Summary: |
Updated Posting: February 28, 2:45 PM NOTE: Councilor Armitage submitted a proposed operating analysis and also adjusted Option 1(c). The new option is labeled 1D.
The Town Council requested staff work with the Town Attorney to develop the first draft of a referendum question. The Town Attorney has prepared, with staff guidance, two options. Both options are attached. One option is applicable if the Town Council prefers to consider borrowing funds from Undesignated Fund Balance, provided there is a financial plan that includes revenues, other than property taxation, to reimburse the use of Undesignated Fund Balance. The other option is applicable if the Town Council prefers to consider long term debt, provided there is a financial plan that includes revenues, other than property taxation, to pay for the cost of the debt.
At the February 14, 2011 Town Council meeting, the Council agreed to pursue what was referred to as Option 5, now titled Option 1 (a). We have attached a new table of costs and revenues without the other options, discussed at the February 14 meeting. Town Councilors were encouraged to consider capital investment adjustments to this option that will create no impact on the tax rate. Staff has submitted adjustments to reach this desired goal and it is titled Option 1 (b). Councilor Armitage has developed a budget that will also reach the desired "no impact" goal. We have included Councilor Armitage's suggestions and titled it Option 1 (c). |
