I have underlined the worst news.
Boy are we gonna have Looooooow Taxes. Just no city services.
And we're going to squeeze extra funds for the library out of where?November 11, 2010To: The Honorable Mayor and City Council MembersFrom: John Szerlag, City ManagerJohn M. Lamerato, Assistant City Manager/Finance & AdministrationSubject: Update of Multi-Year Budget DocumentAttached is an update of our multi-year budget document, and the salient objective is to calibrate our forecast of revenues and expenditures so as to continually achieve a more accurate document. Of course, these calibrations are in accordance with the three-year budget.Three changes are noteworthy:1) Property tax revenues are going to decrease further than our original estimate to the tune of an additional $700,000 reduction in fiscal year 2011/12; and an additional $790,000 reduction of property tax revenue estimates for fiscal year 2012/13.2) Through change management techniques and streamlining, we believe that the Community Center can achieve self-sufficiency. In other words, programming revenues will cover expenditures, not counting debt service. Please know that we only had to cover the $100,000 shortfall in this year’s budget. Also, keeping the Community Center open is in line with our budget document which indicates that quality of life venues must be self-supporting if they are to remain open.3) For fiscal year 2011/12 we anticipate an estimated reduction in the City’s projected contribution to the defined benefit plan of roughly $400,000.