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1 <br /> CAPITAL ASSET AND DEBT ADMINISTRATION <br /> IThe Town's capital assets at December 31,2009 are presented in the following table. <br /> Capital and Other Assets (net of depreciation/amortization) 2009 <br /> IBusiness- <br /> Governmental type Total <br /> IActivities Activities <br /> Land $ 274,674 $ 226,126 $ 500,800 <br /> I Construction in process $ 533,055 $ 533,055 <br /> Swimming Pool/Community Center $ 409,072 $ 409,072 <br /> Water/Sewer System $12,404,440 $12,404,440 <br /> I Buildings and Building <br /> Improvements $ 5,209,026 $ 6,216 $ 5,215,242 <br /> Equipment and Furniture $ 361,128 $ 13,787 $ 374,915 <br /> I Infrastructure $ 1,889,295 $ 1,889,295 <br /> Bond Issuance $ 25,099 $ 25,099 <br /> ITotal $ 8,676,250 $12,675,668 $21,351,918 <br /> IItems of Interest for 2009 <br /> • The Town's Municipal Sales Tax increased 9%over 2008,however,suffered a 22%decrease in the County Sales Tax. <br /> I • Major capital asset activity during 2009 included the following: <br /> I Construction was completed for the new Plaza downtown, and construction began in the "Old High School" for a new <br /> gymnasium. <br /> ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES <br /> IThe recession is estimated to ease some by the last quarter of 2010 and the 2010 General Fund budget anticipates a slight increase <br /> in revenue over 2009. This is in spite of Town reliance on County Sales tax,which is budgeted at the 2009 level only and is <br /> reflective of increases from grants,property tax and fees. County sales tax collections in 2009 are projected to be 17%below the <br /> I 2009-budgeted amount and are budgeted at the same level in 2010.This is due to spending on capital projects started in 2009 but <br /> carried forward to 2010. <br /> I Without growth in County Sales Tax,the Town's major revenue source,some new capital improvement opportunities and <br /> construction projects may be delayed. Because of favorable construction costs and grant revenue,the Town will be able to move <br /> forward with already funded projects in 2010. These include;the Kluge Avenue Reconstruction,and Civic Center Gymnasium <br /> Remodel. Another grant-funded project is acquisition of a new ambulance and associated equipment. Funding has further been <br /> Ibudgeted to match a fire station construction grant should that be awarded in 2010. <br /> While certainly impacted by the 2008/2009 recession,the Town is weathering the downturn and continues to provide the same <br /> I services. In fact,unlike many other municipalities across the state and nation,Palisade experienced growth in municipal sales tax <br /> collections in 2009 and will continue its economic development efforts. Through frugal spending,the Town has been able to avoid <br /> reductions in staffing levels and in fact will fund a 2.5%salary step increase for employees in 2010. <br /> I <br /> 9 <br /> I <br />