CC Min 1996-06-22 Budget - Laserfiche WebLink

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I . I . - balance is transferred to the Capital Improvement Projects program. The Gas Tax Construction fund is regulated by Proposition I 1 I which requires the City to demonstrate it is spending a I specific amount of General Fund money on street and road projects every year. The Capital -- Projects fund is funded primarily by the Utilities Users fund, plus some General Fund money. The capital Improvement Fund program in 1996/97 will begin with a $194,382 balance due to money saved on a few projects and will be carried forward. Director Ponty described the enterprise funds which include parking, water and sewer, which are established to operate on a commercial basis where user fees cover all operating and capital expenses. Director Ponty advised that Kaiser Hospital was building its own garage and will no longer lease space in the City's parking garage on Marshall, leaving a projected deficit of approximately $40,000 in 1997/98. He advised if a projected deficit continues staff would come back to the Council with recommendations regarding balancing that account. Director Ponty said the projected water and sewer funds reflect the Council's decisions. Director Ponty described some of the 1996/97 General Fund Highlights in the proposed budget: . Sales tax up 3.5% . Property tax revenue up 3.5% . Building permit revenue up 87% or $820,000 (Redwood Shores) . Transient Occupancy Tax up 5% or $62,000 (hotel tax) . Interest income will decline by $366,000 -- . New revenue - vehicle release fees of $30,000 . An additional police officer . First fulI year of operation of the Red Morton Community Center . Fair Oaks library will be open on Saturdays . New Library position for the School district . Shannon Way Park wilI open July 1996 In the 1997/98 General fund Highlights in the proposed budget: . Sales tax up 4.4% (possibility of two new dealerships) . Property tax revenue up 4.0% . Building permit revenue down 13% or $236,000 . Other development revenues down $140,000 . Interest income will decline by $435,000 (final hit) . An additional police officer . Shores Fire Station opens January, 1998 . Shores community Center opens in January, 1998 . City Hall opens in July 1997 . Marlin Park opens L -----------------------------------------------------------------------------------------_.---------------------------------------------------- SPECIAL COUNCIL BUDGET STUDY SESSION JUNE 22, 1996 MINUTES PAGE 3 MINUTE BOOK NO. S4 Page No. 308