09-04-01 Personnel & Finance - Laserfiche WebLink

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Personnel and Finance Committee September 4, 2001 Page 6 2002 County Option Income Tax (Fund # 404) 2001 Budget: $ 7,559,928 2002 Budget: $ 6,726,296 Tom Skarbek stated that COIT reflects the city's portion of a county-wide tax which is shared by cities and towns within the county based on the tax levy for homestead valuation. This years amount includes a"catch-up"as a result of last year's conservative estimates. Council Member Coleman noted that if the economy continues to stall the COIT dollars may continue to decrease. Dr. Varner inquired whether COIT could be used for salaries and capital expenses, since the Mayor has indicated that additional revenue sources would be needed for the 4th year of the police contract. Mayor Luecke noted that COIT could be used for those expenses, however he was considering hydrant rental fees for police and fire operations as a possible funding source. Council President Pfeifer inquired about tree trimming and was advised that it would be addressed as part of the Park Department budget review. 2002 Economic Development Income Tax (Fund # 408) 2001 Budget: $ 5,206,284 2002 Budget: $ 3,157,679 Tom Skarbek noted that this fund is based on a county-wide tax which is shared by cities and towns within St. Joseph County and is based upon the tax levy. The actual final budget will be determined by the State Tax Board this Fall. 2002 Redevelopment Commission-Studebaker Bond (Fund # 310) 2001 Budget: $ 663,330 2002 Budget: $ 659,278 Tom Skarbek made the presentation. 2002 Redevelopment Commission-Football Hall of Fame Bond (Fund # 313) 2001 Budget: $ 704,000 2002 Budget: $1,408,900 Tom Skarbek made the presentation. Dr. Varner inquired by auto excise and commercial vehicle excise tax are included as part of this budget. Mr. Skarbek noted that this is the same as the Studebaker bond, but agreed to check on it further.