05/01/1984 Meeting Minutes - Laserfiche WebLink

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MINUTES OF THE MEETING OF THE COUNCIL OF THE CITY OF NORTH OLMSTED MAY 1, 1984 Present: President James Boehmer, Councilmen Bierman, O'Grady, Petrigac, Saringer, Tallon, Wilamosky. Also present: Mayor Robert Swietyniowski, Law Director Michael Gareau, Finance Director Edward Boyle, Safety Director Eugene Petre, Service Director Joseph Corrigan, Clerk of Council Florence Campbell. Absent: Councilman Rademaker. Meeting was called to order by President Boehmer at 8:00 P.M. Members of the audience were invited to join Members of Council in reciting the Pledge of Allegiance. Minutes of the Regular Council Meeting of April 17, 1984, were approved. Minutes of the Special Council Meeting of April 23, 1984, were approved. Minutes of the Special Council Meeting of April 26, 1984, were approved. Mayor Swietyniowski reported: 1) Has submitted copies of the final program application for the North. Olmsted Wastewater Pretreatment Program. This document was developed according to Ohio EPA guidelines for the submittal of the final program application and is the summary of the pretreatment program interim elements as reviewed and approved by Ohio EPA. Is awaiting final approval from the Army Corp of Engineers from the Huntington Division in West Virginia. 2) May is Senior Citizens' Month which will be celebrated in North Olmsted on Friday, May 18th from 9:30 A.M. through 4 P.M. at the Senior Center. Finance Director Boyle reported: 1) Today received the first quarter payment from West Shore Cable Television, plus adjustments for 1983. After review, there seems to be an error and Finance Department will be presenting a bill in the amount of $1,017.79 to West Shore Cable TV. Has also received a copy of the limited partner- ship letter from West Shore which states there was a loss last year and there is a possibility of raising basic cable fees in North Olmsted and Westlake. 2) City's note for $5,315,000 will close on May 4th. Will notify the banks of the payoff schedule over the next six months so City can invest it. Payments will be on the tenth of the month and investments will be through that period. Mr. Wilamosky asked if the depreciation, as shown within West Shore Cable TV records, is a standard fifteen year or has it been an accelerated five years. Mr. Boyle re- plied that West Shore has been on an accelerated depreciation and schedule. Mr. Wilamosky asked if this would be a contributory factor to bottom line revenue with respect to an attempt to justify increasing rates. Mr. Boyle replied it would; if the depreciation were under a different method, the loss would be lower and possibly would have been a gain. Mr. Wilamosky asked what was the benefit to West Shore Cable on accelerated depreciation over. straight line. Mr. Boyle replied that being a partnership, going to an accelerated depreciation, the losses or gains are passed to each partner. The loss will then decrease the amount of income to pay taxes on. It also passes on an investment credit so that besides lowering the tax- able income, it will also lower the tax amount itself. It will. be a credit against that tax. Mr. Wilamosky noted that this gives the management of the cable company ~.