08-12-2008 City Council Minutes - Laserfiche WebLink

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City Council Minutes August 12, 2008 Page 7 of 9 • Chamber of Commerce The proposed 2009 Chamber of Commerce budget is $9,470. The main purpose of this budget is for payments of the Chamber Building loan. The Chamber reimburses the City for these payments. The Council made no changes to this budget. • Business Park Debt Service The proposed 2009 Business Park Debt budget is $40,000. This was created to pay the bonds for the industrial park infrastructure extension. The Council recently authorized the City to pay off the bonds for this debt in 2009. This will eliminate this budget account entirely. This budget will be revised to reflect the bond payoff. • Business Park The proposed 2009 Business Park budget is $26,775. This is a decrease of$15,175 from the 2008 budget. Money is transferred from this fund to the Business Park Debt Service Fund for bond payments. This budget will be revised to reflect the bond payoff. • HRA Levy The HRA is requesting to levy $31,000 for the HRA budget through the HRA levy authorized by State Statute. This is a 0% increase from the 2008 budget. The Council made no changes to this budget. • Wages The Clerk informed the Council that wages reflect a 5% increase. She noted that the Cost of Living is presently at 6%. No decision was made on the wages at this time. • Levy Increase The Clerk noted that the preliminary levy presented to the Council shows a 5.65% increase from the 2008 levy. BUDGET ACTION ITEMS: