minfin 11-21-22 - Laserfiche WebLink

Home Browse Search

MINUTES OF THE FINANCE COMMITTEE NOVEMBER 21, 2022 AUDITORIUM Present: Councilmembers Shachner (Chair), Kepple, & Bullock Also Present: Councilmembers Baker, Litten, Marx, & Rader, Mayor George, Chief of Staff Storey, Director Rancatore, Director Vargo, Chief Dunphy, Interim Public Works Director Papke, Director Leininger, Assistant Finance Directors Eddy & Schuster, Clerk Bach, & Deputy Clerk Lascu taking minutes Call to Order: 7:43 p.m. Overview of the Budget Document Finance Director & staff, Mayor Director Rancatore introduced the 2023 city budget, noting that it consists of 13 different pieces of legislation, and spoke about the administration's collaborative process to create it. Mayor George, Chief of Staff Storey, and Director Rancatore meet with all of the city department heads to discuss their operating and capital needs, short-term and long-term, and optimal funding levels. The administration also has dialogue with the city's bond counsel and underwriters to get a general impression of the investment community's debt offerings. The administration wants to protect the city's AA2 Moody's bond rating. In conclusion, Director Rancatore spoke about how collaborative the budget process is, with nearly every decisionmaker in city government having input. Mayor George gave an overview of her letter to Council and the public on the upcoming budget, focusing on notable upcoming expenses such as the stormwater interceptor project, investments in parks and public spaces —especially the Foster Pool update, continued investment in hybrid vehicles for the city's fleet, and upgrading police and fire equipment. Director Rancatore then spoke about key elements and breakdown of the $209.5 million budget. $52.6 million of that total comprises the general fund budget, which is the city's chief operating fund. The budget for 2023 is structurally balanced and represents an increase from the 2022 one. The new budget has provisions for new collective bargaining agreements, hybrid cruisers for the Division of Police, and upgrades to the refuse vehicle fleet. Mr. Rancatore explained that the administration is aiming to have the entire fleet of police cruisers comprised of alternative energy vehicles by 2028-2029, as the division has seen success with its current models. These vehicles also carry 8-year warranties, which extend longer than current natural gas models. He added that the refuse vehicles went through a long period of time without upgrades, which has led to costly and time-consuming repairs. With new investments in this section of the fleet, the city will be able to deliver smoother refuse services. Director Rancatore referred to pie charts showing the breakdown of the budget from a visual perspective. He noted that the budgets of many Ohio communities are comprised of 70-80% 1