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Home My WebLink About1991.04.08_Sales Tax Watchdog Committee AgendaNOTICE OF PUBLIC MEETING The Owasso Sales Tax Watchdog Committee will meet in regular session on Monday, April 8, 1991 at 7:00 p.m. in the Owasso Community Center located at 301 S Cedar, Owasso, OK. Notice filed in the office of the City Clerk and posted on the City Hall bulletin board at 4:00 p.m. on April 4, 1991. Marc'a Boutwel , Committee Secretary AGENDA 1. Call to Order . . . . . . . . . . . . . . . . . . Mr Philippi 2. Roll Call 3. Request Approval of Minutes of January 14, 1991 . Mr Philippi 4. Presentation & Discussion of Financial Reports Ms Lambert 5. General Discussion of Projects & Progress Report . . Mr Ray 6. Request Committee Action Relating to a Proposed Resolution Expressing the Committee's Recommendation that all Proceeds from the Sale of Property Originally Acquired Using Proceeds of the 1988 Revenue /Sales Tax Bond Issue be Returned to the Capital Improvements Fund for Reappropriation Through the Accepted Process . . . . . . . . . . . . . . . . . . Mr Ray 7. Request Approval of Completion Report for 86th Street Project . . . . . . . . . . . . • . . . . . Mr Ray Sales Tax Watchdog Committee Agenda April 8, 1991 Page 2 8. Request Approval of Completion Report for 76th Street Project . . . . . . . . . . . . . . . . . . . . . . . . Mr Ray 9. Consideration & Approval of Quarterly Report for Public Distribution . . . . . . . . . . . . . . . . . . Mr Philippi 10. Report from Criteria Subcommittee and Discussion of and Action on Same . . . . . . . . . . . . . . . . . . . . . Mr Philippi 11. Old Business . . . . . . . . . . . . . . . . . . Mr Philippi 12. New Business . . . . . . . . . . . . . . . . . . Mr Philippi 13. Adjourn City of Owasso 1988 Revenue Bonds Project Status Summary Report For the Quarter Ended March 31, 1991 Expended Percent this Expended Remaining of Budget Percent PROJECTS Budget Quarter to Date Encumbrances Budget Expended Complete 861h Street Improvements $2,753,383 $43,389 $2,749,519 $0 $3,864 99.9% 100% 76th Street Improvements 150,000 179 3,087 0 146,913 2.1% 20% Residential Street Overlay 150,000 0 126,135 4,069 19,796 84.1% 99% Main Street Renovation 100,000 1,000 2,050 0 97,950 2.1% 10% Original Town Drainage 500,000 21,196 302,583 0 197,417 60.5% 50% North Drainage Study 15,000 0 14,869 0 131 99.1% 100% Firefighter Radio Equipment 35,000 0 34,781 0 219 99.4% 100% Animal Impound Facility 105,000 0 105,224 0 (224) 100.2% 100% Recreation Center Renovation 33,000 2,850 32,980 0 20 99.9% 100% Baseball /Soccer Complex 120,000 6,857 15,952 0 104,048 13.3% 10% Land for Sports & Drainage 293,792 0 293,782 0 10 100.0% 100% Rodeo Ground Improvements 20,000 0 14,975 5,000 25 74.9% 100% Total $4,275,175 $75,471 $3,695,937 $9,069 $579,238 86.5% City of Owasso Sales Tax Collections and Restricted Use of One Percent Fiscal Year 1990 -91 Jul -90 Aug -90 Sep -90 Oct -90 Nov -90 Dec -90 Jan -91 Feb -91 Mar -91 Apr -91 May -91 Jun -91 Total Three Percent Sales Tax Collection $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 $2,697,114.88 One Percent Sales Tax (1/3) $69,075.13 82,873.34 76,638.82 78,579.91 73,948.35 74,319.29 72,596.85 81,955.95 66,888.59 71,873.26 75,141.04 75,147.77 $899,038.29 *Note: Accumulation begins 09/01/92. Required for 1983 GO Bond Debt Service $36,254.16 36,254.16 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 33,891.66 $411,424.92 Available for 1988 Rev. Bond Debt Service $32,820.97 46,619.18 42,747.16 44,688.25 40,056.69 40,427.63 38,705.19 48,064.29 32,996.93 37,981.60 41,249.38 41,256.11 $487,613.37 Capital Future Fund* -0- -0- -0- -0- -0- -0- -0- -0- -0- -0- -0- -0- Required for 1988 Rev. Bond Debt Service 26,858.00 26,858.(X) 26,858.00 26,858.00 29,803.00 29,803.00 29,803.00 29,803.00 29,803.00 29,803.00 29,803.00 29,803.00 Excess (Deficiency) 5,962.97 19,761.18 15,889.16 17,830.25 10,253.69 10,624.63 8,902.19 18,261.29 3,193.93 8,178.60 11,446.38 11,453.11 $345,856.00 $141,757.37