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35 <br /> <br />debt issues are bank qualified ($10 million annual limit); take bids on debt issues; general <br />obligation debt/governmental purpose use of funds for tax-exempt status; spend proceeds <br />within two years in order to keep interest income earned and avoid arbitrage <br />reporting/rebates; and aim to avoid rratjor spikes in debt service by planned, spaced debt <br />issues. <br /> <br /> Ms. Linda Peacock, Assistant City Manager, presented an economic model <br />projecting new development and new revenues and a ten year financial projection. <br /> <br /> Mr. Lynch expressed concern about increasing bonds above $5 million every two <br />years. <br /> <br />Capital Budget Discussion <br /> <br /> Mr. Caravati said Council needs to try to come to a consensus about capital <br />expenditures. <br /> <br /> Mr. O'ConnelI cautioned Council that revenues must be increased or the operating <br />budget must be reduced if capital improvement projects are increased. Mr. O'Connell <br />noted, for example, that there is no existing money for the court project other than <br />$500,000 for the study over the next five years. <br /> <br /> Mr. Lynch said he is reluctant to put more money into the courts fund until a <br />decision is made about what to do with the courts. <br /> <br /> Mr. Toscano said that if money is not put into the courts fund then it w~l be more <br />difficUlt to put money into it later and have to cut something else out. <br /> <br /> Mr. Cox said he feels it would be wise to acknowledge the upcoming court expense <br />and put more money into the fund. <br /> <br />It was tentatively agreed to increase court funding. <br /> <br /> Mr. Toscano raised the question of taking funds out of the historic preservation <br />account since only $6,000 was used. <br /> It was the sense of Council to remove $125,000 from the historic preservation fund <br />over the next five years. <br /> <br /> Regarding traffic calming, which has a balance of $584,000, tvlr. O'Connell said <br />that the cost of the 13 projects needs to be determined so a decision can be made about <br />what can be taken out of that fund. <br /> <br /> Mr. O'Connell said that there is a balance of $338,004 in the greenways fund, and <br />$250,000 is programmed over the next five years. <br /> <br /> Mr. Toscano suggested that some of this money be taken and funding be reduced to <br />$10,000 a year. <br /> <br /> Mr. Lynch said that nothing has been done in a long time with the greenways and <br />maintaining open space was a priority in the citizen survey. Mr. Lynch said he would <br />favor putting $100,000 a year into greenways or open space. <br /> <br /> Mr. Cox said he is concerned that there is no policy to use this fund, and while he <br />agrees that it is a priority, noted that the fund akeady has $338,004. <br /> <br /> Mr. Toscano said that Mclntire Park will need money and these funds could be <br />plowed into that fund. <br /> <br /> Ms, Richards said there is no way to project the cost for greenways, but we do <br />know that the cost for Mclntire Park will be considerable. <br /> <br /> It was agreed that the programming for greenways be reduced to $10,000 a year and <br />the additional currently programmed go into the Mclntire Park fund. <br /> <br /> <br />