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HomeMy WebLinkAbout1993.07.12_Sales Tax Watchdog Committee AgendaNOTICE OF PUBLIC MEETING OF THE OWASSO SALES TAX WATCHDOG COMMITTEE TYPE OF MEETING: Regular DATE: July 12, 1993 TIME: 7:00 p.m. PLACE: Owasso Public Library Meeting Room 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 Thursday, July 8, 1993. -lr�.17AI . A (20jj Marcia outwell, Comm ttee Secretary AGENDA 1. Call to Order ..... ............................... Mr Philippi O 2. Roll Call 3. Request Approval of Minutes of April 12, 1993 Regular Meeting .... Mr Philippi 4. Presentation and Discussion of Financial Reports ............... Ms Bishop Es Owasso Sales Tax Watchdog Committee July 12, 1993 O 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 City o' asso 1988 R,cvenue Bonds Project Status Summary Report For the Quarter Ended June 30, 1993 Expended Percent this Expended Remaining of Budget Percent Revenue Bond Fund Projects Budget Quarter to Date Encumbrances Budget Expended Complete 86th Street Improvements $2,753,383 $0 $2,749,519 $0 -- 99.9% 100% 76th Street Improvements 150,000 0 33,471 0 116,529 22.3% 25% Residential Street Overlay 150,000 0 126,135 0 23,865 84.1% 99% Main Street Renovation 107,799 0 107,790 0 -- 100.0% 100% Original Town Drainage 500,000 0 492,941 0 -- 98.6% 100% North Drainage Study 15,000 0 14,869 0 -- 99.1% 100% Firefighter Radio Equipment 35,000 0 34,781 0 -- 99.4% 100% Animal Impound Facility 105,000 0 105,224 0 - 100.2% 100% Recreation Center Renovation 33,000 0 32,980 0 -- 99.9% 100% Sports Park 383,117 0 383,117 0 - 100.0% 100% Land for Sports & Drainage 293,792 0 293,782 0 - 100.0% 100% Rodeo Ground Improvements 20,000 0 14,975 0 - 74.9% 100% OPWA/Garage Facility 193,888 0 193,888 0 -- 100.0% 100% Project Management 60,000 0 45,281 0 -- 75.5% 100% Total $4,799,979 $0 $4,628,753 $0 $140,394 96.4% Capital Improvement Fund Projects Sports Park (FY 1992) $19,143 $0 $19,143 $0 $0 100.00% 100% Central Fire Station 450,000 19,740 20,865 0 429,135 4.6% 5% Total $469,143 $19,740 $40,008 $0 $429,135 8.5% City of Owasso Sales Tax Collections and Restricted Use of One Percent Fiscal Year 1992 -93 *Note: Accumulation begins 09/01/92. Three Percent One Percent Required for Available for Required for Sales Tax Sales Tax 1983 GO Bond 1988 Rev. Bond Capital 1988 Rev. Bond Excess Collection (1/3) Debt Service Debt Service Future Fund* Debt Service (Deficiency) Jul -92 $256,380.27 $85,460.09 $23,058.00 $62,402.09 0.00 $41,300.00 21,102.09 Aug -92 275,012.32 91,670.77 0.00 91,670.77 0.00 41,300.00 50,370.77 Sep -92 259,741.34 86,580.45 0.00 86,580.45 12,987.07 41,300.00 32,293.38 Oct -92 261,162.85 87,054.28 0.00 87,054.28 13,058.14 41,300.00 32,696.14 Nov -92 251,827.27 83,942.42 0.00 83,942.42 12,591.36 48,490.00 22,861.06 Dec -92 259,629.25 86,543.08 0.00 86,543.08 12,981.46 48,490.00 25,071.62 Jan -93 256,300.45 85,433.48 0.00 85,433.48 12,815.02 48,490.00 24,128.46 Feb -93 311,015.32 103,671.77 0.00 103,671.77 15,550.77 0.00 88,121.01 Mar -93 241,764.75 80,588.25 0.00 80,588.25 12,088.24 48,490.00 20,010.01 Apr -93 225,578.49 75,192.83 0.00 75,192.83 11,278.92 48,490.00 15,423.91 May -93 259,194.14 86,398.05 0.00 86,398.05 12,959.71 48,490.00 24,948.34 Jun -93 254,285.28 84,761.76 0.00 84,761.76 12,714.26 48,490.00 23,557.50 Total $380,584.29 $504,630.00 $129,024.96 $1,014,239.24 $23,058.00 $1,037,297.24 $3,111,891.73 *Note: Accumulation begins 09/01/92. City of Owasso Monthly Sales Tax Revenues Last Four Fiscal Years 1991 -92 1992 -93 July $256,380.27 August 275,012.32 September 259,741.34 October 261,162.85 November 251,827.27 December 259,629.25 January 256,300.45 February 311,015.32 March 241,764.75 April 225,578.49 May 259,194.14 June 254,285.28 TOTAL $3,111,891.73 City of Owasso Monthly Sales Tax Revenues Last Four Fiscal Years 1991 -92 1990 -91 1989 -90 $232,319.96 $207,225.39 $196,109.28 255,548.87 248,620.03 185,719.40 233, 507.42 229, 916.47 221,109.58 250,610.79 235,739.73 197,802.37 226,418.19 221,845.04 190,462.43 225,261.03 222,957.88 216,272.28 258,913.46 217,790.54 184,211.15 250, 669.99 245, 867.84 213, 379.16 248,135.12 200,665.76 196,018.13 222, 839.40 215, 619.79 172, 761.11 247, 611.60 225, 423.11 213, 473.23 236,289.73 225,443.30 208,289.36 $2,888,125.56 $2,697,114.88 $2,395,607.48 LEGEND: A -Money Appropriated; S- Actual Spent; RUC - Remaining Under Contract; E- Engineering; © R -Right of Way Acquisition; U- Utility Relocation; C- Construction; ■- Portion Completed; ❑- Portion Underway; N -Not Applicable SALES TAX PROJECTS Progress Report # 17 (through 6/30/93) *Revenue Bonds Issued to Fund Projects: $ 4,143,000 Encumbered & Under Contract: $ -0- Sales Tax Collected to Date for Debt Service and Additional Capital Projects: $ 2,598,621 .25 Interest Earned to Date on Project Funds: $ 651,664.15 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-------------------------- - - - - -- 150,000.00 126,135.00 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 ■ oRecreation Center Renovation--------------------- - - - - -- 33,000.00 32,980.00 0.00 ■ N N ■ Baseball- Soccer Field---------------------------------- - - - - -- 367,000.00 383,117.00 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 ,/So 000 00 Fire Station----------------------------------------------- - - - - -- 321 9,27 20,865.00 0.00 ■ ■ N ❑ Sports- plex------------------------------------------------ - - - - -- 19,143.00 19,143.00 0.00 ■ N N ■ [a]