04-11-16 Personnel and Finance - Laserfiche WebLink

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PERSONNEL & FINANCE APRIL 11, 2016 4:10 P.M. Committee Members Present: Karen White, Regina Williams- Preston, John Voorde Absent: Gavin Ferlic Other Council Present: Oliver Davis, David Varner, Tim Scott, Jo M. Broden Others Present: Kareemah Fowler, Alkeyna Aldridge, Kathleen Cekanski- Farrand, Adriana Rodriguez Agenda: Bill No. 15 -16 — Enterprise Funds appropriation Bill No. 16 -16 — Transfer Ordinance Bill No. 17 -16 — Civil City Funds appropriation Bill No. 16 -32 — Approving an Agreement with the Pokagon Band Chairperson Karen White called the Personnel and Finance Committee to order. She entertained a motion to hear to Bill Nos. 15 -16, 16 -16, and 17 -16 once. Councilmember Voorde properly motioned which was followed by a second by Councilmember Oliver Davis. The motion carried by four (4) ayes. Chairperson Karen White invited the presenter to the floor to address the Council. John Murphy, City Controller with offices on the 12th floor, explained that the practice of the Office of Finance and Administration is to come to Council once per quarter for additional appropriations and budget transfers. John Murphy went on to discuss various line items and accounts giving a detailed explanation of Bill Nos. 15 -16 regarding Enterprise Funds. He mentioned it's not an actual additional appropriation or expenditure, but rather a transfer of funds to a specified account which is required because the bonding agency prefers a separate account. Chairperson Karen White asked if Committee members had questions regarding Enterprise Funds. Dr. Varner clarified if this money was already set aside, and this bill simply allows for it to be separately accounted for? He asked, what happens to this account when the bond is paid off? John Murphy explained that the funds probably wouldn't revert back to the general fund but rather to the specific fund that money originated from. Chairperson Karen White asked if Council had additional questions.