04.20.20 MEETING MINUTES - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, April 20, 2020 Page 4 continue to serve our communities. I offer special thanks to our IT expert, Jeff Thomas, for finding the technology to enable these on-line Council meetings, as well as for finding the patience to teach all of us how to use it. We are all committed to helping each other through this time. In fact, the state of our Village has as much to do with our response to COVID-19 as it does with our financial position. Mayfield Village is a strong and vibrant community and I fully expect that we will continue to persevere through this challenge as family, friends and good neighbors. Especially during this time of uncertainty, I am proud of our response to the crisis and I am grateful to our Department Heads, to our Council President Steve Schutt, to all our members of Council, to our first responders and to all Village staff members as we work together to deal with the challenges we face. I am very thankful to be working with this team of caring and engaged individuals. Now for the financial State of the Village: FINANCIAL POSITION. 2019 was another strong financial year in Mayfield Village. Our income tax collections totaled over $20.7 million, and that's an increase of almost $500,000 over 2018. The vast majority of the Village's revenue comes from income tax dollars paid by individuals who are employed within the Village. That tells us that our business base remains stable and healthy, and that it continues to support the services and the amenities that are enjoyed by Mayfield Village residents. Our total general fund revenues for 2019, which include our income tax collections plus interest, land rental income, refunds of tax collection costs, miscellaneous revenues and reimbursements, property taxes and charges for sales and services provided by our Building, Recreation, Fire and Police Departments, totaled almost $27 million, again posting an increase over 2018 general fund revenues. In 2019, we received grant dollars totaling almost $289,000. As you all know, Assistant Recreation Director Danielle Echt recently received almost $378,000 in grants from the State of Ohio to help fund the Parkview Inclusive Playground Project. These grants are not included in the 2019 number as they are reimbursement grants and they will not be posted until this year. The value of all the grants we receive is significant to our bottom line and I am always grateful to the agencies who provide these grants as well as to our staff members who work hard to successfully secure them. In 2019, our general fund expenditures, exclusive of year-end transfers, were $15.9 million. This amount represents an increase in spending of just over $1.1 million from 2018. Our general fund balance as of Dec 31 It of last year was $24.8 million, an increase of about $3.4 million over our balance on Dec 31, 2018. We ended 2019 with a total outstanding debt of $3.8 million, down from $16.3 million in 2010. We currently have over $3 million set aside in our debt retirement fund to pay off our debt early and when it is economically beneficial and permissible to do so. The remaining $800,000 will be paid through TIF payments we receive and then used to pay the related debt, as well as from ongoing principal payments on bond debt, and money we receive through assessments for sewer conversions.