FINANCE COMMITTEE OF COUNCIL
CITY HALL, 100 LOCKVILLE ROAD
TUESDAY,
NOVEMBER 17, 2009
SPECIAL
MEETING
7:00
P.M.
1. ROLL
CALL. Mr. Fix called the meeting to
order at 7:00 P.M., with roll call as follows: Mr. Sabatino, Mrs. Hammond, Mr.
Fix, Mr. Sauer, Mrs. Sanders, and Mr. Wisniewski were present. Mr. Smith was absent. Others present were Chief Mike
Taylor, Mayor O’Brien, Lynda Yartin, Linda
Fersch, Chris Schornack, Ed
Drobina, Greg Bachman, Gavin
Blair, Nate Ellis, and others.
2. SCHEDULED MATTERS:
A. Review and discussion regarding revised
debt retirement schedule. Mr. Fix
clarified a revised debt retirement schedule had been provided to
everyone. Mr. Schornack stated he had
applied an additional $100,000 to the debt retirement schedule to the Courtright/Diley/Downtown
notes. Mr. Schornack stated after making
the changes for the insurance, and still keeping the carryover at approximately
$1.5 million, he had applied the $100,000 to these notes. He stated if he would not feel comfortable
with a higher amount at this time because there could be something unforeseen
come up. Mr. Fix inquired if Council
could get a commitment from Mr. Schornack that during the Finance Committee
meeting of July 2010 this situation could be revisited and if there is an
opportunity to retire more debt at that time they could take advantage of that
opportunity. Mr. Schornack stated that
would be possible. Mr. Sauer stated his
question would be why those particular notes were chosen over the other
notes. Mrs. Fersch stated there were two
or three years we did not pay any principal on those notes and if we go out for
bonds we would not be able to go for 20 years, so she wanted to make sure we
had paid something down on that. Mrs. Fersch
stated then next year the smaller notes could be retired. Mrs. Fersch further stated our debt is due in
February, however, when the principal is due at the end of next year we could
add more to the principal on the police station. She stated right now we are paying the
scheduled principal, but the more you pay on the principal since it is a
variable interest rate, you save money that way. Mr. Fix stated then if we determined in July
that we had an extra amount we could use that then for the police department
debt which is due December 31st.
He further clarified that is General Fund debt. Mr. Fix questioned if, given that, everyone
was comfortable with leaving it at the $100,000 tonight and reviewing it again
in July. Mr. Wisniewski stated he would
be fine with that as long as we didn’t spend any extra funds somewhere
else. Mrs. Fersch stated she would also
like to point out that we have estimated income tax at two percent and if
something could happen that it does not come in at two percent, and we already
know our Local Government Funds will be decreased, there could be other
revenues decreased during the course of the year that we do not know. Mr. Wisniewski stated he would defer to Mrs.
Fersch on this issue. Mr. Sabatino
questioned why we would not just go with $130,000 and pay the low one off in
its entirety instead of putting $100,000 on something big. Mrs. Fersch stated the municipal building
notes are paid from impact fees, not from General Fund, and we can only pay
what was in the fund. Mr. Wisniewski
clarified that impact fee funds cannot be used to pay for any of the
Courtright/Diley/Downtown notes. Mr.
Sauer clarified that funds would not automatically be applied to debt, but
would go into the General Fund. Mrs.
Fersch stated if the note is not paid off at that point it should definitely go
there. Mr. Fix clarified that everyone
would like to have this issue reviewed by Finance Committee at their July 2010
meeting.
B. Review and request for motion to
approve draft ordinance adopting the Budget for the 2010 Fiscal Year beginning
January 1, 2010. Mr. Fix stated the
budget ordinance had been provided to everyone with all of the changes included
that were finalized at the last Finance Committee meeting. Mr. Wisniewski clarified that with regard to
the Health Department, the school districts that are within the City will be
serviced by Franklin County Health Department and the schools that are outside
the City will be serviced by the Fairfield County Health Department, beginning
January 1, 2010. Mrs. Fersch stated she
had been trying to get something coordinated to put into the water bills and to
send to the schools, however, the Health Department has been busy with the H1N1
issue, so she will be getting something put together very shortly. Mrs.
Sanders moved to approve the proposed budget for 2010 and forward it to Council; Mr. Sauer seconded the motion. Roll call was taken with Mrs. Hammond, Mr.
Fix, Mr. Sabatino, Mr. Sauer, Mr. Wisniewski, and Mrs. Sanders voting
“Yea.” Motion passed, 6-0.
3. ADJOURNMENT. There being nothing further, Mr. Sauer
moved to adjourn; Mrs. Hammond seconded the motion. Mr. Sauer, Mr. Fix, Mrs. Sanders, Mrs.
Hammond, Mr. Wisniewski, and Mr. Sabatino voted "Aye." Motion carried, 6-0. The Special Finance Committee adjourned at
7:15 P.M., November 17, 2009.
RESPECTFULLY SUBMITTED:
________________________________
Lynda D. Yartin, Municipal
Clerk