HomeMy WebLinkAbout067-91RESOLUTION NO. 67,91
APPROVING PROPOSED OPERATING EXPENDITURE REDUCTIONS
FOR TIlE BALANCE OF THE 1990-92 FINANCIAL PLAN
WHEREAS, At the Council/Staff workshop held on January 18, 1991 the Town Council
did review five year financial projections for the Town, and
WHEREAS, revenue projections are down due to a downturn in the economy and a
smaller census population than anticipated, and
WHERF~S, the Town Council has previously indicated a policy of transferring a minimum
of $500,000 in excess General Fund revenues over expenditures into the Capital
Improvement Fund and reaffirmed that policy at the retreat, and
WHEREAS, based on the new projections and current approved budget levels the
$500,000 minimum can not be met without reductions in expenditures or increases in
revenues, and
WHEREAS, the Town Council instructed staff to decrease operating expenditures at least
$550,000 over fiscal years 1990-91 and 1991-92, and
WHEREAS, staff has presented to the Town Council detail identifying reductions of
$198,250 in 1990-91 and $361,042 in 1991-92 totalling $559,292 over the two years, NOW
TtlEREFORE,
BE IT RESOLVED, by the Town Council of the Town of Danville that in t990-91
the operating budget be reduced by $148,250 and the Gas Tax Fund/Pavement
Management program be reduced by $50,000 and for 1991-92 the operating budget be
reduced by $361,042.
APPROVED by the Danville Town Council at a Regular Meeting on April 2, 1991.', by the
following vote:
AYES: Greenberg, Ritchey, Schlendorf, Shimansky
NOES:
None
ABSTAINED: None
ABSENT: Lane
MAYOR
CITY CLERK
APPROVED AS TO FORM:
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