08-23-00 Personnel & Finance - Laserfiche WebLink

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Personnel and Finance Committee August 23,2000 Page 5 Ms. Roemer stated that the tax rate will remain the same as it is current namely$0.15 per $ 1000 NAV. . The auto excise tax amount reflects 98 % of the State Tax Board's estimate for 2000;and the financial institutions tax reflects actual levels of interest earnings resulting form cash balances available for investment. CUMULATIVE CAPITAL IMPROVEMENT FUND (FUND # 407), 2000 Projected Revenue: $ 674,720 2001 Projected Revenue: $ 672,689 Revenue Decrease of-3.2% = ($22,158) Ms. Roemer noted that revenue projections include $ 472,689 from cigarette tax distribution, $ 150,000 hotel/motel tax lease payment, and a $ 50,000 South Bend Community School Corporation Lease payment. Expenditures would include $ 594,000 as a part of the operating budget for Century Center bond payments, with expenditures for Good Neighbors.Good Neighborhoods being decided in February 2001. Council Member King noted that the South Bend Regional Museum of Art Board monies had to be cut. Ms. Roemer noted that they are in the process of paying back by the City since the Art Board cannot make such payments. The City Controller noted that they are deferring such payments but they will not be forgiven. ECONOMIC DEVELOPMENT INCOME TAX LEUND # 408) 2000 Projected Revenue: $ 4,229,473 2001 Projected Revenue: $ 3,545327 Ms. Roemer noted that the monies reflect the City's portion of this county-wide tax which is shared by cities and towns within St. Joseph County based upon the tax levy. The EDIT collections are projected to increase by 6 %, and the city's projection portion for 2001 is approximately 37% which is an increase from 35.6 % in 2000. The Controller noted that the City is currently in the last of a five(5) year commitment of$ 100,000 each year to Project Future. Dr. Varner inquired about Emergency 911 revenues. The City Controller stated that $ 80,000 is anticipated. She noted that the Mayor contacted the County Commissioners over two (2) months ago about this matter. The Committee was advised that state legislation may be necessary if this matter of emergency 911 allocations cannot be resolved amicably between the county and the city. The Council Attorney suggested that this topic be added to the list of issues which should be discussed when the Council meets with the State Senators and State Representatives. The Controller noted that she would update the Council as to any further updates from the Commissioners. Dr. Varner inquired whether cellular phones are charged for E911 services, with the Administration being uncertain as to such charges. Council Member King stated that he believed that a software change will soon be taking place in this area perhaps by the end of the year. Council Member Aranowski thanked the M. Catherine Roemer and Tom Skarbek for their review of the"miscellaneous funds"within the General Fund and the special fund reviews.