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December 11, 2018 Page 5 of 10
<br />Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to adopt a Resolution
<br />adopting the Final 2019 Budgets for a total of $32,067,660 and 2019-2028 Capital Improvement Plan
<br />in the amount of $73,505,232.
<br />City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council.
<br />Finance Director Davitt explained the City's General Operating Fund Budget for 2019 is $16,883,2I0,
<br />which represents an additional investment of $997,404 from the adopted 2018 budget. The City's
<br />special revenue fund includes the golf course. The enterprise fiends include Water, Sewer, Stormwater,
<br />and Street Lighting. The internal service funds include Risk Management, Information Technology,
<br />Fleet Replacement, Non -Fleet Replacement, and Pavement Management. The total for the City's
<br />special revenue, enterprise and internal service funds' 2019 budgets is $15,184,450. The total for the
<br />2019-2028 CIP is $73,505,232. Staff provided further comment on the 2019 budget and recommended
<br />approval.
<br />5 Ayes, 0 Nays -Motion Carried
<br />3. Consider Resolution
<br />3. Consider Resolution Adopting the Final 2019 Tax Lev for Lake Diane and Adopting the Final
<br />Levy 2019 Tax Levy for
<br />Bicentennial Pond Storm Sewer Taxing Districts. Lake Diane and
<br />Bicentennial Pond
<br />Motion by Councilmember Allen, seconded by Councilmember Jacobsen to adopt a Resolution Storm Sewer Taxing
<br />Dislr;ets.
<br />approving the nal Tax Levies for taxes payable in 2019 tier the bake Diane and Bicentennial Pond
<br />Final
<br />Storm Sewer Improvement Taxing Districts, for $.3,750 and $2,100, respectively.
<br />City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council.
<br />Finance Director Davitt stated the Public Works Director recommends that $3,750 for Lake Diane and
<br />$2,100 for Bicentennial Pond be adopted as the final 2019 storm sewer improvement taxing district tax levies.
<br />5 Ayes, 0 hays -Motion Carried
<br />4. C' xAckr Resolution
<br />4. Consider Resolution EstablishingUtile Rates and Charges for 2019. and urr 20ity Rates
<br />� g Charges for 2019.
<br />Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to adopt a Resolution
<br />Establishing the 2019 Utility Rates and Charges.
<br />City Manager Lotter indicated Finance Director Davitt and Community Assets and Development Director
<br />Schlichting would be presenting this item to the Council.
<br />Finance Director Davitt explained the financial model has been updated with the recommended 2019
<br />budgets for the Water, Sewer, Stormwater, and Street Light Funds, as well as the projected results for
<br />2018. Some of the more significant assumptions include:
<br />• Attempts have been made to finance future capital improvement projects with internal loans,
<br />which help to keep utility rates low. Internal loans from the Community Reinvestment and
<br />Municipal Development Funds are needed in the following funds:
<br />Water - $2,500,000 in 2019, $500,000 in 2021, and $700,000 in 2024
<br />Storm - $700,000 in 2019, $700,000 in 2023
<br />Street Lights - $500,000 in 2020
<br />• The intent of the long-term financial plan for each utility operation is to finish each fiscal year
<br />with positive cash balances.
<br />• Operating costs have been projected to increase by 3% annually.
<br />• The annual cash flows for Water Improvements, Sewer Improvements, Stormwater, and Street
<br />Light Improvements have been projected in order to determine adequate cash is available to finance
<br />each oftheir specific improvement projects when needed.
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