Minutes 06/22/1976 - Laserfiche WebLink

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("'". r, ~") TUESDAY JUNE 22, 1976 /.- Councilman Greene then presented the following statement pointing out the significant features of the adopted 1976-77 Budget: (1) In fiscal '75 Council used the entire year's $378,000.00 Federal Revenue Sharing Funds to pay for operating expenses and to balance the budget. Next year the city will use $289,875.00 Revenue Sharing Funds to pay for operating expenses - $47,820.00 less than this year and $88,125.00 less than fiscal '75. The significance of this is that Council is gradually trying to free Revenue Sharing Funds from the operating budget because we are not assured of getting these funds each year, and to use the funds for non-recurring capital expenditures. (2) The Thoroughfare Street Fund has had no additions since fiscal '73. There is only about $245,000.00 left in the fund, an amount insufficent to pay for Brookdale Road Development. This Council has appropriated $38,488.00 Revenue Sharing Funds to the Thoroughfare Street Fund this year, and next year's budget includes an appropriation of $35,639.00 which should be enough to complete the Brookdale Road project. (3) On June 30, 1977 if expense and revenue projections materialize, it is anticipated that the General Fund will show a small surplus of $2,413.00 a considerable improvement over the June 30, 1974 General Fund Deficit of $465,566.00. (4) Council has spread the use of the $312,000.00 APCO refund money to balance the budget over two years so as to minimize the impact on the city finances when the funds are used up. The plan is to use $160,000.00 of the refund to balance the fiscal '77 budget and the remaining $152,00.00 plus interest to balance the fiscal '78 budget. The following year, fiscal '79, General plus School Debt Service payments will fall by $145,432.00, so the absence of the APCO refund revenue in that year will be almost completely offset by debt service payment reductions. (5) And most important to the citizens, Council has balanced the budget with no tax increases. I think that this budget, in total, is a good one because Council has taken positive steps toward solving city financial problems. But, while I feel the city's finances are moving in the right direction, I would be remiss if I didn't mention my apprehensions for the coming years.