09/05/2000 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 9/5/2000 Chamber of Commerce case as he is very knowledgeable in the area of the First f •~ _ Amendment. He will be misse . Finance Director Copfer: 1) During the month of August, many projects came to fruition for the Finance Department. The 1999 post-audit meeting was held on August 9. As soon as the report is issued out of Columbus, she will distribute copies to Council. 2) Council has received the annual information statement which has been mailed to the mandatory repositories. (NRMSIR, Nationally Recognized Municipal Securities Information Repository) Our bond covenants require the city to send updated annual information to be held for interested investors. The preliminary official statement on the general obligation bonds was mailed to potential investors on August 30. This statement describes the particulars of the debt issuance, includes payment and repayment information and also includes a copy of the annual information statement. 3) The June 2000 Revenue and EEA reports were delivered the Council and members of the administration the second week of August. The July 2000 Revenue and EEA reports were delivered to Council today. 4) Before Council this evening is the county tax budget for fiscal 2001. This is required to identify need to enable the county to levy taxes. It is in a different form this year as it was put on an Excel spreadsheet instead of using the booklet provided by the county which must be done by hand. 5) She thanked the Mayor and Law Director for their support with the rating presentations that were made in New York. Moody's has determined that the city should be upgraded from a BAAl to A2. Their rating report states that this upgrade reflects the city's improved internal control and financial position, a manageable debt burden and an expanding tax base. Moody's expects the city's satisfactory financial position will continue given recently institutionalized management controls and budgeting polices and a diverse and growing revenue stream. It also recognizes the administration's and Council's policy of continuing to reduce the debt burden through borrowing less annually than is retired. This was a major leap for Moody's, but they recognized the dedication and resolve to improve the financial controls, along with proper purchasing and accounting practices. A presentation was also made to Fitch IBCA, which is one of the other three major rating agencies. Fitch rated the city an A2, which is an equivalent to Moody's Al rating. They even more clearly reinforced the policies that were implemented in 1998. Throughout their report, they state that the city's current administration has diligently worked to improve controls and restore balance it its financial operation. Mrs. Copfer noted that the city is very fortunate in that we have a diversity of revenues. We have about a third each of property taxes, municipal income taxes and other charges. The strength in revenue flows has allowed the city to restore reserves to a satisfactory level. Fitch and Moody's were very impressed that the city has made a commitment to create a budge stabilization reserve account. She is proud of all the things the city has been able to accomplish while playing catch-up and making improvements. Mayor Musial added to his report: 1) This Spring, the North Olmsted Police Department will be incorporating a bicycle patrol. Officers interested in this duty will undergo and physical examination and their training will be provided by the Cuyahoga County ~•~ Community College Police Department. -~N