Loading...
HomeMy Public PortalAboutAB 08-71 LID 3 ResolutionMcCALL CITY COUNCIL AGENDA BILL Number Meeting Date 216 East Park Street McCall, ID 83638 AB 08-71 April 24, 2008 AGENDA ITEM INFORMATION SUBJECT: Resolution to resolve the cash shortfall in LID #3, and budget cash in the FY09 budget to call the Bond for Local Improvement District in August 2009. Approvals: Department/ Committee/Individual Initials Remarks (Originator/ Support) Mayor / Council City Manager originator Community Development Treasurer Clerk, Deputy City Clerk Police Department Public Works Golf Operations COST IMPACT: Not to exceed $246,649 in FY09 Budget Parks & Recreation FUNDING SOURCE: Property Tax Airport Library TIMELINE: ASAP City Attorney Grant Coordinator SUMMARY STATEMENT: LID #3 is short of cash for two reasons: (1) the City's failure no matter when property owners paid off their assessment, they LID Ordinance, even when their payoff was not early. The City auditors mentioned it several times since 2001. The auditors and have reviewed the latest spreadsheet which is attached. Line 163 of that spreadsheet shows the City needs no more than Bond in August 2009. The City will budget that amount in budget is up for adoption in August 2008, the City will have the LGIP account, and additional interest billed, which means, 2008 assessments, and interest from LGIP and interest billed final budgeted amount in August 2008, for the FY09 budget will Similarly, line 169 of the spreadsheet shows the City's general 2013, but, the final amount cannot be determined now, because LGIP, or billed. The final amount the City's general fund will give or take, depending upon interest rates. Note attachments: (1) Resolution addressing the shortfall in LID#3 to call during 1993 to 2002, were provided with a 10% has known of this shortfall prepared a spreadsheet showing $264,694 additional cash the preliminary FY09 Budget, and (2) credit for reserve, credit, per the terms of the for several years, and the the cash and liabilities, to call and retire the LID3 but, by the time the final additional interest from than $264,694. The July $40,000, or more, and the no more than $94,681, by of interest earned from be approximately $50,000, cash and liabilities in received additional assessments, we can budget slightly less may amount to $30,000 to be adjusted downward accordingly. fund will actually give LID#3 we do not know the amount have to provide LID#3 could LID#3, (2) Spreadsheet showing RECOMMENDED ACTION: Adopt Resolution 08-9. RECORD OF COUNCIL ACTION Meeting Date ACTION