Budget Committee
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Transcript of Budget Committee
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BUDGET COMMITTEEJanuary 29, 2013
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Previous Actions Since 2010
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Previous Actions Since 2010 (cont.)
No COLA’s - Non-represented and Management
Police voluntarily gave up contracted COLA and reduced health benefits
Deferred Infrastructure Preventive Maintenance
Cash reserves reduced Unions agreed to below market contracts Raised utility rates
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The Challenge So how much do we need to balance the
budget? Choices:
New revenue Cut services Reduce reserves Defer expenditures (e.g. preventive
maintenance, capital improvements) Combination
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Alternatives Considered Option Levy Fee increases Full Faith and Credit refinancing GO Bond refinancing Service reductions Mix of service reductions and new
revenue
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Why GO Bond
Net increase to taxpayers of only $.25 Should not hurt City’s credit rating (might
even help) Reduced interest cost Marketable Estimated $250-300,000 savings Generates $400-450,000 new revenue to
solve $700,000 problem thanks to above savings
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Source of Refinancing
2010 2011 2012 2013 2014 2015 2016 2017 2018 $-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
2014 GO2003 GO
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