1. HEALTH INSURANCE POOL: The July balance is about $765,000 and doing quite well.
2. TAX REVENUES: July’s revenue was about $40,300 or about 1% of the total for FY 09/10
3. FIRE EQUIPMENT TRUCK: Bids will be received at city hall thru August 20 for the 1986 Equipment Truck. The unit was replaced this year and Brian Seymour felt bids would surpass the trade-in.
4. BONDS: Below is a comparison of the estimated versus actual (re-estimated) debt service levy required for the recent $2,500,000 G.O. Bond issuance.
Please note that:
• the initial estimates were computed at an interest rate of 4.5%; however, the lower actual interest rate is partially offset by issuance fees and discount costs
• the levy is based on an average of the principal and interest due after other sources (i.e. TIF, Special Assessments, etc.) have been utilized
o over $60,000 per year will be paid by TIF revenue which would otherwise require a $0.14 levy
o the North and South “Y” Street Projects include partial funding from special assessments and the actual amount assessed may vary greatly from the current estimates
INITIAL
ESTIMATED RE-ESTIMATED DIFFERENCE
LEVY LEVY LEVY
Storm Sewer Repairs $0.07 $0.07 0
Pickard Parking Lot $0.10 $0.09 $0.01
Fire/EMS Equipment $0.01 $0.01 0
Memorial park Restrooms $0.03 $0.03 0
North “Y” Street Paving $0.11 $0.05 $0.06
South “Y” Street Paving $0.12 $0.08 $0.06
TOTALS $0.44 $0.33 $0.11
In addition, the $620,000 Public Safety/CH Renovation Capital Loan Notes will require $0.19 of the General Fund levy which is $0.02 below the initial estimate.
