRF (State General Revenue Fund) tax revenues to 1.75% in the local government funding formula for fy26, which begins July 1, 2025. Investment Income is projected below 2024 actual earnings as the Federal Reserve has indicated they intend to continue to reduce rates, though at a slower pace than originally projected by economists. For informational purposes at the end of 2024 we had S47 million invested in what our investment policy, that coincides with state law, allows us to invest in. See Attachment 4 Hotel Motel Tax Receipts were significantly affected by the COVID pandemic. They have recovered and exceeded their highest levels in 2023.2024 actual receipts, however declined to 2022 levels. Our hotels have gone and continue to go through some ownership and brand changes, so the projections for 2025 are comparable to last year actuals. With some taxpayers leaving in 2025 and 2026, there may be a decline in hotel usage coming in the next couple years. There is also a potential for more hotel rooms needed if the Browns move to Brookpark. Motor Vehicle Tax, State Highway Tax, and Street Maintenance and Repair Funds (The three funds that provide resources for maintaining and repairing streets) are projected for a decline from the 2024 actual distributions from the state and county which have been impacted by slower car sales. Additionally, !„ the gasoline excise taxes are projected to decline slightly from the actual receipts in 2024. The state has f4 ..�1 seen a decline in their collections and predicts levels to remain lower. CDBG Grants — Expect to receive reimbursement for 2024 grant completed for Senior Center/Community Cabin kitchen improvements as well as a 2025 grant for Old Town Hall improvements, for which the work needs to be performed before the reimbursement will be requested. Federal Grant Programs- There are several federal grants being administered this year, which the city should see reimbursement from in 2025: • Old Town Hall improvements protecting national historic treasures from Just year with $260,175 to be reimbursed in 2025. • Bureau of Justice Assistance — from last year, that has $143,001 remaining. • ODNR pass through grant from the National Parks for North Olmsted Park Improvements $500,000. GO Bond Retirement Fund- Has the normal debt service from other funds as well as property tax revenues, however there is also the proceeds from the sale of Forest Commons that must go back to this fund since it paid offthe debt service. There is also renewal Bans with a $200,000 pay-down of the energy bans planned for in the resources. See Attachment 5 Capital Improvement Fund has estimated resources from various non-federal grant programs for the North Olmsted park improvements ($294,000) and for Old Town Hall improvements ($287,000). Additionally, the North Olmsted cell tower lease payment is being transferred in from Recreation as part of the park improvement resources ($399,500). Recreation and Springvale revenues were developed by the division and will be discussed during their budget hearings. V