minfin 12-06-21 - Laserfiche WebLink

Home Browse Search

Ord. 52-2021 —Land Acquisition Fund Director Rancatore spoke to the joint priority between the administration and Council to deposit funds into the Land Acquisition Fund. He noted the city owns properties that are scattered in a variety of governmental funds, and any money from their sale would be deposited into the Land Acquisition Funds. The Fund has been used to purchase Cove Church and has been a resource to use to hold city control on projects and ensure best development outcomes. Councilmembers noted that the large drop in the fund occurred from 2020 to 2021 due to the purchase of Cove Church and the neighboring property. Director Rancatore and Director Leininger presented a list of viable Land Acquisition Fund deposit candidates with their county-assessed valuation numbers. While the county evaluation is used as a baseline, the final sale price may fall below or above the figure based on market conditions at that time. In some instances, the city has subsidized the sale of properties to ensure their preservation. The city has also committed that 3 of the 9 homes the city owns would be made available for affordable housing purposes. Councilmember O'Malley highlighted the inclusion of the Madison youth building on the viable candidates list and asked whether that building will be vacated once the Cove Church project is completed. Director Leininger confirmed it would be vacated once Cove Church is done and that the city is expecting the youth building staff to move into Cove during the 1st quarter of 2022. Councilmember O'Malley also highlighted the address of 11900 Newman/Madison and spoke in support of adding a parking lot at that site to support the businesses and growth in the Birdtown neighborhood. Director Leininger indicated he was having an upcoming meeting with Neighborhood Family Practice and other interested parties in the area to discuss how the city can support them. Motion by Chairman Bullock, seconded by Councilmember Shachner to recommend Ordinance 52-2021 for adoption by the full Council. All members in favor. Motion passed. Ordinance 52- 2021 was recommended for adoption. Finance Department Finance Director Rancatore&Assistant Directors Schuster&Eddy Director Rancatore reviewed the roles and responsibilities of the Finance Department and the administrative team's seven full time staff. The department's core functions are financial reporting, budget development and preparation, income tax collections and utility bill collection and administration. Director Rancatore remarked on the importance of the Comprehensive Annual Finance Report (CAFR). This is the most significant document put out by the Finance Department and serves as the City's audited financial statement. It is evaluated by the State, the Government Finance 3