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Personnel and Finance Committee <br /> 2005 South Bend Common Council <br /> The August 18,2005 meeting of the Personnel and Finance Committee was called to order by its <br /> Vice-Chairperson,Council Member David Varner at 3:30 p.m. in the Council Informal Meeting <br /> Room. <br /> Persons in attendance included Council Members Pfeifer, Puzzello, Varner, Kuspa and Kirsits; <br /> Mayor Stephen Luecke, Tom Skarbek, City Controller M. Catherine Fanello, Executive Director <br /> of the Department of Community and Economic Development Sharon Kendall, Elizabeth <br /> Leonard, Don Inks, Pam Meyer, Kathleen Cekanski-Farrand, Council Attorney, and Jeff Parrot <br /> of the South Bend Tribune. <br /> Dr. Varner called for a presentation on the proposed budget for the parking garages. <br /> PARKING GARAGES FUND (FUND#601) Revenue $793,352 <br /> Revenue Increase $ 16,298 <br /> Percent Increase 2.1% <br /> Expenditures $575,940 <br /> Expenditure Increase $ 8,656 <br /> Percent Increase 1.5% <br /> Don Inks reviewed a 1-page handout with the committee (copy attached). In response to a <br /> question from Dr. Varner he noted that the garage located at Wayne & Monroe is owned by <br /> Redevelopment and is therefore covered by a separate fund. Dr. Varner suggested having all <br /> three(3)garages covered in one(1)fund. <br /> Tom Skarbek noted that the Council Attorney's suggestion to sell the garage to the city for a $1 <br /> with a deed being transferred, resulting in all three (3) garages in one fund is a possibility; <br /> however they would also have to check with bond counsel since it is governed by a <br /> Redevelopment Authority bond issue. TIF is currently making the debt service payments. <br /> CUMULATIVE CAPITAL DEVELOPMENT FUND (FUND# 406) <br /> Revenue $1,175,200 ($27,336) -2.3% <br /> Expenditures_$ 449,950 <br /> City Controller M. Catherine Fanello made the presentation. She noted that the tax rate of$0.5 <br /> per $100 net assessed valuation will remain the same. Reimbursements of $61,775 is for <br /> computer maintenance agreements. It was further noted that a fifteen percent (15%) reserve is <br /> being maintained in the fund. <br /> CUMULATIVE CAPITAL IMPROVEMENT FUND (FUND#407) <br /> Revenue $ 575,106 ($30,181) -5.0% <br /> Expenditures_$ 591,883 <br /> Revenue under$ (16,777) <br /> August 18,2005 Personnel and Finance Committee Meeing Minutes -page 1- <br />