05-10-04 Personnel & Finance - Laserfiche WebLink

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eoiranitiex c.R/ott of to �� otznd'and 9L zanaz &ommitt z The May 10,2004 meeting of the Personnel and Finance Committee was called to order by its Chairperson, Council Member Derek D. Dieter at 4:25 p.m. in the Council Informal Meeting Room. Persons in attendance included Council Members Dieter,Pfeifer,Kelly,Puzzello, Varner, Kuspa,Coleman, White and Kirsits; City Clerk John Voorde, City Controller Rick 011ett,Assistant City Attorney Aladean DeRose, Gladys Kopola, Terry Bland of the South Bend Tribune,and Kathleen Cekanski-Farrand,Council Attorney. Council Member Dieter noted that the Committee is composed of Council Members Kelly,Pu7.7ello,Varner and himself. Council Member Dieter stated that the first item on the agenda was to review 2nd Substitute Bill No. 26-04 which would establish a new fund to be called a"Rainy Day Fund, Fund# 102". City Controller,Rick 011ett, made the presentation. He noted that the substitute bill incorporates many of the items discussed at the last Committee meeting with regard to language addressing a 10%cap;that interest earned would stay with the account; that if the fund is ever terminated that any remaining funds would be deposited into the General Fund. He noted that the primary purpose of the fund is to receive surplus COl I'and CEDIT monies which were being held by the county. Mr. 011ett stated that possible uses of the funds would include being a health and welfare contingency, address items being vandalized in the city parks, storm damage(noting that $600,000 was spent last year),overtime costs to have a police presence in the downtown and major corridors,being a self-insurance contingency fund for liability, etc. Dr. Varner inquired whether additional and future monies could be added to the fund, and was advised that they could. Ms. DeRose noted that she worked with the Council Attorney on the substitute version and that language has been included to permit additional monies to be received,noting that all monies would be subject to an appropropriation process. Council Member Deiter noted that at the last Committee meeting,Mr. 011ett indicated that the fund would receive approximately$2.2 million dollars of COIT/CEDIT monies. Mr. 011ett stated that that was correct. Dr. Varner inquired about other cash reserves, noting that it was his understanding that cash reserves go into the general fund if not used by a department by the end of the calendar year and then are used to fund capital needs. Personnel and Finance Committee Meeting of May 10,2004 Page 1