MINUTES SPECIAL CALLED MEETING HEATH CITYC COUNCIL  MONDAY, SEPTEMBER 25, 2023 at 6:00 p.m.  ATTENDING: KELSON: ELAM, MAYOR  PAULE RUFFO, MAYOR: PRO1 TEM SHARON CALDWELL RICH KRAUSE BRENT WEAVER JIM CHESTER DONNA ROLATER  ABSENT:  Mayor Kelson Elam called to order the Special meeting at 6:00 p.m.  Items for Individual Consideration:  2.a Conduct al Public Hearing Regarding an Ordinance. Adopting al Budget for the City for the Fiscal Year October 1, 2023 through September 30, 2024; Providing that Expenditures for said Fiscal Year shall be made in accordance with said Budget. Mayor Elam stated that he received a letter from John E. Ney regarding questions options on the budget and we will address these items at tomorrow's council meeting during the budget item. Director of Finance Jay. Ayers stated that the city is required to hold a public hearing before the Mayor Elam opened thej public hearing at 6:03p.m. and no one] present to speak andi Mayorreferred Councilman Weaver stated that regarding this year's budget and thei increase in revenue that came from new properties versus the overall increase in revenue, the proposed increase in revenue exceeded the increase due strictly to new properties which appears to be a departure from our equivalent tax rate formula. Aretha confirmed that this year we are bringing in an additional $622,978 in property tax revenue. New growth is $473,038 and the difference of $ 149,940 is not because we did not abide the equivalent tax rate: formula that's used to calculate the M&O tax rate, buti instead is an increase: in the I&S revenue because we are going out for a CIPI bond and wel have toa anticipate what that cost will bring toi the city and this difference will goi to our Debt Service fund. If we were not doing the bond, we would have kept flat having our growth be only from new development. Mayor stated that we have a hard ceiling and would really like to find a way to stay within our formula. Councilman Weaver stated that we. have had numerous meetings discussing how the issuance of these CIP bonds would not affect our taxpayer's tax rates, but this proposed increase: ini thel I8Sofs14994oinizates: otherwise. Two options were discussed to correct this issue and ensuret the CIP bond does not: affect taxpayer'si taxi rates: Option. A to transfer out oft the General Fund to the Debt Service Fund, taking us to 33.6% of Fund Balance. Option B to transfer out of MOTION TO POSTPONE. ADOPTION OF BUDGET UNTIL THE SEPTEMBER 26, 2023  budget it approved and tonight's meeting is for that public hearing. HEARING to receive comments regarding the request.  note oft thel letter received. Mayor Elam closed thej public hearing at 6:031 p.m.  Discussion and action regarding the request.  Debt Service Fund balance. Council consensus was to go with Option. A.  REGULAR COUNCIL MEETING  MOTION MADE: SECONDED: APPROVED: ABSENT:  WEAVER MAYOR ELAM CHESTER, ROLATER  PASSED UNANIMOUSLY BYTHOSE PRESENT  City Council Minutes. September 25, 2023  Page 1of2    Mayor Elam adjourned the meeting at 6:441 p.m.  APPROVED: 5lix KELSON: ELAM MAYOR  ATTEST:  Vae Lnen NORMA DUNCAN CITY SECRETARY  City Council. Minutes- - September 25, 2023  Page 2of2