08-04-08 Personnel & Finance - Laserfiche WebLink

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Personnel and Finance Committee Meeting Minutes of August 4, 2008 Page 4 Council Member Oliver J. Davis suggested that a separate meeting be called for presentations for each of these proposed projects. There was no one from the public to speak in favor or in opposition to this fund. 2009 Proposed Budget for College Football Hall of Fame Debt Service, Fund # 313: Expenditure by Cost Center $1,406,000 Expenditure by Classification $1,406,000 Funding Sources Total $1,663,136 Revenue over expenditures for 2009 $ 257,136 The City Controller noted that principal and interest is proposed to be $1,406,000, which has been set high for tax rate purposes, with DLGF making the final determination. There was no one from the public to speak in favor or in opposition to this fund. 2009 Proposed Budget for Professional Sports Development, Fund # 377: Expenditure by Cost Center $889,620 Expenditure by Classification $850,000 Funding Sources Total $928,658 Revenue over expenditures for 2009 $ 78,658 The City Controller noted that the Common Council designated monies from sales tax in the professional sports development area which are used to fund expenditures. Eligible activities would be for the Cove, Palais Royale, Morris, Center Center, and the CFHF. In response to a question from Council Member Oliver J. Davis, Ms. Fanello stated that she would check into why the Hall of Fame capital reserve fund increased and report back to the Council. Mayor Luecke noted that one (1) hotel was over assessed and that the hotel/motel tax assessment in 2008 will be reduced to address that issue. In response to a question from Council Member Oliver J. Davis, it was noted that the new downtown hotel is to be operational in 2010. Ms. Fanello noted that Professional Sports Development monies would be used for any shortfalls, and directed the Council to footnote # 2. In response to questions from Citizen Member Roger Hamburg Mayor Luecke noted that state legislation enabled the Council to pass legislation in this area by the fact that South