Weatherford
Weatherford City Council (Work Session), Sept. 12, 2017: 1 item; Discussion regarding FY18 budget and provide staff recommendation on outside agency
0 consent items, 1 regular item. Written from the minutes.
Discussion regarding FY18 budget and provide staff recommendation on outside agency funding requests. Kyle Lester, Assistant Director of Finance, presented this item. Mr. Lester reviewed the budget summary. He stated there has been one change since the last meeting: the entire city's telecommunication costs have been consolidated under the Information Technology (IT) department. He stated that FY18 would end with $10.77m and a small ongoing surplus of $14,000. The tax rate proposal is as follows: Mr. Lester stated that he surveyed 35 cities and that the City of Weatherford is currently the only city with a 120-day fund balance. Ninety days is the standard. Mr. Lester presented the following chart indicating dollars free up if the Council should choose to lower the reserve preference from 120 days. Mr. Lester stated that during last FY, $525k was set aside from fund balance for retiree liability. This year approximately $375k was set aside; however, some retirements have occurred. As of next year, the reserve is $707k, which takes into account the amount staff has used for retirements. Council discussed the proposed tax rate of .4992. The consensus of Swancy, Fleeger, and Wilder was to proceed with staff's recommendation of the .4992 tax rate. Cleveland and Robinson suggested a lesser rate. Cleveland suggested .4852. Robinson stated that even though the proposed rate is lower, [...]
Compiled from the city secretary's minutes by the Ledger's extractor, in the minutes' own wording, item by item; the Ledger adds no characterization. Read the minutes for the full record.
Sources: City of Weatherford: council minutes, Sept. 12, 2017 (Granicus); Agenda for this meeting (Granicus); Meeting video (Granicus)