HomeMy WebLinkAbout2018-09-11 Finance Committee Minutes
FINANCE COMMITTEE MINUTES
September 11, 2018 @ 5:15pm
Councilors Present: Nealley, Supica, Graham
Staff Present: Cyr, Conlow, Rudzinski, Drew, Little
1. Consent Agenda
a. Emergency Purchase – Transformer Repairs – WWTP – CE Power - $12,706
No action taken or required as this item was presented for information purposes.
2. Bids/Purchasing
a. Electrical Testing & Maintenance – WWTP – Electrical Engineering & Service Co - $14,810
Motion made and seconded to award contract to Electrical Engineering & Service Co, motion
passed unanimously.
b. Request to Waive Bid Process – Primary Clarifier Drive Parts – WWTP – Maher Corporation -
$14,500
Motion made and seconded to approve request, motion passed unanimously.
3. Taxpayer Abatement Request – 43C Street Birch Hill Estates
The homestead exemption for this property was removed for FY 2018, as the property appeared to
not be used as a primary residence. The taxpayer notified the City that they were unable to rent the
dwelling, so it was their primary residence. As a primary residence it should have received the
homestead. The Assessor’s authority to approve an abatement to a FY 2018 tax bill has expired
therefore, staff recommendation is for the finance committee to approve the abatement equal to the
amount of what the homestead exemption would have been.
Motion made and seconded to approve the abatement, motion passed unanimously.
4. Resolution of the Finance Committee Approving the Details of the 2018 Bond Issue
Staff reviewed the results of the City’s General Obligation bond sale earlier in the day. The City’s
bonds were well received in the market and elicited 7 bidders. The bonds were sold with at a true
interest cost (after premium) of 2.65% for a 15 year term. The portion of the issue to refund 2009
bonds, also resulted in interest savings of $118,000 over the remaining 10 years. Due to the amount
of the premium received, the principal of the bonds issued was reduced by approximately $250k.
Motion made and seconded to approve the details of the 2018 bond issue, motion passed
unanimously.
Meeting adjourned at 5:33 pm