CCP 09-14-1987 - Laserfiche WebLink

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- . It was moved by McNiesh, seconded by Steele, that. Committee recommend to . Council that insurance requirements be raised to $300,000 aggregate, $100,000 property damage, subject to Mr. Rite's review. Motion carried unanimously, Preview of 1988 BudRet Charlotte McNiesh, employed as a Consultant in preparation of the 1988 budget, reviewed the transmittal letter with the committee. She noted that the State levy limit allows for about 7% over previous year's levy, and also removes most of the things that could previously be "outside the levy limit". I, 1:1!j 3.53 The total dollars that Arden Hills can levy in 1988 is $1.122,275, $77,170 more than last year's levy. Budget requests total $1,204,410, so at least ~7?(OS1 in cuts will need to be made. The proposed budget includes a levy for paying $100,000 of the remaining costs of Hamline Avenue; does not include any funds to institute the Pavement Management Plan ($60,000 recommended) or the 509 Surface Water Management Plan (mandatory) at $25,000 to $35,000. Expenditures in the 1988 budget are 5-1/2% below 1987 estimated expenditures, primarily because funds were budgeted for the Fourth Fire Station and not expended. It is recommended that in 1987 about $116,000 be transferred to the Municipal Land and Buildings Fund. The 1987-88 Fire Contract has not been settled; this amount is uncertain. Interest income for 1988 is budgeted at 6%. The General Fund accounts for 64% of Arden Hills' income; balance comes from . interest income, and miscellaneous fees. The Water Utility is budgeted to re-pay the PIR fund $70,000 per year for water tower costs. The Finance Committee's original financing plan for the water tower anticipated having to levy $35,000 per year to repay the PIR; this will not be necessary since costs are lower than anticipated; income standby charges should be sufficient to cover paying for water tower. Water Utility should have a cash balance of $164,000 on 1/1/88 and $164,000 on 12/31/88. The PIR fund is expected to go to $1,169,000 by the beginning of 1988, and $1,865,000 by the end of 1988. The additional levy allowed by the State will result in a 1% mill rate increase for Arden Hills. Future MeetinR Schedule Completed copies of the proposed 1988 budget were delivered to the Finance Committee on Tuesday, September 1. The Finance Committee will meet Thursday, September 10, 1987, 7:30 p.m. for a complete review of the budget. They will tentatively meet the next Thursday. 7:00 p.m. with Department Heads and Council for final review of the budget. Chair Erickson asked if this second meeting could be moved to Wednesday, September 16, since he has a conflict on the 17th. This can be decided at the meeting of the 10th. Adiournment The meeting was adjourned at 10:15 p.m. .