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e } <br /> Personnel and Finance Committee <br /> August 28, 2003. <br /> Page 8 <br /> Council Member Coleman stated that his recollection was that there would be at least three priority <br /> areas and a multitude of uses of the COIT revenues. <br /> 2004 Cumulative Capital Dev. Fund 2003 Expenditures $1,072,049 <br /> Fund # 406 2004 Expenditures TBD in Feb 04 <br /> & $268,532 <br /> 2003 Revenue $1,066,003 <br /> 2004 Revenue $1,174,916 <br /> City Controller Rick 011ett noted that the tax rate will remain the same at $0.5 per $100 net <br /> assessed valuation and has not been reduced as a result of the commercial vehicle excise tax <br /> assessment of$14,162. He noted that it would also address computer equipment city-wide. <br /> Dr. Varner noted that this fund contains auto excise tax revenue for next year at $56,429 and <br /> commercial vehicle excise tax revenue at $14,162. He asked for an explanation. Tom Skarbek <br /> stated that he would check into this matter. <br /> 2004 Cumulative Capital Imp. Fund 2003 Expenditures $695,270 <br /> Fund # 407 2004 Expenditures TBD in Feb 04 <br /> & $590,110 <br /> 2003 Revenue $626,801 <br /> 2004 Revenue $610,676 <br /> City Controller Rick 011ett noted that the sources of revenue were from the cigarette tax <br /> distribution,hotel/motel lease payments,and the South Bend Community School Corporation lease <br /> payments. He noted that expenditures are for the Century Center bond payments and curb & <br /> sidewalk programs under the Good Neighborhoods program. <br /> Dr. Varner asked what the amount is which is returned to the General Fund. Mr. 011ett stated that <br /> he would check into that. <br /> 2004 Economic Development Income Tax Fund 2003 Expenditures $5,334,957 <br /> Fund # 408 2004 Expenditures TBD in Feb 04 <br /> & $3,363,804 <br /> 2003 Revenue $3,821,202 <br /> 2004 Revenue $3,684,634 <br /> City Controller Rick 011ett stated that this fund is used for debt service expenditures. <br /> Council Member Aranowski reminded the Committee at the next meeting on the budget would be <br /> next Tuesday. <br /> Respectfully submitted, <br /> Council Member James Aranowski, Chairperson <br /> Personnel and Finance Committee <br /> KCF:kmf <br /> Attachments <br />