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RESOLUTION NO. 10.568
235
A RESOLUTION TO ADDRESS THE FINANCIAL
NEEDS OF THE CITY OF LITTLE ROCK,
ARKANSAS; AND FOR OTHER PURPOSES.
WHEREAS, on Tuesday, May 25, 1999, citizens of Little Rock, Arkansas,
registered their firm and decisive vote against Little Rock Ordinance No. 17,979
(April 13, 1999) ( "LRO ") and LRO 17,980 (April 13, 1999), creating a 3/4%
temporary sales and compensating use tax to fund certain capital improvements, as well
as LRO 17,981 (April 13, 1999), creating a 1/4% permanent sales and compensating
use tax to fund general operations; and
WHEREAS, the 1999 Annual Budget of the City of Little Rock projects
deficits for the years 2000, 2001, and 2003 in the total amount of $4,512,202,
$6,236,732.00, and $6,236,732.00, respectively, if there is no change in revenues or
expenditures; and
WHEREAS, the financial soundness and credibility of the City of Little Rock
are of the utmost importance to all of its citizens.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Little Rock Board of Directors hereby proclaims a
moratorium on all new major initiatives and studies, except those mandated by law or
created by unforseen emergencies or circumstances from June 1, 1999, through
December 31, 1999, and resolves to address all existing issues that now face the City
of Little Rock as outlined in the City Manager's Board Request Summary dated May
25, 1999.
(Cortected 104 -99)
• •
I SECTION 2. The Little Rock Board of Directors agrees to formally2 discuss
2 City Finances at each Board Agenda Meeting and to work closely with the City
3 Manager and staff in the examination of all city operations prior to the formation of the
4 proposed 2000 annual budget for the City of Little Rock.
5 SECTION 3. The Little Rock Board of Directors hereby directs the City
6 Manager to exercise caution and restraint in spending any discretionary funds of the
7 City of Little Rock until such time as the Board of Directors can determine the actual
8 financial condition of the City of Little Rock for the six month period ending June 30,
9 1999.
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Adopted: June 8, 1999
Attest:
Robbie Hancock, City Clerk
Approved as to Legal Form:
Thomas M. Carpenter, Oty Attorney
(Corrected 10.4 -99.)
Approved:
JinLdailey, Mayor