budget committee
DESCRIPTION
Budget Committee. January 29, 2013. Previous Actions Since 2010. Previous Actions Since 2010 (cont.). No COLA’s - Non-represented and Management Police voluntarily gave up contracted COLA and reduced health benefits Deferred Infrastructure Preventive Maintenance Cash reserves reduced - PowerPoint PPT PresentationTRANSCRIPT
BUDGET COMMITTEEJanuary 29, 2013
Previous Actions Since 2010
Previous Actions Since 2010 (cont.)
No COLA’s - Non-represented and Management
Police voluntarily gave up contracted COLA and reduced health benefits
Deferred Infrastructure Preventive Maintenance
Cash reserves reduced Unions agreed to below market contracts Raised utility rates
The Challenge So how much do we need to balance the
budget? Choices:
New revenue Cut services Reduce reserves Defer expenditures (e.g. preventive
maintenance, capital improvements) Combination
Alternatives Considered Option Levy Fee increases Full Faith and Credit refinancing GO Bond refinancing Service reductions Mix of service reductions and new
revenue
Why GO Bond
Net increase to taxpayers of only $.25 Should not hurt City’s credit rating (might
even help) Reduced interest cost Marketable Estimated $250-300,000 savings Generates $400-450,000 new revenue to
solve $700,000 problem thanks to above savings
Source of Refinancing
2010 2011 2012 2013 2014 2015 2016 2017 2018 $-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
2014 GO2003 GO
