DATE: September 21, 2004
TIME: 6:45 p.m.
MEMBERS
PRESENT: Hermes, Kasalko, Cox, Brown,
Strong
ABSENT: Plese, Gilmour, Melhorn
NON-MEMBERS
PRESENT: City Financial Administrator Nick Narducci,
Mayor McGann, City Clerk Jim Johnston, City Attorney Eric Hanson (arrived at
6:55) Executive Secretary Puracchio, and Reporter Monson
DISCUSSION: Bond
Presentation
ACTION: Alderman Hermes made a motion and Alderman Brown seconded to open discussions at 6:45 p.m. All yes. Motion passed.
Nick Narducci introduced Kevin McCanna President of Speer Financial, Inc. a Public Financial Consulting Firm.
One of the biggest financial issues facing the City is the closing of the landfill. The City would need $370,000. to close it. Kevin distributed documents (see attached) on Wilmington’s Bond status and explained various options. Kevin also explained certain obligations the City would face if the Council decided to go with General Obligation Bonds. Based on $370,000 based on one-half of one percent of the accessed value of property. Residents would be billed as a debt service line item on their water bill for seven years. The City would have to hold Public Bond Information and Notification Hearing. The larger term Alternate Revenue Bonds, the City could access $1.4 million to be paid over a 20-year period. The City would hold a hearing and the residents would have the opportunity to call a referendum if they were unhappy with it. Formal action has to be taken every year and the City would need to get the City Attorney’s opinion on the proper procedures.
Kevin stated that rates are favorable now. The Council might consider looking over a laundry list of things that need to be done to decide what amount of bond the City would be interested in. Nick would like to visit this issue again next month.
DISCUSSION: Approval of Finance Reports
ACTION: Alderman Hermes made a motion and Alderman Kasalko seconded to Approve the August Collector’s Report in the Amount of $162,972.63, and the August Payables in the Amount of $8,772.32 for the Manuals and $32,082.63 for the Systems, for a Total of $40,854.95 and the August Fund Analysis in the Amount of $3,785,963.07. All yes. Motion passed.
ACTION: Alderman Strong made a motion and Alderman
Brown seconded to go into Executive
Session to discuss specific employee issues at 7:01 p.m. All
yes. Motion passed.
Alderman
Kasalko made a motion and Alderman Hermes seconded to Come out of executive session at 7:18 pm. All yes. Motion passed.
Alderman
Kasalko made a motion and Alderman Gilmour seconded to go Back into regular session at 7:18 pm. All yes. Motion passed.
While
in executive session the Committee agreed to hire Robin Theobald as the
Accounting Supervisor at $50,000. per year.
ACTION: Alderman Kasalko made a motion and Alderman Hermes seconded to Adjourn at 7:19 p.m. All yes. Motion passed.