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