HomeMy WebLinkAbout2013-01-07 Finance Committee Minutes
FINANCE COMMITTEE
January 7, 2013
(Immediately following Govt. Ops - 6:43pm)
City Council Chambers
Minutes
Councilors: Sprague, Nealley, Gallant, Hawes, Civiello, Durgin, Baldacci, and Longo
Staff: Cyr, Birch, Farrar, Dawes, and Willette
Others:
1. Consent Agenda
a. Update on Used Vehicle Purchases – Police Department - $25,700, City-wide -
$12,800, Airport Tank Farm - $28,800
b. Workout Agreement – Colburn – Union Street (vacant land)
Sprague moved to approve Consent Agenda, it was seconded by Gallant and approved.
2. Bids/Purchasing
a. Roof Repair Quote – Parks & Recreation – Roof Systems of Maine - $19,960
Cyr explained the roof damages in need of repair at Parks and Recreation on Main St.
Baldacci moved to approve quote as read, it was seconded and approved.
3. Resolve, Appropriating Group Health Insurance Rebate
Cyr explained that as part of the Affordable Health Care Act recently passed, insurance
companies are required to issue refunds, not specific to individual employers, but based
on overall business. The City received approximately $293,000 from Cigna. As
required by law, the City returned the employee portion of the refund. Cyr further
explained that our Health Insurance rates will be increasing effective April 1st however
we did not include the increase in our budget. This proposal would appropriate the
remainder of the refund to cover the health care increase. $91,000 was returned to
employees. The projected rate increase will cost the City approximately $100,000 with
the balance being placed in reserve.
Gallant moved to Staff Recommendation, Baldacci seconded and it was approved.
4. Resolve, Appropriating Arena Fund Revenues for Debt Service
Cyr explained that there is a debt service payment due in this fiscal year that was not
included in the 2013 budget. This resolve would appropriate the monies received from
the gaming operation for the debt service in the amount of $846,987.
Baldacci moved the resolved as recommended, it was seconded and approved.
5. Assessor’s Update (materials provided separately)
Ben Birch, City Assessor gave a short presentation including market trends and overall
ratios of industrial, commercial and residential properties. It has a positive trend and
the overall ratios for residential property sales are in the 96% range. Birch further said
he feels that we are out of the recession area, with increases in real estate activity and
properties showing signs of appreciation.
Meeting adjourned at 5:23p.m.