06/16/2009 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 6/16/2009 crash, and that is where we are. President Kennedy said he would schedule a meeting with the Mayor and Finance Director. But again, his concern is an action plan far right now, not what has been done in the past. Mayor O'Grady said the action plan has been in his reports. He has previously spoken about looking for additional revenue streams and looking for ways to find greater efficiencies. Finance Director Copfer commented regarding the projected $2 million shortfall amount for 2010 that was stated two weeks ago, she very clearly said it would depend upon revenues coming in at plan, expenditures being spent as appropriated, and the reduction of market values from the County Auditor for our property taxes. It did not include any other revenue reductions, such as what is happening with municipal income tax. She had said that would be evolving, and it is evolving. That is why the projected shortfall is now at $2.4 million. Finance Director Copfer: 1) The Finance Department has completed the CAFR for 2008. Our auditor is still completing the audit work this week. When that audit is complete, including the Auditor of State review, the State Auditor will release it and she will provide that information to City Council. 2) She met with the Mayor and the directors on the 2010 projected budget shortfall. She welcomes Council Members to come in if they have questions or concerns on specific issues. 3) She has worked on the 2010 county tax budget and in conjunction with that is reviewing budget to actual for 2009 year to date. She expects to complete that by next week. She is taking it from a different perspective, and it's not telling any different story than we have already projected. 4) The May monthly financial reports were distributed to Council, the Mayor, and the directors today. Her conclusions have not changed in total from March. The revenues are coming in as expected. The municipal income tax, while expected to decline further than what our plan had anticipated, has not occurred yet. Expenditures are over plan slightly, but upon deeper review, it looks like that is primarily due to some expenditures that were paid one time for the year rather than ratably throughout the year. If there are expenses that are over 41.67% expended through five months, that maybe something that we pay quarterly or on an annual basis. For example, pensions look higher than what they really are for 2009 because payments made in 2009 relate to 2008 wages, which is per the pension systems reporting requirements. Therefore, there are more months of pension in there than just five months. Councilman Gareau, chairperson of the Finance Committee: 1) The Finance Committee met on June 29, 2009 at 7:15 p.m. Present were Council President Kennedy, Councilman Brossard, committee member Councilman Barker, Councilman Orlowski, committee chairman Councilman Gareau, committee member Councilman Kearney, Councilman Mahoney; Finance Director Copfer and Planning Director Wenger; economic development consultant Greg Myers from Silverlode Consulting. The committee discussed Resolution 2009-71, a resolution extending for a second additional one-year period the city's contract with Silverlode Consulting Corporation for the purpose of providing economic development consulting services to the city and declaring 4