02/19/2013 Meeting Minutes - Laserfiche WebLink

Home Browse Search

The Hospitalization, Workers Compensation and Separation Pay Funds transfers in or contributions are reduced to help defray the cost increases and revenue losses in the general fund and other funds where salary and wages are expended, while we grow into our new revenue levels. While this cannot be a habit, it is the reason flexibility was built into the finances over the years to have such alternatives in more difficult economic times and Copfer does not believe it will negatively impact these reserves in the long run, though it will be closely monitored. Debt: The pending bond issue is reflected in the budget, including the payment of existing notes down and the new money capital projects. The proceeds and cost of issuance may have to be adjusted based on the final deal results, but will be amended on the ordinance as an amendment. Copfer included a graph that tells the story...The year that sounded so far off back in 1998, 2016 is nearing which is our last large debt service year and in 2017 our debt service drops off dramatically after freeing up property tax resources for the general fund ultimately and income tax resources in the permanent improvement street and storm fund to further reduce the reliance on borrowing. Additionally, with the short term average life of the proposed bond issue, it will be repaid in 10 years. Department of Finance: No staffing level changes. The full time employee wages will be increased 2% in 2013 ~,4 other than the assistant finance director which also includes an increase for both excellence in her position, and she was brought in low as it was the beginning of the recession when she was hired. Additional duties in 2013 include serving as the prevailing wage officer for the city, previously performed by the city engineer. The law director requested finance take it over especially in light of the significance of the WWTP improvement project. The other change is that the Munis consultant implementation fees now reside in the information technology division as many of the projects remaining are citywide initiatives. The Finance Director is still the project coordinator. Munis software maintenance and support costs increased slightly to cover the additional modules.