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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.
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<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 $16,883,210,
<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 funds 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 t he
<br />2019-2028 CIP is $73,505,232. Staff provided further comment on the 2019 budget and recommended
<br />approval.
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<br />5 Ayes, 0 Nays-Motion Carried
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<br />3. Consider Resolution Adopting the Final 2019 Tax Levy for Lake Diane and
<br />Bicentennial Pond Storm Sewer Taxing Districts.
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<br />Motion by Councilmember Allen, seconded by Councilmember Jacobsen to adopt a Resolution
<br />approving the Final Tax Levies for taxes payable in 2019 for the Lake Diane and Bicentennial Pond
<br />Storm Sewer Improvement Taxing Districts for $3,750 and $2,100, respectively.
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<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.
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<br />5 Ayes, 0 Nays-Motion Carried
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<br />4. Consider Resolution Establishing Utility Rates and Charges for 2019.
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<br />Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to adopt a Resolution
<br />Establishing the 2019 Utility Rates and Charges.
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<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:
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<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 of their specific improvement projects when needed.
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<br />3. Consider Resolution
<br />Adopting the Final
<br />2019 Tax Levy for
<br />Lake Diane and
<br />Bicentennial Pond
<br />Storm Sewer Taxing
<br />Districts.
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<br />4. Consider Resolution
<br />Establishing Utility Rates
<br />and Charges for 2019.
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