Minutes 04/20/1989 - Laserfiche WebLink

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THURSDAY, APRIL 20' 1989 resolve questions involving ways and means of balancing tentatively-approved appropriations/expenditures for 1989-90 with estimated revenues, especially in the General Fund. To this end, Councilman McClain offered, first, a plan entitled, "Sewerage' Facilities Financing Plan" which, by the usage of certain resources and the re-allocation and/or rearrangement of interfund transfers, the costs of such facilities listed in Mr. McClain's plan can be financed without increasing sewer service rates in 1989-90 and without having to issue'bonds (i.e., borrow money), plus some improvement in'projected fund surplus balances. Council, upon motion, duly seconded and unanimously carried, directed that, as would be required by Mr. McClain's plan, the projected Water Fund surplus of $719,232.00 at June 30, 1990, be reduced by $250,000.00. Councilman McClain then introduced a plan by which, if adopted, Council can balance the General Fund budget for 1989-90. Excluding the Manager's recommended or proposed new or increased General Fund taxes and fees, this plan began with a shortfall of $1,090,543 (requested appropriations in the total sum of $22,485,740 less estimated 1989-90 revenue). Applying the recently- authorized increase (by $150,000) in the Electric Fund's contribution/transfer to the General Fund but including a General Fund surplus Usage of $744,104.00, Mr. McClain pointed out, will reduce this projected shortfall to $940,543; and from this amount is to be deducted the net reductions to outside agencies (addition of $20,000 for the "PATT" program; an addition of $12,200 to the New Readers Program authorized during this meeting; and reductions so far of $48,861) of $16,261.00, reducing the shortfall to $924,282. Next, Mr. McClain offered for consideration the deferring of one-half of the seventh year of the'