03-08-93 Personnel & Finance - Laserfiche WebLink

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Committee Report PERSONNEL AND FINANCE To the Common Council of the City of South Bend: The March 8, 1993 , meeting of the Personnel and Finance Committee was called to order at 4 :50 p.m. in the Council Informal Meeting Room by it's Chairperson, Council Member Ann Puzzello. Persons in attendance included Council Members: Luecke, Washington, Kelly, Puzzello, Slavinskas, Zakrzewski, Duda, Ladewski, Kevin Horton, Jeff Rinard, Jack Dillon, Bob Nagle, Don Porter, and Kathleen Cekanski-Farrand. Council Member Puzzello noted that the first meeting on the agenda was to review Resolution No. 93-23 which would authorize temporary transfers of vital funds from various funds to various other funds. Kevin Horton, the City Controller, then provided a hand-out which he reviewed (copy attached) . The first were the 1993 projected ending balances from the General Fund by month, the second was projected ending cash balances by month for 1993 for the Park Maintenance Fund, followed by a series of graphs showing ending cash and investments by funds. Mr. Horton noted that this is the first time under Mayor Kernan that the City will not utilize the Tax Anticipation Warrant procedure. As a result, the City will save the cost of issuance and the cost of borrowing, by better cash management. As a result, temporary transfers should save the City between $75, 000. 00 to $80, 000. 00. State Law requires and restricts the City to investments in Certificates of Deposits and Treasury Notes. He also noted that the City would pay back interest on an average daily balance that the Council would have received prior to the transfer. The total amount to be transferred would be $7, 600, 000. 00. Mr. Horton also noted that last year the City borrowed 5.5 million dollars through the tax anticipation warrant process which cost approximately $23 , 000. 00 in issuing costs.