Minutes 04/29/1985 - Laserfiche WebLink

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88 MONDAY APRIL 29, 1985 $188,206.00, being the same amount as included in the City Manager's recommended 1985-86 budget. A motion by Councilman Williams--to accept the recommended 1985-86 City Budget, as here- inbefore amended, subject to the required public hearing and final action--failed for lack of a second. Councilman Groden then introduced a motion that the recommended 1985-86 City Budget, as hereinbefore amended, be further amended--and then accepted, subject to some possible minor modifications and subject to the required public hearing and Council's adoption-- to provide that, instead of the sum of $1,750,000.00 proposed to be transferred from the Electric Fund to the General Fund in 1985-86, only the estimated 1985-86 Electric Fund "profit" (of $686,603.00) be so transferred, by which motion, if seconded and adopted, there would not be a continuation of the practice instituted in 1984-85 of "bleeding" Electric Fund surplus to the advantage of the General Fund, with Mr. Groden insisting that the General Fund should, in effect, operate without Electric Fund profits. Sub- sequently, Mr. Groden amended his motion to provide that, instead of the $1,750,000.00 proposed to be transferred, the sum of $1,250,000.00 be transferred. Vice-Mayor Severt seconded this amended motion. Councilman Oakes then introduced a motion that the pro- posed 1985-86 budget be tentatively approved, as hereinbefore amended and including Councilman Groden's amended transfer proposal, subject to providing for a transfer of $250,000.00 from the Electric Fund toward payment of Water Fund debt service. Council- man Oakes' motion failed for lack of a second. Meanwhile, in a discussion of Councilman Groden's motion, in which Councilman Groden asserted his conviction that Electric Fund profits should be returned to the citizens (i.e., users, perhaps in the form of reduced electric rates) or reserved for Electric Fund capital improvements, Mayor Cole took the position that citizens already are receiving advantages therefrom in the form of reduc- tions in real estate tax rates (than otherwise would be possible) and/or in new