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5/5/2020 Meeting Minutes
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North Olmsted Legislation
Legislation Date
5/5/2020
Year
2020
Legislation Title
05-05-2020 Meeting Minutes
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COunCH Minutes 45-05-2020 <br />Director of Finance Copfer: <br />+ <br />The City has been looking to refine the reductions it will need for 2020. It is too <br />early to tell for some things, but there are some numbers the City feels confident it <br />will be losing at this point. The City expects to lose almost $1.8 million in the <br />General Fund from income tax collections. The City is already $400,000 behind <br />in net profits from last year. Additionally, the Federal Reserve has reduced the <br />interest rates. It is great when you arc borrowing money, but when you are trying <br />to invest money it's not good. The Cite has 9110 million in a live year ladder <br />program, which is earning higher interest rates. However, the City is expected to <br />only get $200,000 in interest income instead of the $500,000 projected. With the <br />movie theater closed, the admission tax is expected to decline by $35.000. The <br />City will be watching Mayors Court to see what revenue comes in from it, but it <br />is expected to be a drop in revenue from last year. EMS runs are down about 20 a <br />month, which equates to about $90,000. The City is projecting several months of <br />decrease from this as well. Fifty percent of EMS revenue goes to the General <br />Fund and 50% goes to the EMS fund. Hotel/Motel tax is barely receiving <br />anything as no one is staying in hotels right now. This funds police, lire and <br />safety equipment. The Street Maintenance Fund is expected to be lower as the gas <br />tax is not expected to raise as much from the State this year. The City needs more <br />information on what the plan is for reopening to get a better idea of Recreation <br />revenue. One of' the big ticket items in recreation is if the summer camp happens <br />this year. The ballroom at Springvale is losing money and several golf outings <br />have canceled. The net impact to Springvale is a $376,500 decline. The City is <br />working on what it can do to get the budget down. <br />• Looking at where things are at, the City has more financial flexibility now than it <br />did in 2008. This financial flexibility cannot carry us through a five year <br />downturn, but there should be financial flexibility in the budget for next year. The <br />City is not using its budget stabilization fund as of yet this year. The plan is to <br />stop any money going into the special funds as once it is in the fund it must be <br />expended for that purpose. f-lowever. if the, money isn"t transferred there- is <br />flexibility down the road to determine if the money should be transferred or not. <br />• The next couple of months will be telling and will hopefully hive a better <br />indication of how long this is going to last so the City can plan. In the past <br />Moody's has recognized the City for beim; in a balanced situation and financially <br />responsible. <br />Councilman Schumann asked for a moment of personal privilege. The Frostville <br />Farmer's Market will be opening up inn the ?-) of this month. There will be a lot of <br />special precautions taken. That's Saturday the -".Y" from 9 until 9:30 for seniors and folks <br />with compromised immune systems. It will rt.rn from 9:30 until 1:00 for everyone. The <br />market is going to be following the Governors recommendations and has received <br />clearance from the Metroparks. I am getting a lot of positive feedback from people about <br />being able to open it up again. Thank you. <br />Councilwoman 1-lemann requested a moment of' personal privilege. I would like to thank <br />Director Glauner and all of our Safety/Service workers for continuing to do an amazing <br />job. Every complaint I have gotten, and 1 think I have gotten a little more than usual as <br />folks have time to ponder while they, are home, have been responded to and taken care of <br />2 <br />
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