CCP 11-20-2006 Work Session - Laserfiche WebLink

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Page 4 01'5 funds for future projects, Our primary sources of revenue for those funds are assessments and property taxes. . At this time the projected budget includes $159,316 in transfers to the PIR/Capital Fund ($39,829) and the Public Safety Capital Fund ($1 19,487), Council could elect to lower these transfer amounts for the following purposes: . Establishing a Council Contingency for unanticipated purchascs or projects during 2007 or decreased revenues (unspent contingency at the end of the year would add to the General Fund Balance) . Initial funding for a Capital Equipment Replacement Fund . Covering the cost of a city survey ($10,500) . Contribution to General Fund Balance . Funding for possible implementation of all or portions of the EDC Strategic Plan Implementing any of the above options reduces the amount of the transfer to the two capital funds. There are several options if the Council is interested in lowering thc tax levy: . Decrease the transfer to the PIR/capital Fund . Dccrease the transfer to the Public Safety Capital Fund . Recommend cuts in the proposed budget or capital plan UTILITY FUND DISCUSSION The three utility funds arc being studied as part of the Financial Plan that will be . completed early 2007. Water Fund: The proposed budget anticipates $1,343,900 in revenue and $1,3()4,604 in expenditures. The fund balance would be used to cover thc difference between expenditures and revenuc, This budget is based on the most recent CIP rcviewed by Council. StatTis confidcnt that the capital expenditures for the water improvcments in 2007 will be rcduced so that this budgct will balance, but will not have a final figure until the feasibility report for the 2007 PMP is completed. I anticipate that engineering staff will be able to provide a new cstimate for the water improvements so that the adjustment to balance the budget can be completed prior to adoption of the final budget in December. Sanitary Sewer Fund: The proposed budget anticipates $1,167,250 in revenue and $ I ,312,082 in expenditures. The fund balance will be drawn upon to cover the balance in expenditures above revenue. The primary Hlctor in the increased expenditures is 1&1 investigation and repairs, Storm Water Fund: The proposed budget anticipates S401,500 in revenues and $242,927 in expenditures. Because the 2007 PMP does not include a significant storm watcr project, the additional revenues will be building the fund balance. The fund balance has declined significantly the past few years due to the improvement projects that have been constructed. .