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City Of Victoria 2008 Preliminary Budget
 

City Of Victoria 2008 Preliminary Budget

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Preliminary budget presentation to the City Council.

Preliminary budget presentation to the City Council.

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    City Of Victoria 2008 Preliminary Budget City Of Victoria 2008 Preliminary Budget Presentation Transcript

    • 2008 Preliminary Budget for the City of Victoria City Council Budget Workshop August 9, 2007
    • 2008 Budget Recommendations Strategy Statement…
      • The following strategies are in the best interests of the community in the long term:
        • maintaining the tax capacity rate (lowering rate after negative fund balances and inter-fund loans are repaid),
        • reducing negative fund balances and inter-fund loans,
        • increasing the general fund reserve,
        • bolstering our equipment funds to use cash versus debt,
        • investing in community, staff, buildings, equipment, and infrastructure (cuts today will cost us more in the future).
    • 2008 Budget Recommendations …In Budget Proposal…
      • Maintain tax capacity rate at 37.5, thereby retaining the $591,695 discretionary transfer to address inter-fund loan paybacks (strategy#1 & #2) ;
      • Fund Public Works and Park and Recreation Director positions (strategy #5) ;
      • Fund $20,000 for needs assessment for City Hall/Library/Senior Housing and Public Works Facility (strategy #5) ;
    • 2008 Budget Recommendations …In Budget Proposal…
      • Increase the Public Works Equipment fund transfer from $50,000 to $70,000 per year (strategy #4) ;
      • Recommend retaining fund balance reserve of 25% with a target of 30% in 2010 (strategy #3) ;
      • Field House Budget utilizing a separate levy versus operating transfer (strategy #1 & #2) ;
      • Fund two emergency sirens in 2008 (strategy #5) ;
    • Emergency Siren Coverage…
    • 2008 Budget Recommendations …Not Included in Budget Proposal…
      • (1) Do not include $30,000 for misc. building permits – budget for 75 new construction starts for 2008 and projected 2009 (strategy #3) ;
      • (2) Increase Police Services an additional $34,445 for additional and strategically placed patrolling above the 2007 level (strategy #5) ;
      • (3) In the CIP, restore the downtown projects, otherwise the deletion of them negates the $35,000 spent on the feasibility study and potentially dampens sale of city owned property (strategy #5) ;
      • (4) Restore the transfer to the Fire Equipment Fund with 3% adjustment (strategy #4) ;
    • Restore annual Fire Equipment Fund Transfer…
    • 2008 Preliminary Budget for the City of Victoria
      • The discretionary transfer would be reduced from $591,695 to $450,000 by implementing recommendations 1,2 & 4.
      • By implementing recommendation 3, the general fund balance and debt service schedule would adjust in 2010 and beyond.
      • Questions?