Dear Neighbors,
This coming Monday, the City Council will convene its second of three meetings for the month of June. The Council meeting will begin at 7pm in Contois Auditorium in City Hall following a brief Local Control Commission meeting. My apologies in advance for what is going to be a lengthy post.
We will begin our meeting with two annual reports: one from the Electric Commission and the other from the Parks and Recreation Commission.
The first item on our agenda is a public hearing on the FY19 Common Area Fees for the Church Street Marketplace. Following this hearing, the Council will vote on a resolution authorizing the establishment of these fees.
Monday's City Council meeting is the annual meeting when the Council votes to adopt the Mayor's Recommended Municipal Budget and authorize the tax rate and annual borrowing. There are five resolutions for these purposes.
The first resolution asks the Council to formally approve the annual appropriation and budget for Fiscal Year 2019. The resolution details the uses of unexpended balances from prior years, current year fund balances, describes new initiatives and funding sources, employee health insurance costs, how the City's retirement plan contribution will be funded and details fees for water, wastewater and permitting. As in past years under this Administration, the resolution, which is 7 pages long, offers a complete and comprehensive financial overview of the City's budget for the next year.
The next resolution will adopt the City's tax rate for the FY19 year. The total Municipal tax rate is $0.8303 per $109 of assessed value on each property in the City. The resolution lists the 14 individual taxes for all City services.
The last two resolutions are for long-term bonding. The first will authorize the City to issue public improvement bonds for FY18. The City annually issues $7 million of improvement bonds. $2 million are for the City, $3 million for BED and $2 million for the Schools.
The second bonding resolution is the approval of the issuance of Grant Anticipation Notes for costs for certain Airport improvement projects of at least $7 million. Due to the timing of when the Airport receives Federal funds for these projects and when the projects begin to require funding, the City issues short-term notes in anticipation of receiving the Federal monies.
Our last resolution will be on the proposed investment of the unassigned fund balance. The unassigned fund balance is an indication to Moodys and our creditors that we have funds for unexpected expenditures, a sign of our financial strength. The Administration and Council worked to create a responsible fund balance policy. Having worked hard as a City to control spending, not raise the general tax rate, and amass an unassigned fund balance, we now find ourselves with additional monies that we can put to use over and above our policy level. This resolution details how some of these funds would be allocated. There are a number of projects that would result in a benefit to the City, including improved service to residents, operational efficiencies and cost savings.
As with all Council meetings, please keep in mind that you are always welcome to come and speak to the Council on any subject you wish during our Public Forum which begins at 7:30pm. Clickable agenda items can be found on the City's website:
https://www.boarddocs.com/vt/burlingtonvt/Board.nsf/Public All Council meetings are televised live on BT Channel 317 and streamed live to your computer or phone.
As always, I welcome your questions and concerns. Please be in touch over the weekend and on Monday.
i hope you enjoy a great weekend and a happy Father's Day.
My best,
Karen
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