HomeMy WebLinkAboutMinutes - 12/16/1992 - Finance and Personnel Committee�.1
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MINUTES OF FINANCE COMMITTEE MEETING
DECEMBER 16, 1992 7:30 P.M.
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Members Present: Chairman Lieder, Alderman Adams, Alderman Bolger.
Others Present: City Administrator Peterson.
Chairman Lieder called the meeting to order at 7:30 P.M. , and
stated the purpose of the meeting was to give direction to the
Administrator regarding development of the 1993-94 City Budget. The
Chairman indicated this process would be a change from past practice
by setting general parameters for revenue and expenditure levels and
year end fund balances prior to the development of the detailed
budget by department heads.
Administrator Peterson presented a financial swnmary to date of
the 1992-93 budget, and stated he is still concerned about the
General and Recreation Funds. The Water and Sewer Funds have been
put in sound financial condition as a result of the rate increases
which became effective November 1, 1992. Discussion about General
�"' Fund finances centered around the 3 primary sources of revenues,
including income from the; sales tax, income tax, and property tax.
In pro�ecting year-end revenue and expenditure levels,
Administrator Peterson indicated General Fund revenues would be
slightly above budgeted levels, and expenditures would be 1-2% below
budgeted levels, primarily due to savings from employee attrition.
He indicated the General Fund balance would most likely be off-set
by any shortfall in the budgeted selling price for the former City
Hall property. The anticipated result of all this would be a
General Fund balance near the $242,000 budgeted for April 30, 1993.
Peterson indicated average monthly expenditures in the General Fund
are $383,000, and recommended a 2-month surplus be maintained.
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Finance Committee Meeting
Page 2
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Committee members discussed the possible sale of 1111 N. Green
Street. Chairman Lieder and Alderman Bolger felt the property
should be sold for the best price possible, as quickly as possible.
Alderman Adams indicated he would not be in favor of a sale price
less than a fair return to the City.
The Committee directed Administrator Peterson to develop
General Fund budget figures to include the following: a 5% increase
in sales ta;; receipts, property tax revenues reflecting the 1992
levy, income tax receipts that anticipate a 3% increase, income tax
receipts th.�t anticipate additional population from a special
census, income tax surcharge receipts at current levels through
October, 1993, and at a 50% reduced level for the remainder of the
next fiscal year.
On the expenditure side of the General Fund, the Committee
directed the Administrator to include step increases for employees
`'' and a 4% increase in the wage scale. The General Fund would be
reviewed at the next Finance Committee meeting before detailed
budgeting woulfl continue.
The meeting ad�ourned at: 8:40 P.M.
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Gary L der, Chairman
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