HomeMy WebLinkAbout1993-04-07 Finance Committee MinutesFinance Cmmitix
April ], 1993
41:a t�
Comittee Narba s Pra anti A. Store, Chair, D. Soucy, M. Fr 1,
J. Sail
Council Numbers Present: Mne
Staff Present: B. Barrett, J. QaReram, D. Theriault
D. Pellegrino, B. Shibles, S. eosteck,
D. C}2
Others PiesvR: Gerald'lhildasu 6 Patsy lhmea, @PA:
Timmy variants, Soba Ffawley
Msetin0 was callmi to order at 7:30 a.m.
Agenda taken ant of order
Iten 5 — M2 Financial Statamhs arm Report of the City Auditor
Gerald Thibaffieu, Branner, � 6 Associzbes reviewal the M2
AWited Financial Statements and the management letter. hAiter nMem
iMPrOvem,¢ Of the (snarl Fxd Onlrefgretei F Balance fro: $726,000
deficit to $824,389 bud balance. Auditors noted that there Cosa
its in the City's accounting 9yeten oer the prior year report
amCooperation bet.een the staff anti the audit bass.
Auditor reviewed each itun in the management: letter, ani staff resF°n�
coceuning efforts cagnletei or undexrmy to nssolve defdcienoies. Final
Stun in the managem®2 letter cancerred Cost alum+:ou plan, and staff
noted that iaega , Ada still had not coplat d the plan, and was requestmi
to attad nesting to advise amudtree or Continuing delay if report was
nrt ccwr ed by April 6, 1993.
J. Sail mwml that xorkshop be sdedulei before a Council neeting for
review of the financial statments and nanmgmeM letter and thou
acceptsu:e of report. Seroded by D. Soucy. Pasaml 3:0.
1. Comittee sevieaed report coneerning beer diapaming egufpnent, aha
roller chair brought in by .Jinni varaamis. State Ias prohibits va tars
from p iding bear + "; m peat. mt. variamis shaved tis
mnmittee a chair similar to that requested.
J. SaxI rowed award of dispensing ega4vent and chairs as preuaesl in
F for Camittee nootug. Sxedetl by D. Soucy. Pausal 2:1. voting Yea:
Sail 6 Sonny. voting No: Store.
2. B. Shibles presented request to sell City oamd laml betvaen 405 and
423 Mancxk Street (map 55 for Al) to William J. and Jreire L. Deering,
423 MmNCk Street for the assessed valve of $20500. I is bet two
Parcels ownsi by DeerLgs and is used by the leecings as a parkf g lot.
D. Soucy coved xecanmtlation to the City Council to authcri Sale of
l as presented by Assistant City Solicitor. 8saxkN by J. Saxl.
Passed 3:0.
Finances Director mcammrkd abatahent of the Ml, M2 and M3 taxes on
the basis that assessed owners was not at the place of husiness at the
t of the and that the sane person l property was taxed to
the Cin'ient owner. Ml ta:es due $111.51 interest due $ 32.74
F2$2 taxes due 144.84 interest due 24.43
Ff$3 taxes due 186. interest due 6.22
$452.5
3
D. Soucy owed to alprw abatmmut as remmen by Fireise Director.
Semnlap by R. Stale. passed 3:0.
Ylit :R.Ta^tSr4SifiTi3[7�^FT.^1SJ
Barratt presented request to allay. Fire Department to purchase raziio
equ[[amtt included m courmR year budget relying on the radio bid pricing
recmutly approved for the Police Department. Bostock aivi p rcheee
weld be for 1 3 portable wits.
4. Yorkers' C/nPsnsation roiicy
n.e.+a..... Presmnad policy state mut for Yoffiers' Cmpaaation to be
adopted by the Coanfl for irnlasiat with Fbmicink. Pmcedbues trental.
Soucy ghwwtioned wketler foregone prey ue for reirheurance ere set aside
in reserve amurK whw xeirheur'mw wa av .,ivm.w, Nies edvfael w,
Soucy questiored rationale of rat seting reserves aside foo h furls which
weld have been raised for p.mwaw of reinshhrvxa. Barrett expla
Utas or tlw_ tire decisions cwOerrumg reserves and ins aricS wee LVSed
upas cash flow ant current mats rater Urn ultivmte liability.
Mceeble Yorkers' Compensation reserve lew_ls ere capped by Caneil
order. S=e the City began doing actueri reviews, tlmisions hear beet
based m liability rather tlan cash flow. ® City has built up
sufficient reswxem for tall clabre, the City Can look TanNs forward
fundL expa-ted losses. Curreat estimates are at least S2 x UQo to
baGc ant foxwa i fetxi exported losses.
0. Saucy xwerl xecmnmrlati.w for Council approval of policy statarent.
Serottloi by J. reseed 3:0.
6. atazter Aamr3nents Article VS
0`Ma^^ distributed recmneMatioty for changes in City Charter for
Article W, Boeireea ani Fbmcial Prwleione Impehts fs to cba ge
langoarle to all fox xefundiM of callable debt witbouc bmgvming
imrem pr ipal payme . 1 ® will L bwagM fomaal at a lacer
aeetL for diacamaion after the cmmittce has an opportunity fo xevicw
t tecaare Ons.
mating adja at SA2 a.m.
Song