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<br />MINUTES OF THE FINANCE COMMITTEE <br />DECEMBER 18, 2023 <br />AUDITORIUM <br />Present: Councilmembers Shachner and Bullock <br />lso Present: Councilmembers Baker, Rader, Marx, Council staff, Planning Director Leininger, <br />A <br />Finance Director Rancatore, Assistant Finance Directors Schuster & Eddy, Mayor George, Law <br />Director Vargo <br />Call to Order: 6:03 p.m. <br />Approval of the minutes of the December 11, 2023 meeting of the Finance <br />Committee. <br />Motion made and seconded to approve the minutes. All members in favor. Motion passed. <br />Minutes approved. <br />*** <br />Director Rancatore introduced a substitute version with updated attachments for Ordinance 22- <br />2023 regarding 2023 appropriations. The new version reflects financial changes made from the <br />time the ordinance was introduced in November until now. He highlighted changes made <br />between the original and the substitute version to address capital projects and other general <br />th <br />administration matters such as the 27 pay, insurance, separation payments, and others. Other <br />changes were made to de-appropriate funds from accounts in which there was little or no activity. <br />Director Rancatore briefly summarized each ordinance and its impact on the budget. <br />In response to a question regarding Ord. 23-2023, the transfers and advances ordinance, Director <br />Rancatore explained that the transfer from the General Fundto Winterhurst reflects capital <br />investments and a downpayment for a new ice plant installation for 2024. <br />Councilmember Bullock pointed out that it is a departure from the City’s past practice to pay for <br />capital improvements out of the General Fund. <br />Director Rancatore noted that the City carries a lot of debt and prefers to look for places other <br />than debt to pay for large capital projects. He explained that paying for the capital improvements <br />out of the General Fund was appropriate in 2023 because the city saw strong income tax receipts <br />and interest on investments. In the course of continuing conversation on this topic, Director <br />Rancatore explained that the General Fund dollars allocated to Winterhurst, will not be paid back <br />to the General Fund. However, he noted that the City is always prudent when spending out of the <br />General Fund, to ensure there is enough capital to operate. <br />In response to additional questions on the transfers and advances ordinance, Director Rancatore <br />explained how ARPA funds and projects are reflected on the updated exhibit A. He emphasized <br />1 <br /> <br />