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<br />e <br /> <br />e <br /> <br />e <br /> <br />B. Five-Year Forecast and State Revenue Sharing Ordinance (memo, <br />ordinance, forecast distributed) <br /> <br />City Manager Micheal Gleason introduced the agenda item. Finance Director <br />Warren Wong gave the staff report. He said the State Executive Department <br />requires a five-year forecast for receipt of State Revenue Sharing funds. <br />Eugene's share of the funds is estimated to be $600,000 for FY 85/86 and <br />$671,000 for FY 86/87. <br /> <br />Mr. Gleason added that a Six-Year Forecast will be presented to the council <br />later. It is more useful than the five-year forecast required by the Execu- <br />tive Department. <br /> <br />Answering questions from Ms. Wooten and Ms. Bascom, Mr. Wong said last year"s <br />Five-Year Forecast projected expenditures of $130 million, but they actually <br />totaled only $93 million. The forecast projects "holding accounts" as well as <br />expenditures. The City's debt service is decreasing. Bancroft bonds are <br />being paid off and not many new bonds are being issued. The City's debt SE!r- <br />vice on general obligation bonds will decrease more than half in five years. <br />The only remaining major general obligation bonds will be for the Hult Center <br />and the acquisition of park land. <br /> <br />Answering a question from Ms. Schue, Mr. Wong said a committee of the League <br />of Oregon Cities decided not to request a change in the format of the Five.. <br />Year Forecast. <br /> <br />Mr. Hansen moved, seconded by Ms. Schue, to approve the <br />Five-Year Forecast. Roll call vote; the motion carried <br />unanimously, 8:0. <br /> <br />CB 2869--An ordinance electing to receive State revenue sharing <br />funds pursuant to Oregon Revised Statute (221.770) and <br />declaring an emergency. <br /> <br />Mr. Hansen moved, seconded by Ms. Schue, that the bill be rea!d <br />the second time by council bill number only, with unanimous c:on- <br />sent of the council, and that enactment be considered at this; <br />time. Roll call vote; the motion carried unanimously, 8:0. <br /> <br />Council Bill 2869 was read the second time by council bill number only. <br /> <br />Mr. Hansen moved, seconded by Ms. Schue, that the bill be <br />approved and given final passage. Roll call vote; all coun- <br />cilors present voting aye, the bill was declared passed (and <br />became Ordinance No. 19372). <br /> <br />MINUTES--Eugene City Council <br /> <br />January 8, 1986 <br /> <br />Page 3 <br />