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Budget Committee

Budget Committee. January 29, 2013. Previous Actions Since 2010. 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

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Budget Committee

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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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