04/07/2009 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 4/7/2009 Finance Director Copfer: 1) She participated in a records commission meeting held on March 18. 2) She participated in FOP negotiations on March 25. 3) Over the course of the last few months, she has participated in the STC (Senior Transportation Commission) strategic planning committee review and update of the original strategic plan. This will be presented to the STC board later this month. She will provide copies to City Council after the board approves it. 4) She has prepared and provided financial documentation for the upcoming police layoff arbitration scheduled for April 15. 5) She has provided the financial information for the police- related federal stimulus grant applications. 6) The Auditor of State has issued reporting requirements to their office for any and all awards from federal stimulus dollars. It is a very narrow window of five to seven days upon being awarded the dollars. They are doing this for all governmental entities to try and provide an accountability database to monitor where the dollars are going in Ohio. 7) Our bond anticipation notes were sold in the market on March 24 fora 2% face value, or a 1.922% all in total interest cost. This was a great rate because the day before they were expecting to be 2.25%, but we had a lot of interest and actually two buyers purchased the notes, so we were pleased. 8) The WWTP engineering and design loan was approved by DEFA (financing arm of the EPA) on March 26. The stated rate on these funds is 3.2%. It is being administered through the OWDA. 9) The auditors are on site this week performing the detailed field work. There are related party confirmations all of Council must sign and return directly to the auditors in the envelope provided. Also, there are additional procedures included in the Auditor of State's required components for all government entities this year. They are looking for contracts our city may have had with the vendors that are under investigation currently by the FBI ever-spreading probe. This was also done last year after our audit was complete and was what delayed ours and many other entities' audits from being released by the state as they developed these procedures to test their concerns appropriately. Thankfully this year they have incorporated it into the regular audit so as not to delay the timely reporting of our city's financial information. Councilman Gareau, chairperson of the Finance Committee: 1) The committee met on March 24, 2009 at 7:50 p.m. and concluded at 8:14 p.m. Present were Council President Kennedy, Councilman Brossard, committee member Councilman Barker, Councilwoman Jones, Councilman Orlowski, committee chairman Gareau, committee member Councilman Kearney, Councilman Mahoney; the Law Director, Finance Director, Service Director, and Safety Director. Agenda items included the following: • Ordinance 2009-35, ordinance to make and transfer appropriations for current expenses and other expenditures for the City of North Olmsted for the year ending December 31, 2009. After the original appropriations for each year, items come up for which transfers must be made. An example of an item which came up between the original appropriations ordinance and this transfer ordinance is school guard salaries. Additionally, grant money had to be appropriated for the 5