12/02/1986 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 12/2/86 -5- Finance Director Boyle reported; 1) North Olmsted has paid all bonds. City has made 1.7 million dollars of cash payments yesterday for principal and in- terest. Has retired three bonds; based on the 1986 payments, this frees up approximately $106,000 for next year and will be used to retire bonds and interest. 2) Resolution No. 86-121, approving the tax rates, is on the agenda tonight; it exceeds the budget by approximately $5,000. Resolution No. 86-122, directing the County Auditor to pay North Olmsted all tax money due and owing the city, is also on the agenda. Based on the county's projections of assessed valuation, city will have for next year, a capacity of 3.6 million dollars in unvoted bonds; 21 million dollars in voted bonds. Will be receiving tax monies via wire transfer; this should increase investment capabilities by about 30 days - will have 30 extra days of investments. 3) Would like RTA to be challenged with respect to the brake lathe; RTA has continually disallowed capital improvements and the brake lathe is a capital improvement. Without capital equipment, city is foreced into higher maintenance costs; these costs are compared to RTA's and they always say that it costs North Olmsted more to operate. Of course it costs more to operate when all work has to be sent out - it can't be done in-house. Mayor Petrigac responded that the administration has already challenged the brake lathe decision, in fact, has challenged the appeal mechanism. Were first told to appeal to the RTA treasurer; treasurer said to appeal to the board; city went to the board and that is the reason for Mr. Busch's visit -because of constant phone calls that were made because the administration could not deter- mine what the proper appeal mechanism was. Will continue the appeal at the Monday meeting with RTA. Will also appeal the cost for moving the fire hydrant. The landscaping put in by North Olmsted Lumber Company now prohibits the use of their yard; RTA maintains the city should continue to go across other people's property and the moving of the hydrant was the city's problem and not theirs. The hydrant was moved to keep the buses from hitting it. Law Director commented that RTA is not paying the City a single cent for the Bus Garage - city is paying every penny of debt service on the garage and yet RTA is pickle and diming us to death on the moving of afire hydrant, which is totally and completely in- excuseable. It just shows a total lack of good faith. Mr. Wilamosky, Chairman Finance Committee reported: 1) Finance Committee met on December 1st. Mayor Petrigac,. President Saringer, Directors Boyle, Cunningham and Becker were also in attendance. Committee discussed Ordinance No. 86-108, which transfers funds to recodification line item and has no objection. 2) Discussed Ordinance No. 96-110, creating a new fund known as the Payroll Liability Fund as recommended by Director Boyle. It is a required fund for the conclusion of this year for all financial statements dated before December 15th, 1986. In keeping with Mr. Boyle's recommendation, as well as recommendation of the auditor, committee has no objection. 3) Discussed Ordinance No. 86-111 and 86-116, transfers within the Bus Line, and committee has no objection to either. 4) Committee also discussed Ordinance No. 86-121, establishing the rate of taxation for fiscal 1987; millage to be included within this legislation is 14.1. The County Auditor has issued a report with respect to the real estate and a personal tangible property tax, valued for North Olmsted, at $352,988,000. 5) Discussed Ordinance No. 86-122, requesting the County Auditor to pay all monies due and owing the city from all collection sources; committee has no objection; will be asking for suspension of rule requiring three readings on Ordinance Nos. 86-121 and 86-122.