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06/16/2004
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06/16/2004
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Minutes
Date
2004-06-16
Description
Special Meeting Minutes
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Committee members at their meeting of May 24, 2004 and again by the City Council and <br /> the Committee at a joint study session on June 2, 2004. <br /> • The highlight of this year's budget is the construction of the new Town Hall facility. The <br /> new Town Hall is budgeted at $3.36 million and will be funded out of reserves that have <br /> been accumulated and set-aside for this purpose. Next month, Council will consider <br /> alternative financing options for the project, including issuing certificates of participation. <br /> Joiner noted that the Town is still challenged by the State's on-going budget crisis. With <br /> the proposed budget, the General Fund Balance would be reduced by $3.13 million to <br /> $3.57 million. The new Town Hall accounts for most of the decline, however, budgeted <br /> revenues are $64,000 less than 2004 due in large part to the $96,000 cut in state funding. <br /> She explained that staff would be reporting to Council on proposed revenue enhancement <br /> programs including the review of property tax collections, traffic impact fees and a 911 <br /> emergency response fee. <br /> Joiner reviewed the Capital Improvement Project Budget schedule with Council. She <br /> explained that the list details various projects and sources of funding. In addition to the <br /> new Town Hall, the General Fund will subsidize $200,000 for storm drains, $325,000 for <br /> streets, and $34,000 for the Town's share of the new animal control facility. Transfers <br /> from the General Fund for Pathway and parks projects will be offset by grants. <br /> Joiner alerted the Council to two potential problem areas that are not included in the CIP <br /> budget: the potential for landslides at Page Mill and Natoma Road. Staff is monitoring <br /> • and attempting to stabilize these areas. A failure at either location would cost <br /> approximately$1.5 million to repair. <br /> Joiner explained that during the budget preparation process there were items requested <br /> but not funded, including: additional budget for major repairs and capital improvement <br /> projects at Westwind Barn; the repaving of the Little League field parking lot-to be <br /> funded by State Park Bonds; the renovation of the upper playing field at Bullis School; <br /> pilot project for undergrounding of utilities; and additional pathway capital improvement <br /> projects. Joiner noted that if these or any other items were added to the budget, they <br /> would need to be funded out of reserves or take funding away from another project <br /> included in the budget. These requests could be revisited at the mid-year budget <br /> adjustment review. <br /> In concluding her presentation, Joiner reported that the recent decline in the Town's <br /> reserves is due in large part to the completion of previously delayed Capitol Improvement <br /> Projects and an overview of the Town finances, as reflected in the proposed budget, <br /> shows that projected reserves should stabilize by 2007 and the gap between revenues and <br /> expenditures should close. Joiner added that this projection is based on a Capitol <br /> Improvement Project spending capped at$1.5 million for 2006 and 2007. <br /> OPENED PUBLIC HEARING <br /> Chris Vargas, Pathways Committee Chair, explained that he had been so involved with <br /> • the pathways map update process that he did not have an opportunity to meet with <br /> 10 City Council Special Meeting Minutes <br /> June 16,2004 <br />
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