12/06/1988 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 12/6/88 _3_ Finance Director Boyle reported: 1) On December 1st, a bond payment totaling $1,450,000 was made:. $865,986 to principle - $583,230.81 of interest. 2) Motor Fuel Tax Division of the State of Ohio advised that from June, 1986 to June, 1988, they had refused refunds for ethynyl. There is a credit on ethynyl. This two year period resulted in $10,000,000 in refunds that the Supreme Court has just ruled they have to make, Since the State of Ohio had chosen not to set up an escrow account or some type of sinking fund, this $10,000,000 was. taken out of the November distributions. Fuel tax helps fund the State Highway Fund and the Street Maintenance Fund, which also receive money from normal .gasoline taxes and registrations other that the city's $5.00 tack-on and the County $5.00 tack-on. The other sources, right now, are either in excess of anticipated levels or very close by some 90~ so there should be no adverse affect on the two funds this year but they could have been higher if their funds had been given at the proper time. 3) City has received its first monies on the Township Sewer Agreement in the amount of $4,879.24. $936.81 of that was put into the Sewer Bond Retirement Fund. Based on 1987 figures, and projecting this billing, city should be re- ceiving approximately an additional $100,000 of revenue in 1989 with $31,000 going into the Bond Retirement Fund, off-setting about .07 mills property tax. 4) RTA contract has been signed; had explained that bus personnel pay a portion of their hospitalization, withheld by the city and based on the old contract. The new contract will cover more of the expense - hopefully, will have the exact figures tomorrow and will proceed to issue refund checks to all affected bus employees next week. 5) Mr. Frank Kagel has replaced Dorothy Lesch as treasurer to the Senior Center Board; Finance Director has spoken with him as well as with Chairman Fred Hatton, regarding their investment. A certain amount has been invested in one bank for a six month period. The Board wishes to roll that over for three months, if possible; if not, then for six months since they are not going to be using it for the next six months. Finance Director has suggested three months, if possible, in order to capture new interest rates if that develops. Mr. Boehmer, Chairman Public Health, Safety and Welfare Committee reported: 1) Moved Council have no objection to the issuance of an F2 liquor permit to the Kiwanis Club of North Olmsted, 29271 Lorain Road for a function to be held on December 31, 1988, second by Mr. Wilamosky, unanimously approved. Mr. Wilamosky, Chairman Finance Committee reported: 1) The Finance Committee met on November 21st and undertook discussions with respect to self-insurance in the area of hospitalization. It is the committee's recommendation to con- cur with the administration at this time that based on available figures, self- insurance in the area of hospitalization should not be considered. 2) Very briefly, committee discussed the administration's request to increase health benefits in hospitalization benefits for non-bargaining unit administra- tive personnel. The general concensus was that council should wait and discuss this further; the administration was very anxious for council to move on it. Legislation on the agenda this evening, Ordinance No. 88-141, covers this subject; would request that it be placed in the Finance Committee for review. 3) Committee discussed the adoption of the ten item capital improvement inventory which the administration had submitted to council and while tending to agree with these projects does not want to be put into the position of holding hard and fast to them; committee and those members of council in attendance concurred that development of engineering plans should move forward and be submitted with the application for grant monies. Ordinance No. 88-136, on tonight's agenda, basically reflects this. Will be asking for suspension of rule requiring three readings on Ordinance No. 88-136.