Minutes 05/08/1990 - Laserfiche WebLink

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The consi¢ ordin~ infDr~ the-o~ as r~( appro~ 1990) hay 8, 1990 inances listed in (a) through (e) above ation on first reading. The additional cea are hereby submitted for Council's~ tion purposes at this tim~, in order to ~all actions~that~will be necessary to i mmended. I recommend'that all of the or at the time of final adoption, (schedu the annual operating budget for the fi July t, 1990. M nic~SF~fOrd' 3840 Flagship Way, Cha~ u Commission, read the followi~ of thl~lunicipal Finance Commission: ~O~ Wednesday, May 2, 1990, the ~unicipal hel~ ~ ~eeting to receive a briefimg from the I and s~aff on the proposed Annual Operating Bud§ yea con cu~ the inning July 1, 1990. During the course discussion was generated pertainin financial status~of our City. At the r of the Municipal Finance Commission, I Council our observations, comments and ach mee mee ben Cit sou in thr mil cur 3) nec Mun cau At eff cit gre It bcd pos ins una Cit Ope rev was pla the fiscal year 1988, the City had over the a fund balance amounting to $14.5 mili of this fund balance: 1) provided capital required to pr69ide the day to obligations,_2~ permitted flexibility time expenditures, 3) contributed to a lng and 4) allowed an economic dividend zen~ in the form of an 8~'real estate t nciLwas able to.address many of the ne ut were previously not affordable. recommended FY 1991 Annual Operating B ~dget b~ act, has very little similarity to the FY 1988 ars ago. The projected fund balance is less ~ and as su~ch: 1) the City is having to temporal banks in order to have the necessary; c~sh~on ~ bills, 2) very little flexibility remaias in t~ igher bond rating may be in jeopardy an~ 4) it to lncrease~the real'eState tax rate 10~las! Commission has; through the years,~.e) regarding the ~eed to ~maintain an adequate fun¢ time, we feel that the City Council needs to a( to preserve and improve the status of ~e fund is importaht f6 understand that-the Ci ~ of Poi e in this fiscal dilemma, The leaders Df our ~ the Commonwealth, and indeed, the Natioa are ~] ilar problems. Federal funding to the 2ity ha~ reduced, a~d Stat~ fundih~has also s~o~ed con~ so important to accept that there is no other.(_ will come to'oar fiscal rescue. We m~st, th~ to take full control over our financ~ that fiscal respohsibility is maintain~=~. ards this end, the Munici'pal Finance Conmissior vote of all members present, acted to recomm~ that the Interim City Manager's re.~ommend~ ~ Budget be approved, but with modifications s( are budgeted to exceed expenditures by $1 mill the consensus of the members of the Co~missio~ ~evetoped with a goal of reaching.a 5% )verall 1 Annual Operating Budget. .I have been a~ Commission members to request a meetin¢ with ~? so as to be able to discuss this matter in mor~ ~nor this direction and request that a ~eeting d prior to Council's final consideration of th~ requir~ your companlon eview, ,~nd only fc pro~ide~you with mplemen~ the budge dinances be led fo~ May 15, scal yelr be~innin man o~he lettel~°n iehalf of the meeting ~ to th~ overall equest~;df the wish to share with advice. previo~s few year ion; T~e the necessary ~a~ cast needed to in budge.ting to n increase in our to' De ~,rovided to ~x decrease. The eds.tha~, were lon~ fore you, budget of han $4.3 ily borrow and to mee e budget, was year. Th )reseed balance. opt active balance. tsmouth is ister estling been iderably. overning refore, s, thereby , by nd to the d Annual that ion. It that a reserve of ked by the e City detail. I be budget.