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MINUTES OF THE FINANCE COMMITTEE October 26, 2020 Online Broadcast Meeting Present: Councilmembers Bullock, Litten, &Neff Also Present: Councilmembers Kepple, Rader, & Shachner, Finance Director Rancatore, Director Corrigan, Director Leininger, Chief Dunphy, Chief of Staff Storey, a couple members of the public, Clerk Bach, & Deputy Clerk Lascu taking minutes Start time: 7:00 p.m. AGENDA Approval of the minutes of the October 5, 2020 meeting of the Finance Committee. Councilmember Litten made a motion, seconded by Councilmember Neff to approve the minutes. A roll call vote was taken as follows: Yeas - Bullock, Litten, Neff Nays - None Motion passed. The minutes were approved. SUBSTITUTE ORDINANCE 20-2020 -AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force at the earliest period allowed by law, to establish appropriations for current expenses and other expenditures of the City of Lakewood, State of Ohio, for the fiscal year ending December 31, 2020. (Referred to Finance 10/19/20) Chairman Bullock gave a brief overview of the necessity of Ordinance 20-2020 and the mechanics of the coronavirus appropriation. Director Rancatore stated that the Finance Department has been appropriating out of coronavirus fund and moving expenditures into it as well. These actions give much needed relief to the city's budget. $5.3 million have been applied through 3 CARES Act payments. They have been spread out between the general fund and police &fire pension funds. He noted that the administration submitted a substitute ordinance based on revised communications from the state on how to spend CARES Act money. The Finance Department determined that diverting rent relief to the salaries of first responders was a safer expense of coronavirus relief funds.