Minutes 04/30/1991 - Laserfiche WebLink

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April 30, 1991 Fund BalanCe 595 Our reserve presently stands at ~7.2 million. T i amount is $2.9 mitl ion ~more than we budgeted fo~ in the fiscal ~e~r 1991 Operatin~ Budget. There are a numberl of reasons for.~h~ necessity of a fun~ balance. It provides for ~n emergency con~iqgency for unforeseen circumstances or disasters: that ~ould arls.~. I t p~ovideslfor a cushion in the event t~at there i~s a r~v~inue snortfal~ in the Operating Budge~, an~,it allows for ~h~ necessary working capital for the City' The woirKing capitall isir~quired due to the u~even reCeipt of revenues durling the course o~ ~he year versuS t~e expenditures that occur. II am pleased to no~e tnat by having al!ar~er fund balance during t~e current year ~e ihave not had to, ~or~ do I anticipate that we ~ill need to borrQw funds to meet our~current obligations, as we hlad to do laSt year. The!Muini~cipal Finance Commission recommends thatl a reserve amountin~ to 5% of the budget be atta!tned and malntalne,[, approximately $10.1 million. Until sluch a level of f~n~ balance is achie%ed, the Commission has recom~ended that $!i m~ll.ion pe~ year be laced in oUr reserves. I a~pleased t~o irep°rt that wnil~ we have ct reached the $10.1 millio~ level, our $7.2!million reserve s ahead of the schedule recommended by the M~n~c~pal Finance ommission. ~ iB6~d.~l~ I very pleased that during t~e recent bond sa~elin Januar' g agencies of MoOdy's Investor ~ervlce and S~agdard and nc. maintained our ratings, i During a time whe~ many 'e experiencing a downgradin~ of their ~ating~,~we were encouraged by both agencies to continue the positive Bt~ps undertaken in the area of enhancing ~he fund balance ~n~ reduce, through . managed system of review °~ vacancies, the ~o~ force to a level ~hat is able to deliver the ~ervices for which ~ne taxpayeI are willing and able to provide the resourc~s~i Ple se note that while there is ian increase in t~eldebt ~osts due to this recent bond issue, the full~i~pact~, will service .en until next year's budget.i This is due ~°~t~esmeth°do~ ~t are not be s luring the debt so that only !two interest payI e~ t of struc be made ~n FY 1992, with two interes~ payments and a principal payment i~cheduled for FY 1993 and for nineteen years thereafter. State Reductions As [entioned earlier, the S~ate inas substantiallly ~educed financia, support for education. EdUcation, however,l i~ nOt the only arei~ where a reduction of support ~rom the Stiat~ h~s taken place. !~ublic Health, Law Enforcement ~rant, a!l of ith~ Constitui'~ional Offices, Library BOOK~, mocia! Servicels,IMental ' s well as other taxes distributed to lOcali~ie~ are all Health,i areas thi ' ~ ' ~ ~ ~t nave been cut bY the~tat~. Local governments cannot be expected to compensate f~r the State's failure itc iad~quately finance ~hese needed services, i , !i Public Safety I Th~ City will ~nstall a Computer Aided D~spatcnlng~Syste (CADS) ~ the Emergency Operations C~nter which w~ll pr)vide faster ai!~d more accurate dispatchingiof Police, Fire,I a ~d Ambulanc ~ services. CADS will also interface with t~e ~xisting E-911 em ~rgency telephone system, and other local, s~a~ ~, and national public safety and criminal justice systems, thereby providin,~ a more viable safety net f~r officer pr°tectiSn and the public s.~fety. I a~ the ratii Poor's, ~ cities ai