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HomeMy WebLinkAboutMinutes BOC 012705t BUDGET OVERSIGHT COMMITTEE January 27, 2005 Minutes The Budget Oversight Committee met on January 27, 2005. The meeting was called to order at 1:05 PM in the Council Chambers of the Municipal Complex, located at 10500 North Military Trail, Palm Beach Gardens, Florida, and opened with the Pledge of Allegiance. I. ROLL CALL Present: John Chaplik, Martin Cohen and Maureen Maquire Also Present: Allan Owens, Staff Liaison and Finance Administrator, Mary Anderson, Alternate Staff Liaison and Finance Manger, and Christine Tatum, City Attorney. H. SELECTION OF OFFICERS The Committee selected John Chaplik to serve as Chair and Maureen Maquire to serve as Vice Chair. III. APPROVAL OF MINUTES The Committee approved the minutes from the August 11, 2004 meeting. IV. ORIENTATION SESSION The board was given an orientation session that was led by Christine Tatum, City Attorney. The orientation included the background and overview of the City's Boards and Committees, the powers and duties of the Budget Oversight Committee, the Florida Sunshine Law, public records requests, ethics and financial disclosure. All board members were given a Board and Committee notebook that explained in detail, everything that was discussed in the orientation. V. OLD BUSINESS Questions about the Budget Materials John Chaplik asked Alan Owens to explain about the City's major revenue sources, including property taxes and homestead exemption. Alan explained that anyone who qualifies for a homestead exemption will get a $25,000 exemption. If you do qualify for the homestead exemption you are limited to the increase of net valuation from year to year to no more than 3 %. In addition, there is also a price index that is used by the State. John Chaplik asked how property is revalued after it is sold. Alan stated that when a property is sold the purchaser's taxable value will be reassessed at the true market value by the Tax Collector's Office. Martin Cohen asked as far as the city is concerned, what is the aggregate value of the homestead exemption multiplied by the rate of taxes. Alan stated that he didn't have the total in his head but he would come back with this information. He said the total valuation of the exempted property was about 1.8 million dollars but, again, he was not totally sure and he will get back with him. John Chaplik asked Alan if he knows what percentages of homeowners have a homestead exemption. Alan stated he will also look into that and come back. There was discussion about the golf course. Upon the Boards request, Alan gave background information about the golf course, which included how the golf course was attained by the city, history of the revenues and the budget for the golf course. There was discussion about the Board's concern over growth in the City and what happens when a level of maturity occurs and when the sources of revenue that were there during the growth period have been exhausted. How far ahead is the City planning for when maturity occurs? Alan stated that administration is looking into the need to diversify the revenues. About 2 years ago they hired an economic development administrator in the pursuit of trying to expand the economic base of the City through diversification. John Caplik stated and the Board agreed that this meeting has been very informative. Alan thanked the members of the Board for serving and said that staff appreciates the interest the committee has taken in this process. VII. ADJOURNMENT There being no further business to discuss, the meeting was adjourned at 2:36 PM Approval: Jo Chaplik �m G'� Martin Cohen Maureen Maquire Attest: Susan Bell Public Information/ Recording Coordinator 2 i Martin Cohen asked as far as the city is concerned, what is the aggregate value of the homestead exemption multiplied by the rate of taxes. Alan stated that he didn't have the total in his head but he would come back with this information. He said the total valuation of the exempted property was about 1.8 million dollars but, again, he was not totally sure and he will get back with him. John Chaplik asked Alan if he knows what percentages of homeowners have a homestead exemption. Alan stated he will also look into that and come back. There was discussion about the golf course. Upon the Boards request, Alan gave background information about the golf course, which included how the golf course was attained by the city, history of the revenues and the budget for the golf course. There was discussion about the Board's concern over growth in the City and what happens when a level of maturity occurs and when the sources of revenue that were there during the growth period have been exhausted. How far ahead is the City planning for when maturity occurs? Alan stated that administration is looking into the need to diversify the revenues. About 2 years ago they hired an economic development administrator in the pursuit of trying to expand the economic base of the City through diversification. John Caplik stated and the Board agreed that this meeting has been very informative. Alan thanked the members of the Board for serving and said that staff appreciates the interest the committee has taken in this process. VII. ADJOURNMENT There being no further business to discuss, the meeting was adjourned at 2:36 PM Approval: Jo Chaplik �m G'� Martin Cohen Maureen Maquire Attest: Susan Bell Public Information/ Recording Coordinator 2