Minutes 05/18/1976 - Laserfiche WebLink

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.., l _Go TUESDAY MAY 18, 1976 through an amortization period of thirty-five years. An alternative to these two proposals, it being further pointed out, would be to lease office space in a privately-owned building located in the City Hall area. In connection with the Manager's proposed 1976-77 City Budget, incorporated hereinafter is a memorandum (dated May 14, 1976) from the Manager to the Council, as follows: BACKGROUND: The attached memo from the Director of Finance is a part of this memo, representing a necessary revision of past procedure, caused by a new State law which requires the School budget to be adopted prior to June first. Hopefully, this summary data and approach will enable Council to meet its legal obligation to the City School Board. Meanwhile, preparation of the detailed budget proposals are proceeding as usual, and as rapidly as possible. ELECTRIC FUND: Settlement of the drawn out litigation with APCO, a critical development, and related curtailment of expenditures, enables this fund to rebuild its surplus from a far too low $64,000.00 to an adequate $489,000.00. And, the infusion of the $312,000.00 refund from APCO in the upcoming year will be vital to the Department and to the City. The proposed budget suggests a conservative estimate of power to be purchased and sold, which, hopefully, will be low due to a resurgence of business expansion and related development. Budgetary allowance is made for providing facilities for several projected subdivisions. A recent tabulation of the value of the Electric system in place totals $7,185,353.00, not counting value of inventory in the warehouse. WATER AND SEWER: New State regulations, to become effective November one of this year, have caused a sharp increase in the Water operating budget.