07/18/2011 Meeting Minutes - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, July 18, 2011 Page 14 will be determined at'that point in time, but I would imagine it is going to run somewhere between .75 to 1.25 in annual interest rates. Council President Buckholtz stated, if I'm not mistaken, you reported earlier that we kept our bond rating steady. Mr. Wynne replied, AA. Council President Buckholtz mentioned in keeping with the underlying threat of the meeting, these kind of numbers are available on our website as well in terms of Finance or do we have plans to get debt reduction, obviously was a big conversation. Mayor Rinker recalled for everyone's benefit. Last year when we went to voters requesting the rate hike, we made certain pledges. We have had a series of ineetings since then. Ron has done a very good job working with Diane to put together a powerpoint. We have posted that each time we have had the meeting. Typically the meetings here are pretty sparsely populated but we would like to think that the word gets out. I noted earlier that the monthly report that Ron puts together again really gets a running box score if you will on revenues and expenditures and periodically he has posted information that shows how our long term debt is comprised, how it's paid out, how we are projecting it. One of the five key points in our pledge to voters was that we would be looking at reducing long term debt and this $500,000 increment that we are looking to pay down this year I think really reflects its testament to the vigilance that everyone's paid to minding the store reflecting a pretty good balance in the economy. What we are doing, again Ron has been very conservative in looking at all the different responsibilities that we have had, but I think it's significant that we are able to pay down a half a million dollars in one year. That's probably the most ambitious we have done in quite a while. Our intention is to keep on this kind of track. Council President Buckholtz asked if there were any other comments or questions. ROLL CALL: AYES: All Motion Carried NAYS: None Ordinance Enacted EXECUTIVE SESSION Motion to go into Executive Session for personnel matters to discuss negotiations concerning wages and lbenefits of public employees. Mr. Saponaro, seconded by Mrs. Cinco, made a motion to go into Executive Session for personnel matters to discuss negotiations concerning wages and benefits of public employees. ROLL CALL: AYES: All Motion Carried NAYS: None Executive Session approved