WWW.THESIS.DISLIB.INFO
FREE ELECTRONIC LIBRARY - Online materials, documents
 
<< HOME
CONTACTS



Pages:     | 1 ||

«Present: Councilman Dwight Clark, Chair Councilman Dave Tadych Councilman Tom Henderson Also Present: Mayor Sutherland, Finance Director Mahoney, Law ...»

-- [ Page 2 ] --

Mr. Henderson asked about the Street Construction, Maintenance and Repair Fund. Funds will be coming in from the City of Westlake. The advance repayments are completed, including the Minutes of a Meeting of Finance Committee October 13, 2014 $250,000 for Lake Road and $780,000 for the Cahoon Road Sanitary Sewer Replacement, and reimbursements posted to the proper funds. The $250,000 comes out of Fund 270, Street Construction, Maintenance and Repair, and goes to Fund 494, Infrastructure Improvement Fund.

The Cahoon Road Sanitary Sewer Replacement is paid out of the Sewer Fund. All of the advances have been posted back to the Infrastructure Improvement Fund which brings that fund to a balance of $1.8 million. Westlake pays their share of the OPWC loan for the Bradley Naigle Intersection improvement. Every six months when the OPWC loan comes due, Mrs. Mahoney pays both portions and Westlake reimburses Bay Village for their share.

The Fire Pension Fund is at a negative balance. There was a budget in the General Fund of $126,000 to cover the Fire Pension Fund. That money has been set aside. Mrs. Mahoney will let it keep riding until the end of the year to see exactly how much is needed. The pension cost for each firefighter is charged to the Fire Pension Fund which is funded by a portion of the property tax. The Fire Pension portion is 24% of their wages; Police is 19%. The property tax doesn’t cover the whole cost of the pension. There must be a transfer representing a reimbursement of the expense from the General Fund to cover that obligation, and Mrs. Mahoney will wait until the end of the year to do that transfer. There was a change in the method of payment which required a “catch-up” payment for three years. The year 2015 includes a budgeted amount of $56,000 for the third and final year of the “catch-up.” Mrs. Mahoney explained that this process was put into place because the payments went from being a quarter behind to being monthly payments. Therefore, it is not that we were paying extra, we were just catching up to the new method of payment.

The Sewer Fund has a negative balance because the entire transfer was paid back to the Infrastructure Improvement Fund. The balance is not reflecting the last quarter sewer payments, approximately $400,000. Mr. Clark asked what the large encumbrance of $235,000 in the Sewer Fund represents. Mrs. Mahoney will check further to see if that represents the Walker/Nantucket Pump Station.

Mr. Tadych asked if the change order to the contract for the Lake Road Resurfacing Project, for the work done for the sewer grates, is included in the Sewer Fund. Mrs. Mahoney stated that the additional $6,000 appropriated for the $36,000 needed for the change order is reflected in the Street Construction Maintenance and Repair Fund. The work will be done by the end of this year.

Mr. Clark stated that there are a number of revenue items for SAFEbuilt. In comparison to the expenses it appears that there is a positive of about $25,000 totals for revenues over expenses, not including the cost of the build-out to accommodate the SAFEbuilt headquarters in the amount of approximately $22,000 for which SAFEbuilt reimbursed the City. Mr. Clark asked Mrs. Mahoney to break down the figures on the report to assist with tracking.

Mr. Henderson asked Mrs. Mahoney to include a debt schedule in the monthly financial packets.

Conda Boyd asked if there is a timeline and milestone schedule set for the 2015 Budget. Mr.

Clark stated that the goal is to have the budget completed before the end of 2014, by early to mid-December at the latest. Next week the department heads will be asked to talk about how Minutes of a Meeting of Finance Committee October 13, 2014 they constructed their department budgets, both operating and capital sides. The ordinance adopting the budget will run through the full three readings, and the Finance Committee will have to calculate how much they will borrow to spend for capital improvements. It is hoped to be in a position by mid-November to go first reading on the budget. Mr. Clark credited Mrs.

Mahoney and her team for putting together a budget that will sustain itself for years to come.

The template created is simplified, standardized and easy to read.

Mr. Henderson noted that he also liked the inclusion of the memorandums by department heads to help the committee understand the requests.

Mayor Sutherland stated that next year they will add the personnel record portion to the budget.

Mr. Tadych asked when the sidewalks will be done. Service Director Thomas stated that the sidewalk replacement program for 2014 has been completed. Mr. Tadych asked if the budget figures reflect the expenditures and Mrs. Mahoney stated that the final numbers have not been prepared.

There being no further business to discuss the meeting adjourned at 7:25 p.m. The next meeting of the Finance Committee will be held on Monday, October 20 at 6 p.m.

–  –  –



Pages:     | 1 ||


Similar works:

«Staff Paper P98-6 August 1998 56#(( 2#2'4 5'4+'5 NET FARM INCOME ESTIMATED TO DROP PRECIPITOUSLY IN 1998 by Kent Olson DEPARTMENT OF APPLIED ECONOMICS COLLEGE OF AGRICULTURAL, FOOD, AND ENVIRONMENTAL SCIENCES UNIVERSITY OF MINNESOTA Staff Paper P98-6 August 1998 56#(( 2#2'4 5'4+'5 NET FARM INCOME ESTIMATED TO DROP PRECIPITOUSLY IN 1998 by Kent Olson Research sponsored by the Minnesota Experiment Station, Project 14-22. The analyses and views reported in this paper are those of the authors. They...»

«Effects of Procedure Frame, Procedure Verifiability, and Audit Efficiency Pressure on Planning Audits of Fair Values By Eldar Maksymov PhD Student Johnson Graduate School of Management Cornell University Mark W. Nelson Eleanora and George Landew Professor of Accounting Johnson Graduate School of Management Cornell University and William R. Kinney, Jr. Charles & Elizabeth Prothro Regents Chair in Business and Price Waterhouse Fellow in Auditing McCombs School of Business University of Texas at...»

«A psychoanalytic approach to the Housing Bubble: From individual to group Şule Özler, PhD Associate Professor, Department of Economics, UCLA, Clinical Associate, New Center for Psychoanalysis, Los Angeles October, 2012 Keywords: financial bubbles, group functioning, uncertainty, anxiety 944 9th Street #5. Santa Monica, CA 90403. E-mail: ozler@econ.ucla.edu phone: (310) 869We thank Linda Brakel, Morris Eagle and Linda Goldman for helpful comments. Allan Compton has been especially helpful in...»

«Advance learning on Disallowance from Business/Profession income (Practical) Sections 40, 40A and 43B provide the list of expenses which are specifically disallowed while computing income chargeable to tax under the head “Profits and gains of business or profession”. In this advance learning we will learn about various expenses which are specifically disallowed while computing income chargeable under head “Profits and gains of business or profession”. The detailed provisions in this...»

«An Economic and Impact Analysis of the Coldwater Mountain Bike Trail Prepared by: Dr. Benjamin B. Boozer Assistant Professor Jacksonville State University Mr. Mike Self Research Analyst Jacksonville State University Prepared for Mr. Joseph Jankoski, Executive Director Calhoun County Community Development Corporation Through: Center for Economic Development Jacksonville State University 700 Pelham Road North Jacksonville, Alabama 36265-1602 July 2012 Special appreciation goes to Gayle Macolly...»

«1 Estimation of VaR Using Copula and Extreme Value Theory L. K. Hotta State University of Campinas, Brazil E. C. Lucas ESAMC, Brazil H. P. Palaro State University of Campinas, Brazil and Cass Business School, U.K. This paper proposes a method for estimating the VaR of a portfolio based on copula and extreme value theory. Each return is modeled by ARMAGARCH models with the joint distribution of innovations modeled by copula. The marginal distributions are modeled by the generalized Pareto...»





 
<<  HOME   |    CONTACTS
2017 www.thesis.dislib.info - Online materials, documents

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.