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HomeMy WebLinkAbout2002-10-23 Finance Committee Minutes Finance Committee ' Meeting Minutes � October 23, 2002 @ 5:00 PM ' Councilors Attending: Gerry Palmer, Dan Tremble, Frank Farrington, Nichi � Farnham, Dave Nealley Staff Attending: Dave Pellegrino, Deb Cyr, Dave Little, Rebecca Hupp � Others Attending: , The meeting convened at 5:05 p.m. 1. Consent Agenda ' a. Resolve 02-373, Appropriating Federal, State and Local Funds for the 1 Purchase of Buses b. Resolve 02-376, Appropriating $201,136 within the Economic Development Fund for the Purchase and Sale of the Slager Building ' The committee approved items a and b. 2. Bids/Purchasing ' a. 4 x 4 Crew Cab — Airport — Quirk Auto Park - $15,236 Palmer asked the year and mileage of the new vehicle, to which Pellegrino ' replied 2003 with little or no mileage. � 'I Tremble wanted to know when we had to trade vehicles and when do we put them out to bid. Pellegrino replied that there is no set formula. � Farrington wanted to know if there were program trucks available. The committee approved item a. � 3. Resolve, Authorizing the Chair of the Bangor City Council and the , Superintendent of the Bangor School Department to Advise the University of Maine as to the Recipient of the Robert E. and Rosemary K. Baldacci Scholarship. � A scholarship fund has been established at the University of Maine in memory of � Robert E. and Rosemary K. Baldacci. Each year, a scholarship will be given to a Bangor High graduate who will be attending the University of Maine and who has demonstrated a commitment to public service. A representative of the family ' has made arrangements with the University of Maine for the City of Bangor to be � , involved in the annual selection process. This resolve will authorize the Council Chair and Superintendent of Schools or their designees to advise the University � on the award of the scholarship. � The committee approved staff recommendation to full council. 4. Folk Festival Accounting � In reviewing the operations of the 64th Annual National Folk Festival, the Folk Festival Board has identified the accounting/finance area as being very time consuming and duplicative for this group. Staff has discussed with FF board ' members the possibility of the Ciry assuming responsibility for this area and the FF board is receptive to such a proposal. Staff is proposing that all accounting for the Folk Festival be done by City staff. Cyr presented a proposal that � identifies the areas the City would become responsible for. Tremble wanted to know if these would be separate accounts. Cyr said that this , would be similar to the Airport account, with a separate account set up at People's. The checks would be printed from our account, with transfers of funds ' taking place between accounts. Farrington wanted to know what other cities have done at the other Foik Festivals. Cyr noted that the National Folk Festival board is in agreement with this arrangement. Nealley expressed concerned that � the City would be taking on a regional function, however he noted that they were wise in realizing that they did not have the level of expertise necessary for this function. He made a motion to approve this. ' Palmer stated that we should revisit this once the National was over. Cyr said that we could send a letter to the National Folk Festival event until such time ' that it becomes a local event. Our own audit will not examine these funds. Cyr said her understanding is that they are not required to have an audit. Palmer wanted to know if we were going to charge a fee. Cyr said not right now as long � as it is a national event. Palmer seconded the motion. � Farrington wanted an account of what our expenses are to do this function. Cyr agreed. � Tremble noted that we have $100,000 put aside for the next two years and wanted to know why. Cyr said that we are only charging in-kind for overtime work from Public Works, and said that we are looking at $85,000 in in-kind costs, ' including police, fire, Bass Park, the Bus and public works. The committee approved this to full council. ' S. FinancialInformation —Ju1y2002 Cyr presented information that represents the return to providing a more formal , monthly financial update. The current presentation includes significant balance sheet accounts and summary information for budget comparison. Cyr reviewed � selected financial information by fund for July 2002. � Nealley is interested in funds receivable, and seeing information in graph format, ' and trend information. Nealley asked for a net operating income column in the Airport account. Cyr said � she could pull out the recurring interest income from the enterprise fund. Farrington asked for a break out of the Guard revenue. � Cyr noted that if Bass Park ever becomes profitable, the City would get back � some of the money they invested in Bass Park. 6. Financial Information —August 2002 ' Cyr reviewed selected financial information by fund for August 2002. � 7. Executive Session — Hardship Abatement The committee went into executive session. , 8. Open Session — Hardship Abatement Decision , Staff recommended abating all of the 2001 and 2002 taxes, but leave a balance � that is equal to the property tax refund that they receive. The committee approved staff recommendation. � The meeting adjourned at 6:30 p.m. 1 � � � , 1 ' � �