09-08-2008 CCM - Laserfiche WebLink

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pity Cod. ~,~n.uts ept~r~~er 8, ?a0$ 5. ~. axial .~ ort ~ag~ 3 ~. Oman pxoded bacl~aund znfarrnation regardin Coverr~ent ~cc Standards ~3oard ~~~ statem,en aun~n ~ } t o. ~5 and the xesu~t~n act~ar'ial s tlad ~ V"an~~~raa~den. ~~ stated the results of ~e snarl ~. ~~ inc~ud ,~ Y Y Y ed ~e M~D~ ~at~~al statements. ~~r. i.mon e~p~aed that die ac~axial accrued abi~ is ~~ 7~$ and auditors have indicated e relim.ir~ ~' ~ r ~e city's ~ air amounts are ~mrnatexial and xnay only re~~e Hate disclosure. ~f zt becomes rnater~ai after e 1J~ funds axe added der ' evexance ~a~ Fund balance to sho4v the a ~ ~ enough ~ the qty is ~~~ percent funded. ~Ix, man stated that this nu~ber if ~rery important to xat~ng agef~aies, and that the nu ty tuber ~~ ver~r ~o~v can~par~son to other cities, ~~ayor ~~n.~in allied if the auaci~ should take action tam. ht to male ' the funds. ~v~r. won stated i ~e designation of t could be appxap,riate to wait and see if e amount is ~xnn~ate~al or material, ,~. ~esa~udan ~uthori~in the Pxa osed Pro erg ~"a~: eve fax Coil ~ ~c~~n xn .~UQ ~~s. ~ohr~san provided background xegard~ng the net taws ca aci , Sherburne noun ,She ~ ~ } ~nfaxatian fr~xn ty noted that the ~ ~ncxease far tapes parable ?DQ ~~ most ~l~el be no h~hex khan three percent, ~vh~ch at the ?QQ$ ta:~ rate of ~?.~9~ l ~ Y Fund budget shortfall afa1~ BQ. ~e eaves a .~~0 enexal v~r~. to the le~-y ~t far ?04~ ~vauld in.cxease the ta+~ rate to ,Q7~ a.~ad reduce the budget shortfall to ~~,~~~, ~sF ohnon xevie~ved ' tai ~nfornaadon xe ax ` ~ ~ h~sto~cal ~ ding T"C, levy, ar~d tai rates from ~~0~ ^ ~OaB and rp osed ~~0. PP ~s, Johnson explained the ?D$ "~~ error by the Caen a.nd zts irn ac '~ She stated that this •ear tl~e tau ~ ton the .~D~~ ~ev~r. ~' my Mans to levy far the 7~~~~ the aunt. loaned to a off tlae ~,F d~strxct to cozxect the error. the stared the s ecial le 'station ~v ~ ~ ?D0~ rc~ aila~v tilern to leti ~~ ~ as apprav~ed ~ ~ far ~e Funds. ~s. Johnson explained that the ci r ~n,a - a eat and asl~ that ~e Zev~y be spread over sev~era~ -ears ar tlxa ~ ~' pP y t the lei be collected at the end afthe district by e~ten~ing the team of the district, She Hated that the e ar been ~ zn they vsitir~n of ~`~ ~ dent ofevenue has P ezro~s ~tl~.n a ane~yeax ~xne frame to reduce the possibility of addi~onal e.rrox~s. the cancu~rred that ~t is cliffict~it ad~s~ ` correction aver rnult~ ~e ears bur at~ve~y to rnal~e a ~ ~ ~ that means ore of ~a things; the eit's rate is o~ to 0 Grp ar an adc~.~,or~al $~,?~~ needs to be cut fraxn the bud et if the ~ ~ the tai, rate to exceed :~~,~~,. ~ Caunc~l does not avant the referenced a ~€st of possible adjustments tQ tl~e ?ODD budget and discussed other options to help with e shortfall inclu ' " the ?Q07 fund balance xe ~ ding us~g a portion of sez~~e or ~enexa.l fund balance. ouncilznernber ~axber stated he felt ,e aunc~, cannot cut an • mare ~~-ithaut cut~n osition and he ~v ~ dam ~e budget g P as Hat rn favor of that option, ~~e suggested usin xee~~es to corer die shaxtfa. g ~ayar I~~ing ached what the amount of tai revenue tivould be if the l ~Q~G rate a~'=~-~,9?~°f~. ~s. oh.nson stated what } • e` ~~ere set at the ~ the add~r~onal revenue enerated at the ?0~6 and ?U07 tai. zates ~~'au~d be. She e~ la~ned that after a g p `strat~ve adjustments and coxrectio~xs e o.~gin budget sho,~tfall of 5~9z~a is dawn to ~-8Q ~Q~. additional revenue enerated by incre x Subtxact~ng the ~ f as~ng the ta:~ rate to ~-~.~?~, the shortfall. would be apprc~~~i~mate~~t 1~D,0~a. ~ncreain the ray, rate ta =~3.a~°~o ~vo~ld result ~ shortfall. T~iscusslan continued abautthe - a -~~Of~a~ ta:~ rates and reult~ig budget shortfall,