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HomeMy WebLinkAbout1993.10.11_Sales Tax Watchdog Committee Agenda4 H �01 NOTICE OF PUBLIC MEETING OF THE OWASSO SALES TAX WATCHDOG COMMITTEE TYPE OF MEETING: DATE: TIME: PLACE: Regular October 11, 1993 7:00 p.m. Owasso Community Center Notice and Agenda filed in the office of the City Clerk and posted on the City Hall bulletin board at 4:00 p.m. on Wednesday, October 6, 1993. Atz'�) (�&.. *' 1,0 a. Marcia Boutwell, Committee Secretary AGENDA 1. Call to Order ..... ............................... Mr Philippi 2. Roll Call 3. Request Approval of Minutes of July 12, 1993 Regular Meeting ..... Mr Philippi 4. Presentation and Discussion of Financial Reports ............... Ms Bishop • t Owasso Sales Tax Watchdog Committee October 11, 1993 Page 2 5. Consideration & Approval of Quarterly Report for Public Distribution . Mr Philippi 6. General Discussion of Projects & Progress Report ................. Mr Ray 7. Unfinished Business . ............................... Mr Philippi 8. New Business ..... ............................... Mr Philippi O 9. Request for Items for Next Agenda ....................... Mr Philippi 10. Adjournment ..... ............................... Mr Philippi C City of Owasso 1988 Revenue Bonds Project Status Summary Report For the Quarter Ended September 30, 1993 Expended Percent Original Amended this Expended Remaining of Budget Percent Revenue Bond Fund Projects Budget Budget Quarter to Date Encumbrances Budget Expended Complete 86th Street Improvements $2,700,000 $2,753,383 $0 $2,749,519 $0 -- 99.9% 100% 76th Street Improvements 150,000 150,000 0 33,471 0 116,529 22.3% 25% Residential Street Overlay 150,000 183,406 550 126,685 37,210 19,511 69.1% 99% Main Street Renovation 100,000 107,799 0 107,790 0 -- 100.0% 100% Original Town Drainage 500,000 500,000 0 492,941 0 -- 98.6% 100% North Drainage Study 15,000 15,000 0 14,869 0 -- 99.1% 100% Firefighter Radio Equipment 35,000 35,000 0 34,781 0 -- 99.4% 100% Animal Impound Facility 50,000 105,000 0 105,224 0 -- 100.2% 100% Recreation Center Renovation 33,000 33,000 0 32,980 0 -- 99.9% 100% Sports Park 120,000 383,117 0 383,117 0 -- 100.0% 100% Land for Sports & Drainage 270,000 293,792 0 293,782 0 -- 100.0% 100% Rodeo Ground Improvements 20,000 20,000 0 14,975 0 -- 74.9% 100% OPWA/Garage Facility 0 193,888 0 193,888 0 -- 100.0% 100% Project Management 0 60,000 0 45,281 0 -- 75.5% 100% Total $4,143,000 $4,833,385 $550 $4,629,303 $37,210 $136,040 95.8% City of Owasso Sales Tax Extension Capital Improvement Fund Projects Project Status Summary Report For the Quarter Ended September 30, 1993 Expended Percent this Expended Remaining of Budget Percent Budget Quarter to Date Encumbrances Budget Expended Complete Central Fire Station 530,000 26,316 47,181 421,614 61,205 8.9% 20% Sports Park (FY 1994) 120,000 32,963 32,963 0 87,037 27.5% 25% City Hall Renovation 90,000 0 0 0 90,000 0.0% 0% Tanker Truck 65,000 0 0 64,375 625 0.0% 99% Total $805,000 $59,279 $80,144 $485,989 $238,867 10.0% City of Owasso Sales Tax Collections and Restricted Use of One Percent Fiscal Year 1993 -94 Required for 1988 Rev. Bond Debt Service $48,490.00 48,490.00 48,490.00 $145,470.00 Excess (Deficiency) 28,485.93 30, 302.12 37,205.77 $95,993.82 Three Percent One Percent Sales Tax Sales Tax Capital Collection (1/3) Future Fund Jul -93 $271,679.74 $90,559.91 13,583.99 Aug -93 278,089.83 92,696.61 13,904.49 Sep -93 302, 455.67 100, 818.56 15,122.78 Total $852,225.24 $284,075.08 $42,611.26 Required for 1988 Rev. Bond Debt Service $48,490.00 48,490.00 48,490.00 $145,470.00 Excess (Deficiency) 28,485.93 30, 302.12 37,205.77 $95,993.82 July August September October November December January February March April May June TOTAL 1993 -94 $271,679.74 278, 089.83 302, 455.67 $852,225.24 City of Owasso Monthly Sales Tax Revenues Last Four Fiscal Years 1992 -93 $256,380.27 275,012.32 259,741.34 261,162.85 251,827.27 259, 629.25 256,300.45 311,015.32 241,764.75 225, 578.49 259,194.14 254, 285.28 $3,111,891.73 1991 -92 $232,319.96 255, 548.87 233, 507.42 250,610.79 226,418.19 225,261.03 258,913.46 250, 669.99 248,135.12 222, 839.40 247,611.60 236,289.73 1990 -91 $207,225.39 248, 620.03 229,916.47 235, 739.73 221, 845.04 222, 957.88 217,790.54 245, 867.84 200, 665.76 215,619.79 225, 423.11 225, 443.30 $2,888,125.56 $2,697,114.88 LEGEND: A -Money Appropriated; S- Actual Spent; RUC - Remaining Under Contract; E- Engineering; 0 R-Right of Way Acquisition; U- Utility Relocation; C- Construction; ■- Portion Completed; O- Portion Underway; N -Not Applicable SALES TAX PROJECTS Progress Report # 18 (through 9/30/93) *Revenue Bonds Issued to Fund Projects: $ 4,143,000 Encumbered & Under Contract: $ 523,199 Sales Tax Collected to Date for Debt Service and Additional Capital Projects: $ 2,882,696.33 Interest Earned to Date on Project Funds: $ 652,942.09 ORIGINAL PROJECTS PROJECT A S RUC E R U C 86th Street Widening Project---------------- - - - - -- 2,753,838.00 2,749,519.00 0.00 ■ ■ ■ ■ 76th Street Improvement Project------------- - - - - -- 150,000.00 33,471.00 0.00 ❑ ❑ ❑ ❑ Residential Street Overlay------------------ - - - - -- 150,000.00 126,685.00 0.00 ■ N N ❑ Main Street Improvement Project---------- - - - - -- 107,799.00 107,790.00 0.00 N ■ N N Drainage Projects---------------------------- - - - - -- 500,000.00 492,941.00 0.00 ■ ■ ■ ■ North Owasso Drainage Study----------- - - - - -- 15,000.00 14,869.00 0.00 ■ N N N Fire Department Radio System------------- - - - - -- 35,000.00 34,781.00 0.00 ■ N N ■ Animal Control Facility----------------- - - - - -- 105,000.00 105,224.00 0.00 ■ N N ■ © Recreation Center Renovation------------- - - - - -- 33,000.00 32,980.00 0.00 ■ N N ■ Baseball - Soccer Field ----------- - - - - -- 367,000.00 383,1 17.00 0.00 ■ N N ■ Sportspark- Drainage Complex Land Acquisition -- 293,792.00 293,782.00 0.00 N ■ N N Rodeo Grounds Improvement---------------------- - - - - -- 20,000.00 14,975.00 0.00 ■ N N ■ NOTE: To date only 1988 Series Bonds have been issued. These Bonds were approved by the voters on October 4, 1988 and included an extension of City sales tax to repay the issue. ADDITIONAL PROJECTS PROJECT A s RUC E R U C Fire Station------------------------------------------- - - - - -- 530,000.00 47,181.00 421,614.00 ■ ■ N ❑ Sports Park-------------------------------------------- - - - - -- 120,000.00 32,963.00 0.00 ■ N N ■ City Hall Renovation---------------------------------- - - - - -- 90,000.00 0.00 0.00 ❑ N N ❑ Tanker Truck-------------------------------------------- - - - - -- 65,000.00 0.00 64,375.00 ■ N N ❑ A City of Owasso Sales Tax Extension Capital Improvement Fund Projects Project Status Summary Report For the Quarter Ended September 30, 1993 Central Fire Station Sports Park (FY 1994) City Hall Renovation Tanker Truck Expended Percent this Expended Remaining of Budget Percent Budget Quarter to Date Encumbrances Budget Expended Complete 530,000 26,316 47,181 421,614 61,205 8.9% 20% 120,000 32,963 32,963 0 87,037 27.5% 25% 90,000 0 0 0 90,000 0.0% 0% 65,000 0 0 64,375 625 0.0% 99% Total $805,000 $59,279 $80,144 $485,989 $238,867 10.0%