8.0. SR 11-25-1996 - Laserfiche WebLink

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Budget Worksession Memo November 25, 1996 Page 4 and 1995... The ice arena budget is taken directly from the information that was provided to the banks when the bonds for this project were sold. This information that was provided to the banks was based on the Marquette financial feasibility study that was adjusted and accepted by the City Council. It is estimated that there will be sufficient revenues to meet the operating expenses and to make the bond payment. The vast majority of the operating revenue comes from ice rental, admissions to events, sign rentals (advertisement), concessions, and vending machines. The expenses are mainly for employees, utilities, insurance, and building maintenance and repair items. Unfortunately when we begin preparation of the 1998 budget next summer, we will still have limited information on actual revenues and expenditures as we will have only been the owner of the facility for six months or so. A true financial picture won't be put together until the 1999 budget when we will have actual expenses for one complete year to review and evaluate... The total expenses estimated to come out of the equipment reserve are shown on the capital outlay page. As noted in the discussion on balancing the general fund budget, a couple of adjustments are being recommended whereby some general fund expenditures are being shifted to the equipment reserve category. Please note that the police digital computers, the two sirens, the dump box (and truck accessories), and the reserve for the fire department pumper are all being financed with the balance of the utilities contribution that is not going into the general fund. The remaining equipment reserve expenditures will come from either designated or undesignated reserves. The actual expenditures will require further Council approval in 1997. Once approved by the City Council, this equipment reserve information will be put into the appropriate budget format. The equipment certificate, special assessment, library, and surface water management/development fund budgets do have an impact on the tax levy. A maximum amount for these operations were included in the proposed maximum levy resolution that the City Council approved on 9/9/96. All of these budgets were discussed and reviewed at either the 8/26 or 9/9 budget worksessions. These budgets are again attached for your review...The equipment certificate program is also shown on the capital outlay page. The amount proposed is similar to past years and includes mainly police expenditures plus one street department expense. This is similar to the proposal from 1996 when $76,000 worth of police expenses and $31,950 worth of street/park equipment was approved. Once the City Council approves the 1997 program, this information will be put into the appropriate budget format...The city special assessment payments for 1997 are down slightly from the 1996 level. The expenses are for the same projects and nothing new was added to the list for 1997...The library budget is proposed to increase by $4,350. Most of this increase is in the capital outlay budget. This 1997