12-29-08 Common Council Mintues - Laserfiche WebLink

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SPECIAL MEETING DECEMBER 29, 2008 of $53 million. This could result in approximately receiving #3 million dollars less than expected in the General Fund. We have received only $10 million dollars of property tax revenue in the general fund from the voluntary payments requested by the County. A receivable in the General Fund for property taxes of approximately $43 million will exist at the end of 12/31/08. The general fund is currently $10 million overdrawn; zero dollars to spend or appropriate. That is why we are here today to borrow funds from ourselves, once again saving taxpayers interest. All other funds mentioned by the governor existed is various funds not available for general spending. For example, Local Roads and Streets, Major Moves, various TIF funds, EDIT, COIT, Rainy Day Fund, MVH, Local Road & Street, Human Rights Federal Funds, Law Enforcement Continuing Education, Studebaker Federal and State Grants. Most of these are restricted to specific uses and many have cash reserve policies as well. No surpluses existed in these funds. Councilmember’s White, Henry Davis, Dieter, Kirsits and Rouse thanked Ms. Fanello for the clarification. They noted that transparency in government is vital for State, County and City governments to exist. ANNOUNCEMENT OF NEXT MEETING DATE Council President Timothy Rouse announced that the Organizational Meeting of the Common Council will take place on Monday, January 5, 2009 at 7:30 p.m. in the Council th Chambers, 4 Floor County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana. ADJOURNMENT There being no further business to come before the President Timothy Rouse adjourned the meeting at 12:40 p.m. ATTEST: ATTEST: ____________________________ ____________________________ John Voorde, City Clerk Timothy Rouse, President 7