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061 <br />March 31.2014 <br />We plan to increase ongoing revenue for debt service by $287,000 in Fiscal .Year <br />2014- 2015, then by an additional $500,000 each year between Fiscal Year 2015- <br />2016 and Fiscal Year 2019-2020. The sinking fund monies will cover the difference <br />between what is budgeted and our actual debt service costs. If the City does not <br />issue any new bonds, our debt service costs will drop by $4 million in Fiscal Year <br />2021-22. In total, we will need to use and reserve almost $13 million of fund balance <br />with the Fiscal Year 2014- 2015 Budget. <br />Conclusion <br />I recommend that you give this proposed operating budget and proposed CIP your <br />favorable consideration by adopting the same. Despite our sluggish national <br />economy and ~s impact on our community, this budget supports Council's 2030 <br />Vision Statement, and it undertakes multiple bold initiatives that will have a lasting <br />benefit on our City's quality of life and fiscal soundness. It does all of this without <br />increasing our real estate tax rate, personal property tax rate, stormwater rate or <br />utility fees. <br />I also want to recognize the high degree of professionalism, commitment, and effort <br />of City employees to our community; without which, we could not continue to meet <br />our overall goals and objectives. They are the best. <br />Again, I recommend that you adopt this budget as presented. <br />Meeting adjourned at 6:42 p.m. <br />Minutes prepared by: <br />Anit Y. Sherrod <br />Chief Deputy City Clerk <br />APPROVED - <br />~. <br />Kenneth I. Wright <br />Mayor <br />~~ <br />Debra Y. White C C/AAE <br />City Clerk <br />Councilman Curtis E. Edmonds, Sr., was absent. <br />