08-10-88 Personnel & Finance - Laserfiche WebLink

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Otnmmfttrt Evart PERSONNEL AND FINANCE COMMITTEE au the Comm Comuil of tip Q Utg of ism end: The August 10, 1988 meeting of the Personnel and Finance Committee was called to order by its Chairman Councilman Ann Puzzello at 2:40 p.m. in the Council informal meeting room. Persons in attendance included Councilmen: Luecke, Niezgodski, Puzzello, Slavinskas, Zakrzewski, Coleman, and Voorde; Katherine Humphreys, John Leisenring, Ron Marciniak, Don Pinckert, Steve White, Ted Latkowski, Brad Lewis, an Intern in the Controller's Office, Jim Wensitz, Members of the News Media, Kathleen Cekanski-Farrand, and individuals specifically noted under each department. Councilman Puzzello began the meeting by .introducing members of the Personnel and Finance Committee namely: Councilmen Coleman, Slavimskas, Luecke, Voorde, and herself as Chairman. She noted that the purpose of- today's meeting as well as the meetings scheduled this week and next week were to review the Civil City preliminary budget for 1989. Katherine Humphreys, the City Controller, then gave a presentation. She reviewed the handout "Everything and Anything You've Ever Needed To Know About Advertised Tax Rates and Levies". She used a series of overhead materials throughout her presentation (copies attached) . She noted that the maximum levy allowed under the State controlled system was $26,783,800.00. She also indicated that the levy and tax rate must be advertised prior to August 5, 1988 by State law. The assessed valuation, however, would not be known until October or November and the final tax rate would then be set. She then highlighted the following information: 6.287 Current Tax Rate 9. 1945 Advertised Tax Rate 6.90 Anticipated Tax Rate for 1989 based on current assessed valuation. In a response to Councilman Luecke, it was noted that the tax rate was advertised high so that the maximum levy could be captured if the assessed valuation decreased. As of June, the actual assessed valuation as advised by the Auditors Office was $434 million dollars, and that they were advised to take 90% of that amount. It was further noted that the last reassessment was done in 1979. It was also noted that State law permits a maximum debt funding at 2%. Mr. John Leisenring, Chief Deputy Controller, then reviewed the "Twelve Line Statement" (copy attached) .