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Regular City Council Meeting <br />April 14, 2003 <br />Page 16 <br /> <br />an operating reserve. The City of Paris is not doing that and this needs to be <br />addressed because it can affect our bond rating. <br /> <br />Mr. Anderson advised that the city needs to keep a similar two month's <br />operating balance in the General Fund in order to cover the cash flow when it <br />is at its lowest. He said that a three month reserve would not be excessive. <br />Mr. Anderson asked the Council to look at the right of the form to see the <br />construction funds that are outstanding. The WW/SS 2000 Series has a cash <br />balance of $6,274,430.00. He said this is the construction fund that is being <br />used to construct the west side overhead storage tank and the water lines. <br />There are other projects that will be funded from this series' balance. <br /> <br />Mr. Anderson said that the Tax & Revenue 2000 Series Construction Fund has <br />a balance of $3,411,306.00 which will be used for the Lamar Avenue Drainage <br />Project and the Stillhouse Road improvements, just to name a couple things <br />that have been talked about. <br /> <br />The last one fund explained by Mr. Anderson was the Certificate of Obligation <br />2002 Series Construction Fund that has a balance of $5,817,544.00. He said <br />that this fund contained the bond issue that will be used for the Police and <br />Municipal Courts Building. Mr. Anderson advised that he has the comparative <br />balances for this same month from last year. <br /> <br />Mr. Anderson furnished the City Council current Property Taxes - O & M, <br />comparing them with the prior year, along with the Sales Taxes, Franchise <br />Type Fees, Sewer Charges, and Water Sales. <br /> <br />Mr. Anderson said the last page is a Departmental Expenditures Summary, <br />which shows the Budgeted Amount, Year to Date Actual, and the Percentage <br />Expended. He pointed out that the City Council's budget looks excessive <br />because the sales tax that is collected for the Paris Economic Development <br />Corporation runs through the Council's budget. He said that this distorts the <br />budget until the end of the fiscal year. At that time adjustments are made <br /> <br /> <br />