08-28-03 Personnel & Finance - Laserfiche WebLink

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Personnel and Finance Committee August 28, 2003 Page 6 Council Member Aranowski noted that a $2.4 million additional appropriation has been projected for this year. Mr. 011ett noted that it may be mitigated somewhat and further noted that the budget is based on the first 26 weeks. 2004 Studebaker Bond 2003 Expenditures $658,760 Redevelopment Commission-Fund # 310 2004 Expenditures $661,375 City Controller 011ett noted that the Studebaker Corridor bond matures in 2006. Dr. Varner noted that once it matures it would drop from the tax rolls. Dr. Varner then inquired about the auto excise revenue of$36,902 and the commercial vehicle excise tax revenue of$3,270. Director of Budgeting&Financial Reporting Tom Skarbek stated that such revenue is permitted by the state to pay off this obligation. 2004 Hall of Fame Bond 2003 Expenditures $1,407,400 Redevelopment Commission-Fund # 313 2004 Expenditures $1,407,400 City Controller 011ett noted that this fund reflects the debt service payment with the Hall of Fame bond maturing in 2014. Dr. Varner inquired about the guidelines when revenue falls short. He noted that this fund also utilizes auto excise revenue of$79,263 and commercial vehicle excise tax revenue of$7.022. Mr. Skarbek stated that he would provide additional information to the Council on the permitted usage of auto excise revenue and commercial vehicle excise tax revenue. Mr. Jim Cierzniak of 1156 East Victoria stated that he thought that the Hall of Fame bond was a 17 year bond. Mr. 011ett stated that the original issue was in 1997 and that it was refinanced in 2000. Council Member Kelly noted that the refinancing resulted in a lower interest rate. Dr. Varner inquired whether the refinancing dropped the payment amount or the payment term or both. Mr. 011ett stated that he would check into the details and report back to the Council on this question. 2004 College Football Hall of Fame 2003 Expenditures $810,991 Fund # 310 2004 Expenditures $825,000 City Controller Rick 011ett stated that the two(2) main sources of revenue are the hotel/motel taxes which are projected to be $474,820 for next year and from the professional sports development fund receipts from the NFF which will be$350,000 for next year. Dr. Varner asked why the amount was not capped in light of the increasing revenues. He noted that to the best of his knowledged the NFF did not ask for more monies. Mr. 011ett stated that there is a five-year agreement in place. Mayor Luecke noted that the agreement set minimums. He also noted that despite the increase in the number of hotel/motel rooms that the income is basically the same in light of lower rates and the