#3 2010 Note Issue Projects
ADMINISTRATIVE SERVICES MEMORANDUM
August 16, 2010
TO: City Council
FROM: Jacob J. Winzenz, Dir. of Admin. Services/Assistant City Manager
SUBJECT: Consideration, Discussion, and Actions Concerning Projects
Proposed for Inclusion in the 2010 Note Issue.
Staff is preparing for the annual Note Issue to fund a variety of projects. The
2010 budget adopted by the City Council in November, 2009 contained a list of
proposed/planned projects on pages 182 – 193. Projects proposed for funding
from General Fund Note Proceeds totaled $6,660,500. This list provided the
starting point for the proposed 2010 Note Issue.
Staff has reviewed this planned list of projects and evaluated each project to
determine if funds are necessary at this time. This is especially important given
the difficult choices we expect to make in the preparation of the 2011 budget.
Remember, funding decisions made in this note issue will affect debt service
requirements in 2011 and thus impact the 2011 tax levy.
Attached to this memorandum are the projects proposed for funding in the 2010
Note Issue. Based upon our review staff is proposing a General Fund Note Issue
in the amount of $3,420,000, a decrease of $3,240,500 from the amount planned
in the 2010 budget. If this amount is approved, debt service will have a net
increase of approximately $260,000, or 3.62%, in 2011.
Staff would like to receive feedback and direction from the City Council on the
proposed Note Issue. Suggestions will then be incorporated into the preliminary
resolution which we anticipate will come before the City Council on September
27, 2010. We anticipate the details resolution will follow on October 11, 2010.