06/16/2004 - Laserfiche WebLink

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Committee members at their meeting of May 24, 2004 and again by the City Council and the Committee at a joint study session on June 2, 2004. • The highlight of this year's budget is the construction of the new Town Hall facility. The new Town Hall is budgeted at $3.36 million and will be funded out of reserves that have been accumulated and set-aside for this purpose. Next month, Council will consider alternative financing options for the project, including issuing certificates of participation. Joiner noted that the Town is still challenged by the State's on-going budget crisis. With the proposed budget, the General Fund Balance would be reduced by $3.13 million to $3.57 million. The new Town Hall accounts for most of the decline, however, budgeted revenues are $64,000 less than 2004 due in large part to the $96,000 cut in state funding. She explained that staff would be reporting to Council on proposed revenue enhancement programs including the review of property tax collections, traffic impact fees and a 911 emergency response fee. Joiner reviewed the Capital Improvement Project Budget schedule with Council. She explained that the list details various projects and sources of funding. In addition to the new Town Hall, the General Fund will subsidize $200,000 for storm drains, $325,000 for streets, and $34,000 for the Town's share of the new animal control facility. Transfers from the General Fund for Pathway and parks projects will be offset by grants. Joiner alerted the Council to two potential problem areas that are not included in the CIP budget: the potential for landslides at Page Mill and Natoma Road. Staff is monitoring • and attempting to stabilize these areas. A failure at either location would cost approximately$1.5 million to repair. Joiner explained that during the budget preparation process there were items requested but not funded, including: additional budget for major repairs and capital improvement projects at Westwind Barn; the repaving of the Little League field parking lot-to be funded by State Park Bonds; the renovation of the upper playing field at Bullis School; pilot project for undergrounding of utilities; and additional pathway capital improvement projects. Joiner noted that if these or any other items were added to the budget, they would need to be funded out of reserves or take funding away from another project included in the budget. These requests could be revisited at the mid-year budget adjustment review. In concluding her presentation, Joiner reported that the recent decline in the Town's reserves is due in large part to the completion of previously delayed Capitol Improvement Projects and an overview of the Town finances, as reflected in the proposed budget, shows that projected reserves should stabilize by 2007 and the gap between revenues and expenditures should close. Joiner added that this projection is based on a Capitol Improvement Project spending capped at$1.5 million for 2006 and 2007. OPENED PUBLIC HEARING Chris Vargas, Pathways Committee Chair, explained that he had been so involved with • the pathways map update process that he did not have an opportunity to meet with 10 City Council Special Meeting Minutes June 16,2004