1985 Adopted Budget - Laserfiche WebLink

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The decree in public works expenditures is due to higher capital outlay expenditures during 1984. Decreases in miscellaneous expenditures are because of reduced legal costs for the Landfill lawsuit. This lawsuit was settled during 1984 with the sale of the landfill to Waste Management. Beginning in 1984, the City Charter requires that the City prepare a Long Term Financial Plan. The first such plan was adopted December 18, 1984. This plan contains five-year revenue and expenditure projections for all public service, and capital improvement programs. The Long Term Financial plan is intended to project the growth of the City, analyze the financial condition, and outline the effects of the operating budget and capital improvement program on the taxpayers. Below is a summary of the reports findings. The City's solvency, or its ability to maintain necessary service levels and pay all obligations in a timely manner, has improved during the last few years, and should continue to improve in the future. Short-term borrowing has never been used to finance current operations, Long-term debt is supported by extremely favorable debt service fund balances. Bonding companies, financial institutions, bond rating firms, and investors are careful in analyzing these fund balances when rating and/or purchasing the bonds issued by a City. In the past, the City has not financed capital improvements through the use of the property tax levy, and will have little or no surplus funds to finance then in the future. The City's present policy of installing only petitioned improvements will reduce the need for City contributions to capital improwments. The imposition of levy limits will play a major role in developing and adopting the annual operating budget. The continuation of the Revenue Sharing Program is not guaranteed. If this program is discontinued the City may have some difficulty financing some capital outlay items. The City's policy of making maximum use of special assessments (100% assessment except for park land) is likely to continue. The City's borrowing capacity for city-wide projects is an untapped resource and is the most likely financing method for projects offering a city-wide benefit.