10-05-88 Personnel & Finance and Residential Neighborhood

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Qtnmmttttt Report JOINT COMMITTEE OF THE PERSONNEL AND FINANCE AND RESIDENTIAL NEIGHBORHOOD COMMITTEES Wu the Mom= Qinnnctl of ire Olt* of Stud: The October 5, 1988 Joint Committee of the Personnel and Finance and Residential Neighborhood Committees, was called to order by Residential Neighborhood Committees Chairman Councilman Loretta Duda at 4:00 p.m. in the Council informal meeting room. Persons in attendance included Councilmen Luecke, Niezgodski, Soderberg, Puzzello, Slavinskas, Zakrzewski, Coleman, Duda, and Voorde; John Leisenring, James Wensits, Richard Miller, Max Moore, Tom Doyle, members of the public, members of the news media, and Kathleen Cekanski-Farrand. Councilman Duda noted that the purpose of ,the meeting was to continue to discussion regarding Bill No. 82-88 which would create a non-reverting maintenance fund. Councilman Lee Slavinskas then passed out a Substitute Version of Bill No. 82-88 - Version 1 (copy attached) . He then highlighted the basic changes from the original version namely that a maximum of $20,000.00 would be placed in the fund each year by July 1st, that the fund would accumulate to a maximum of $100, 000. 00 with all interest earned thereafter being placed in the General Fund, that the monies would be used to fund short or long term external maintenance needs and could be loaned to restore non- essential amentities when houses under the acquisition of existing housing program are sold, and that such expenditures or loans must be approved by appropriate Ordinance of the Common Council. Councilman Slavinskas then reviewed a chart with the Committees explaining the reasoning behind the non-reverting housing maintenance fund concept. The chart basically showed the following: 1st year $20,000 4th year $ '20, 000 Carry-over balance $20, 000 Carry-over balance $ 64, 298 2d year $20,000 Interest $ 4,500 Interest $ 1,400 $ 88,798 $41,400 3rd year $20,000 5th year $ 4,987 Carry-over balance $41,400 Carry-over balance $ 88,798 Interest $ 2,898 Interest $ 6,215 $64,298 $100, 000 6th year $100, 000 Interest $ 7, 000 (to General Fund)