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, <br /> City Controller M. Catherine Fanello made the presentation. She noted that the city has lost <br /> $30,000 in cigarette taxes. There is enough to cover the projected deficit. <br /> Tom Skarbek provided a one-page handout entitled "Schedule of Outstanding Debt" (copy <br /> attached). <br /> ECONOMIC DEVELOPMENT INCOME TAX FUND (FUND#408) <br /> Revenue $3,661,794 $47,642 1.3% increase <br /> Expenditures_$3,322,893 <br /> Revenue over $ 338,901 <br /> City Controller M. Catherine Fanello made the presentation. She noted that revenues are <br /> projected to be up approximately 1% for next year This fund has a fifteen percent (15%) <br /> reserve. <br /> Council Member Kirsits inquired about the common area fees. These fees from Memorial <br /> Health Systems are in lieu of property taxes and are projected to be $138,000 in 2006, up <br /> $13,000. <br /> Council Member Kuspa inquired about Fire Station #10. It was noted that it is subject to a <br /> lease/purchase agreement. <br /> Council President Pfeifer requested more background information on the hotel/motel tax, <br /> especially in light of Dennis Andres comments that his operations do not receive such funding. <br /> Dr. Varner noted that hotel/motel taxes help pay for the Century Center's operational expenses. <br /> COUNTY OPTION INCOME TAX FUND (FUND# 404) <br /> Revenue $5,665,120 $54,902 1.0% <br /> Expenditures $3,095,081 <br /> Revenue over $2,570,039 <br /> City Controller M. Catherine Fanello made the presentation. She stated that a transfer of <br /> $280,000 to MVH is involved. This fund has a twenty percent(20%)reserve or$1,133,024. <br /> In response to a question from Dr. Varner,Ms. Fannello stated noted that in 2004, in light of the <br /> homestead credit the state takes revenue from the top resulting in a reduction to the <br /> homeowner's bill [2004 revenue=$7,001,198 and 2005 revenue= $5,490,218]. <br /> Council President Pfeifer inquired whether the roof at the King Center is no longer leaking and <br /> requested an email update. <br /> REDEVELOPMENT COMMISSION- STUDEBAKER BOND (FUND#310) <br /> Revenue $ 620,732 ($86,057) -12.2% <br /> Expenditures $ 330,660 <br /> Revenue over $ 290,072 <br /> August 18,2005 Personnel and Finance Committee Meeing Minutes _page 2- <br />