01.22.24 MEETING MINUTES - Laserfiche WebLink

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Minutes of the Regular Meeting of Council Monday, January 22, 2024 Page 10 Council President Schutt asked, discussion? There was none. ROLL CALL: AYES: All Motion Carries NAYS: None Expenditure Authorized Motion to acknowledge receipt of financial reports for December 2023 and to approve of same as submitted. (Finance Department) Mrs. Jurcisek, seconded by Mr. Meyers, made a motion to acknowledge receipt of financial reports for December 2023 and to approve of same as submitted. (Finance Department) Council President Schutt asked, discussion? Mr. Wynne stated, I would like to make a few comments and highlight a few things for the year. The General Fund for the year increased by $191,000. It's $42,158,000.00. Our General Fund revenues were $16,272,000.00. Three items make up 81% of that amount. Our income tax collections which were $9,811,000.00. Our TIF revenues were $1,144,000.00. Our investment activity was $2,204,000.00. 1 wanted to highlight those primarily so everyone is aware that the TIFs will run their course and will phase out in 2027 for sure, possibly 2026, depending upon how high the collections are over the next couple of years. We already know that the Fed has announced they will start reducing the interest rates some time next year. We will have to monitor that and see how it's going. Because of that, we are in the process with our investment advisor of trying to take our investments and put them out longer where they are not callable and secure a higher rate of return if the Feds do start lowering the interest rates. I was on a webinar with the Regional Income Tax Agency on Friday. They addressed the 2020 refunds. The Supreme Court still has not rendered their opinion on how they are going to be handled. I have no idea when they will. What they did say is regardless of when they render their opinion, taxpayers only have until May 17'h of this year to file a refund request. As of today, RITA is sitting on refund requests for Mayfield Village taxpayers in the amount of about $247,000. They can file a refund request right now; it's just not going to get processed. But if they are waiting for the Supreme Court decision, and they file after the statute expires, they may not have that opportunity. We have about four more months to let this play out until we get to May 171h. Who knows what the Supreme Court is going to do in the meantime? As far as our debt goes, our outstanding debt is $1,975,000.00. We have $2,333,000.00 in the Bond Retirement Fund to fund that as well as any other future debts we might incur for capital projects. That's all I wanted to add. Council President Schutt asked, any questions for Mr. Wynne? There were none.