HomeMy WebLinkAbout11-24-03 Personnel & Finance tonnuittite Zeport
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The November 24, 2003 meeting of the Personnel and Finance Committee was called to order by
its Chairperson, Council Member James Aranowski at 4:25 p.m. in the Council Informal Meeting
Room.
Persons in attendance included Council Members Pfeifer, Coleman, Kelly, White, Varner,
Aranowski, King, Kirsits, and Kuspa; City Controller Rick 011ett, Terry Bland of the oath
Vettlt Eributte, and Kathleen Cekanski-Farrand,Council Attorney.
Council Member Aranowski noted that the Committee members include Council Members Kelly,
Varner,King and himself.
Council Member Aranowski then called for a presentation on Bill No. 90-03 (copy attached) which
is a proposed ordinance which would authorize the Mayor and/or the Controller to make temporary
loans to pay off previously issued temporary loan tax anticipation warrants and to issue new
temporary loan tax anticipation time warrants to evidence such loans and appropriate and pledge
taxes to be received in such funds to the payment of the new warrants including the interest.
City Controller Frederick B. 011ett, III, made the presentation. He noted that the proposed
ordinance would create a contingency in light of the tax reassessment. On May 12, 2003, the
Council authorized he and the Mayor to make temporary loans to meet current operating expenses
and to issue temporary loan tax anticipation warrants. The tax anticipation time warrant authorized
by the passage of Ord. No. 9417-03 last May expire on December 31, 2003. He further noted that
the tax levy which will produce the revenue to pay these new tax warrants is estimated to produce
an amount equal or in excess of the principal and interest needed to pay the cost of making the
temporary loans in order to retire the previously issued tax warrants. He concluded his remarks by
stating that the tax payments are due on December 12, 2003.
Following discussion, Dr. Varner made a motion, seconded by Council Member King that Bill
No. 90-03 be recommended favorably to Council. The motion passed.
There being no further business to come before the Committee, Council Member Aranowski
adjourned the meeting at 4:28 p.m.
Respectfully submitted,
Council Member James Aranowski, Chairperson
Personnel and Finance Committee
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