The City has over $200 million worth of general assets it uses to provide services to citizens. This includes buildings, streets, trails, and playground equipment. The City needs to maintain, repair, and replace some of its infrastructure each year. How should the City pay for this? Should the City levy a tax, use special assessments, charge other fees? How do other cities pay for their capital needs?
In the past the City has used the tax levy to fund capital expenditures. As budgets have tightened the past few years, the tax levy has been reduced and there is less funding to meet the capital needs of the City.
The City Council has charged the Budget Advisory Commission (BAC) to review the financing options that are available and to inform the Council on what they view as the advantages and disadvantages of each option. This will be an important policy discussion for the City Council during the preparation of the 2012-2013 budget.
The BAC should have some feedback available for the City Council sometime during the summer.
Finance Manager & Staff Liaison to the Budget Advisory Commission