Silvis finance committee prepares annual appropriations transfers
The city of Silvis Public Safety and Finance Committee met Nov. 30 to prepare the annual appropriations transfers.
Here are the meeting's minutes, as provided by the committee:
Chairman Carter called the meeting to order at 5:15 p.m. and noted a quorum was present to discuss the proposed 2016 tax levy for the City of Silvis and the appropriate transfer.
Committee members were provided a spreadsheet of the proposed tax levy, the projected 2017 - 18 budget and summary sheet. Three proposals were presented and discussed; proposal A to collect the same dollar amount as last year; Propsal B to collect the amount needed to fully fund all levy funds and proposal C to collect the maximum without having a public hearing 4.99%.
The EAV has increased steadily over the past several years and the past year was no exception; increase of $3,907,798 or 4.12%. In fact it noted the EAV for the City of Silvis actually doubled since 2001 ($447,780,239). Because of the increase in EAV in order to collect the same amount as last year the tax rate would actually decrease in EAV in order to collect the same amount as last year the tax rate would actually decrease from 1.7024 to 1.6117. It was noted that proposal A Levy was included in the 2017-18 budget projections; revenues were expected to increase $259,276 while expenses would rise $125,847 resulting in a surplus budget of $1,029. Proposal A was the recommendation by staff. The budget includes the new PD note payment, sewer loan repayment ($50k), $200k to the restriction fund (now to $1 mil), $25k to capital improvements and an increase in insurance of 5%. There was also discussion of the need to fund police and fire pensions based on the recent actuarial; Police increase of $295,108 and fire $4,681 and a portion ($125K would be offset with replacement tax. Garbage fees for service are $403,800, the amount collected from residents is $258,100 and the shortfall of $145,700 is split with levy ($45,000) and the budget. There is currently a reserve of about $37,000 in the garbage fund. Chairman Carter felt that proposal A best reflects the proper management of city funds and would like it known that the city of Silvis through its continued growth and fiscal awareness is able to build reserves and reduce the city tax rate (lowest in the past 15 years).
It was the recommendation to present proposal A to the COW at the December 6th 2016 COW meeting.
Accountant Martha Nieto prepared the annual appropriations transfers. There is one change to the appropriations and that is an increase in the amount set aside for the new police station.
Chairman Carter read the ordinance noting that total amount is increase to $3.5 MIL and it was noted that the amount appropriated does not mean that's how much would be spent.it is the amount that is available or appropriated. The total appropriations amount would be $24,380,800. There was no committee discussion and it was agreed to move the appropriations ordinance to the December 6th COW agenda.
There were no other agenda items and the meeting was adjourned at 5:35 pm.