2023-11-08 CC Packet - Laserfiche WebLink

Home Browse Search

for regular property taxes. The dollar value of each yearÓs assessments is also increased by the 3% inflation factor. The main policy consideration for City Council is what to do with the annual transfer from the General Fund to the Street Fund. Staff has revised the estimated transfer in 2024 to reflect the $25,040 savings from the difference in the Police contract going from $160,000 to $134,960 using the new formula adopted by the CLPD Board and ratified by the City Council. This assumes that the City Council will keep the final levy at the same amount as the preliminary levy adopted in September. The big decision is what to do in years 2025-2040. Staff has included two scenarios that show the effect of dropping the transfer back to $200,000 in 2025 or inflating the $225,040 by 3% through 2028. Using the $253,000 per year from 2029 through 2040 balances out the expenditures and leaves us slightly positive at the end. There are still some years with annual deficits in the middle of the projection, but those can be covered by temporary loans from funds with surplus cash available such as the Water and Sewer funds. Another alternative that staff has not explored is the idea of starting a larger transfer beginning in 2029 after the last bonded debt levy has expired. That will free up $183,000 of levy that can be dedicated to new areas. Conclusion Staff would like the council to review the proposed changes to both the equipment and street capital plans. If these modifications are acceptable, staff will bring them back for formal adoption in 2024.