FINANCE COMMITTEE OF COUNCIL
CITY
HALL, 100 LOCKVILLE ROAD
TUESDAY,
DECEMBER 4, 2007
SPECIAL
MEETING
7:00
P.M.
1. ROLL CALL. Mrs. Hammond called the meeting to order at 7:00 P.M., with roll call as follows: Mr. Sabatino, Mrs. Hammond, and Mr. Fix were present. Mr. Smith was absent due to the death of his mother. Others present were Judy Gilleland, Chief Taylor, Lynda Yartin, Linda Fersch, Chris Schornack, Tricia Sanders, Brian Sauer, Rex Myer, Rachel Scofeld, and others.
2. SCHEDULED MATTERS:
A. Review and request for motion to approve draft ordinance for the final appropriation of funds necessary for the reconstruction and widening of Diley Road. Mrs. Fersch stated ODOT states we need to have approximately $560,000 on deposit before they open the bids on December 12th. She stated our engineer believes the bids will be less and we will get part or all of our money back, but in the meantime we do need to have the money on deposit. She stated the best way to do this is to do an advance from General Fund and if we find we need the money we will end up borrowing it. She stated we would have the legislation for that borrowing at the December 13th Finance meeting. Mr. Fix inquired when the money would actually be disbursed, and Ms Gilleland stated it would be disbursed over a two year period, however, ODOT would like all of the money in advance to make sure they can award the contract. Mrs. Fersch stated when the bids come in, if it looks like that amount will be needed we will not get any money back, but if the bids come in closer to the engineer’s estimate, we can request a portion of that money back. Ms Gilleland stated when the bids come in on December 12th, we will have a better idea of the money that is needed. Mr. Fix inquired if there was the possibility that the bids will come in low enough that our loans will cover all of it and we will not need any of this money on deposit, and Ms Gilleland stated there is that chance. Mr. Sabatino stated it seemed like we didn’t have a lot of choice because if we do not deposit it they will not open the bids. Mrs. Fersch stated that was correct, and if we find that they have to hold the funds we will then be borrowing the money in March because General Fund is only giving it as a temporary advance. Ms Gilleland stated we could actually borrow the funds at any time in 2008, but it would be nice to bundle it with our big borrowing that we do in March. Mr. Sabatino ascertained that our cash flow will be okay until we borrow if we need to. Mr. Sabatino moved to approve and forward to Council; Mrs. Hammond seconded the motion. Roll call was taken with Mrs. Hammond, Mr. Fix, and Mr. Sabatino voting “Yea.” Motion passed, 3-0.
B. Review and request for motion to approve draft ordinance amending the 2007 appropriation, Ordinance 2006-164. Mrs. Fersch stated this is the companion ordinance advancing the funds from the General Fund to the Diley Road Widening Fund. Mrs. Hammond moved to adopt; Mr. Fix seconded the motion. Roll call was taken with Mr. Sabatino, Mr. Fix, and Mrs. Hammond voting “Yea.” Motion passed, 3-0.
3. ADJOURNMENT. There being nothing further, Mr. Sabatino moved to adjourn; Mr. Fix seconded the motion. Mrs. Hammond, Mr. Fix, and Mr. Sabatino voted "Aye." Motion carried, 3-0. The Finance Committee Special Meeting adjourned at 7:10 P.M., December 4, 2007.
RESPECTFULLY SUBMITTED:
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