«FINANCE COMMITTEE MEETING held June 25, 2012 6:45 p.m. Present: Chairman Mike Young Councilman Dwight Clark Councilman Dave Tadych Also Present: ...»
City Hall Renovations $25,000 This represents the anticipated cost of further renovations to the former Police Dispatch area and the Police Chief’s office in the basement of city hall.
Dwyer –ADA Grant $55,125 This appropriation will pay for the modification to permit disability access to the doors and washrooms at the Dwyer Memorial Center in accordance with grant funds received.
Sidewalk Construction and Repair Fund – Operating $22,500 This amount is to appropriate dollars up to the full contract that was awarded for the 2012 Sidewalk Replacement Program. Costs will be billed back to residents included in this year’s program.
Sewer Fund – Operating $25,000 The amount appropriated is for the utilities for the pump stations, which should have been much higher in past years. First Energy’s metering system was inaccurate.
The amount of $15,000 is earmarked for the Alex Sill Company for the appraisal/arbitration for the hail damage to the buildings. The remainder is for the increased cost of the Travelers Insurance contract approved recently by Council.
Mr. Presley stated that he emailed today the updated debt schedules and purposes. (Exhibit B attached). The legislation to be presented this evening for bond issuance includes $525,000 for street maintenance resurfacing for 2012. The amount of $975,000 for equipment replacement includes the amount of $395,000 to be reimbursed to the Bond Retirement Fund for a 2011 advance for equipment purchases. The 2012 Equipment Replacement Program called for $580,000 of new debt, primarily because of the fire truck. The funds must be available when the contract is awarded. It is likely that the actual unit will not be delivered until 2013. The amount of $80,000 in bond issuance is for radio narrow banding, and $25,000 in bonds will be issued for city hall renovations in the former office of the Police Chief and the dispatch area.
Mr. Young stated that looking at the new phone system and the city hall renovations, there is still a large sum of money in the Capital Improvements Fund. Some of those funds could be captured to pay for this in cash. Mr. Presley stated that $75,000 of the debt issuance could be eliminated and taken out of the Capital Improvement reserves. Mr. Young suggested letting the bond issuance proceed and saving the funds for future expenditures, such as the Community House.
Discussion followed concerning the 2012 Forecast number of $289,490 for interest expenditures for debt service. Mr. Clark stated that this number seemed low compared to 2011. Mr. Presley stated that there was debt refinancing which cut the interest rates. He will double check the numbers.
There being no further business to discuss, the meeting adjourned at 7:30 p.m.