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Financial Measures to Balance Budget: Analysis and Recommendations

Review of previous actions since 2010 to address budget deficit. Discussion on options to generate new revenue or cut services to balance the budget, including considerations for levy, fee increases, and refinancing strategies. Focus on GO Bond refinancing as a viable solution with potential savings and minimal impact on taxpayers.

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Financial Measures to Balance Budget: Analysis and Recommendations

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  1. Budget Committee January 29, 2013

  2. Previous Actions Since 2010

  3. 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

  4. 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

  5. Alternatives Considered • Option Levy • Fee increases • Full Faith and Credit refinancing • GO Bond refinancing • Service reductions • Mix of service reductions and new revenue

  6. 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

  7. Source of Refinancing

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