HomeMy WebLinkAbout2007-02-09 Council minutes
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CITY OF IOWA CITY
MEMORANDUM
Date: February 13, 2007
To: Mayor and City Council
From: Marian K. Karr, City Clerk
Re: Council Budget Work Session, February 9, 2007 8:30 AM in Emma J. Harvat Hall
Council: Bailey, Champion, Correia, Elliott, O'Donnell, Vanderhoef, Wilburn
Staff: Atkins, Helling, O'Malley, Karr, Lewis
Tapes: 07-17, Side 2
(A complete transcription is available in the City Clerk's Office)
BUDGET OVERVIEW (IP2 of 2/8 Info Packet)
City Manager outlined his memo "Council Directed Tax Rate Reduction". Finance Director
O'Malley present for discussion. A majority of Council directed staff to eliminate the use of the
City's emergency levy in the amount of $230,000 and a one-year pay down of debt service levy
in the amount of $920,000 and create a General Fund balance of slightly less than 30%, as
presented in the City Manager memo. After the budget is finalized Council requested a work
session be scheduled to discuss the year end cash balance and current 30% policy.
STAFF ACTION: Proceed as outlined. (Atkins)
HANDOUTS DISTRIBUTED:
Emailletter from Aleda Feuerbach regarding Gilbert Street & Highway 6 Concept Plan
Meeting adjourned 8:55 PM.