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Melbourne council directs staff to draft capital- and debt-policy, ties road and equipment funds to property tax share
Summary
Facing shrinking predictable revenue streams and rising costs for vehicles, fire stations and pavement work, Melbourne—s finance director laid out the city—s fiscal picture and the council approved direction to estimate revenue at the current millage and to create dedicated road and equipment subfunds and draft capital and debt policies.
Melbourne — Finance officials and the City Council agreed June 10 to keep budget planning based on the current millage rate while directing staff to develop formal capital-planning and debt policies and to create two dedicated subfunds for road replacement and machinery/equipment replacement.
The move followed a detailed presentation from the city—s finance director on the city—s fiscal position, which showed a recent, largely nonrecurring improvement in cash balances and underscored risks from volatile investment fair-market adjustments, one-time revenues and rising recurring costs such as employee pay and equipment purchases.
The council—s direction is intended to create steady, predictable funding for aging infrastructure and vehicles. Staff will prepare a resolution to establish a road-replacement subfund inside the Transportation Improvement Fund and a machinery-and-equipment replacement fund, with each fund—s dedicated revenue set as a percentage of general-fund property-tax revenue. Council also asked staff to draft a debt policy and a capital-planning policy to guide future borrowing and to prioritize long-lived…
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