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<br />I <br /> <br />INVOCATION <br /> <br />PLEDGE OF <br />ALLEGIANCE <br /> <br />ROLLCALL <br /> <br />APPROV AI. OF <br />MINUTES <br />(August 7, <br />1962) <br /> <br />TAX RATE <br />(1962) <br /> <br />I <br /> <br />15:5757 <br /> <br />MINUTES <br /> <br />CITY COUNCIL OF THE CITY OF ARCADIA <br /> <br />AUGUST 21, 1962 <br /> <br />The City Council of the City of Arcadia met in regular session in the <br />Council Chamber of the City Hall at 8:00 P.M., August 21, 1962. <br /> <br />The Invocation was offered by Rev. Walter F. Dannaman, Pastor of the <br />American Lutheran Church of Arcadia. <br /> <br />Hayor Butterworth led in the pledge of allegiance to the flag. <br /> <br />,PRESENT: <br />ABSENT: <br /> <br />Councilmen Balser, Phillips, Reibold, Turner, Butterworth <br />None <br /> <br />Councilman Phillips MOVED that the minutes of the Regular Meeting of <br />August 7, 1962 be approved as submitted in writing. Councilman 'Balser <br />seconded the motion which was carried unanimously with the exception of <br />Hayor Butterworth who abstained due to his absence from said meeting. <br /> <br />Discussion was held on the proposed tax rate for the fiscal year 1962 and <br />the following statements were made by the individual Councilmen: <br /> <br />Councilman Reibold: '''The revised figures renecting true balances as of <br />the closing of the books for the fiscal year 1961-1962, which the Hanager <br />submitted to us on August 13, 1962, were very interesting and encouraging. <br />However, if interpreted under Arcadia's long term fiscal policy, would <br />still not permit, in my opinion, a tax reduction. Traditionally we have <br />not reduced the tax rate so ,long as the amount appropriated exceeded the <br />amount of anticipated receipts. It is alarming to note that to decrease <br />the tax rate five cents requires that $108,528 be taken from surplus in <br />order to meet General Fund budget requirements. This is $48,859 more <br />than was needed last year. Without a change in the ,$1.10 rate the tax <br />levy for the General Fund would still be reduced five cents because of the <br />increases in the other funds. <br /> <br />"At this late hour these questions still remain unresolved: <br /> <br />"1. In the light of the present 'economic uncertainty, should <br />our initial estimate of revenue from sales tax be revised? <br />The amount anticipated in the Manager's Hay 28th view fell short <br />by $7,723, as later reflected in his August 10th view. Since <br />this is a very volatile source of revenue and is subject to <br />rapid change extreme sensitivity is required to anticipate trends <br />early enough to take corrective action. <br /> <br />"2. How the $200,000 borrowed from the Water Department to assist <br />in the purchase of the ,Pacific Electric property will be repaid. <br /> <br />"3. How the $30,000 taken from the Council's Contingency Fund for <br />the Planning Consultant, before the ink was dry on the budget, <br />will be repaid. <br /> <br />"4. Where will the $125,000 to $145,000 come from which will be <br />required for our part of the Baldwin underpass? <br /> <br />"5. Where will the additional money come from to operate the <br />library, over and above that produced by the 20~ tax levy, during <br />the time we are waiting for the assessed valuation to catch up <br />with the already increased operating expenses? <br /> <br />L <br /> <br />8-21-62 <br />