Loading...
HomeMy WebLinkAbout02-25-2002 Meeting FINANCE & APPROPRIATIONS AGENDA CO:MMITTEE ROOM - February 25, 2002 2:00 P. M. 1. Consider a request from Broadway Baptist Church regarding the purchase of a table in the amount of $250 for the Second Annual Uniting Communities Through Prayer and Expository Preaching Economic Conference. 2. Consider request for abatement of penalty on 2001 accounts (Map 41-1, Parcels 128, 140, 141, and 144) 3. Discuss adoption of fund balance policy. (Requested by Commissioner Shepard) 4. Discuss authorizing the Mayor and Administrator to identify surplus property for sale to apply to fund balance. (Requested by Commissioner Shepard) I FINANCE & APPROPRlA TIONS COMMITTEE COMMITTEE ROOM - February 25,2002 2:00 P. M. PRESENT: Hons. Bob Young, Mayor; Shepard, Chairman; Hankerson, Co- Chairman; Bridges and Williams, members; Jim Wall, Attorney; Donna Williams, Interim Comptroller; George Kolb, Administrator; North Williamson, Tax Commissioner's Office; Ron Crowden, Interim Fleet Manager; Lena Bonner, Clerk of Commission. Also Present: Stacey Eidson of The Metropolitan Spirit, Heidi Williams of The Augusta Chronicle, George Eskola ofWJBF Television and Hons. Mays and Beard, Commissioners. 1. Consider a request from Broadway Baptist Church regarding the purchase of a table in the amount of $250 for the Second Annual Uniting Communities Through Prayer and Expository Preaching Economic Conference. Mr. Bridges: I make a motion we pay for each individual Commissioner who wishes to go as we have in the past. Mr. Hankerson: Second. I Motion adopted unanimously. 2. Consider request for abatement of penalty on 2001 accounts (Map 41-1, Parcels 128, 140, 141, and 144) Mr. Bridges: A motion that we abate the penalty and not the interest. Mr. Chairman: I second. Motion adopted unanimously. 3. Discuss adoption of fund balance policy. (Requested by Commissioner Shepard) Ms. Williams: The standard recommendation for general operating funds is somewhere between 60 and 90 days. Right now we are at the 60 day point and I think you were kind of gearing it toward the General Fund in particular. I Mr. Kolb: One of the things that we've set as a goal is to adopt several financial policies, one relating to debt and the other is cash management policy. We'd like to develop a set of criteria for these policies and have the Commission adopt them as formal financial policies. I was hoping to do it in a workshop setting. Mr. Chairman: Maybe we could have a motion where you would be back in 60 days to report back. Mr. Bridges: I make a motion that we task the Administrator with bringing back this fmancial policy to us which would include a recommendation of fund balance policy for each fund. I Mr. Chairman: I'll second the motion. Motion adopted unanimously. 4. Discuss authorizing the Mayor and Administrator to identify surplus property for sale to apply to fund balance. (Requested by Commissioner Shepard) Mr. Kolb: We currently have a list of surplus properties that are always up for sale and we have actively put them on the market in the past. There has been no demand for them. The Land Bank Authority has become more active and we will probably be bringing you some more programs whereby they will be buying surplus properties and selling them to developers. Mr. Chairman: I was basically looking for an inventory of City-owned property that we currently have. Mr. Williamson: The funding is the main problem. If the Land Bank Authority will buy these properties when we offer them for sale, we will put them up for sale as quick as we can. I Mr. Bridges: I make the motion that we task the Administrator with an inventory of our surplus City property that mayor may not be marketable and to bring that back to us with a recommendation of what properties should be disposed of and maybe a plan of attack on how to market these properties. Mr. Chairman: I second it for discussion. Mr. Kolb: You're speaking ofland. Mr. Chairman: It doesn't matter what the assets are but I thought perhaps there was a lot of land that may be out there that we could dispose of and raise some cash. After further discussion, the motion was put and adopted unanimously. The Clerk: We have one addendum item to consider a recommendation from the Pension Committee regarding soliciting RFQ's for financial advisor for the Finance Department. I 2 I Mr. Chairman: Is there a motion to add that? Mr. Bridges: I make a motion we add it to the agenda. Mr. Chairman: I second the motion. Motion adopted unanimously. Mr. Chairman: The financial consultant has been serving at our pleasure for a good many years now and has not been reviewed. It's currently Robinson Humphrey and the purpose of this is to respond to some of the criticisms that we had not from time to time taken a look to see whether we were getting the best bid on these services. The current consultant as well as others who might want to bid on this will have an opportunity to come forward and present their credentials and proposals to the Pension Committee. I Mr. Wall: This proposal is to go one step beyond that and that is to have a [mancial advisor insofar as the overall [mances are concerned. This would be to analyze when we go out for revenue bonds, to look at outstanding bond issues, to analyze from the standpoint of whether or not it's prudent to refmance those bonds and those type of decisions. What we envisioned was you would wind up with two different financial advisors, one which Mr. Shepard is talking about and then the second that would do the review of non-pension related financial investments. This is strictly for the non-pension related work. Mr. Bridges: A motion to approve. Mr. Chairman: I second the motion. Mr. Hankerson: I'd like to make a substitute motion that we receive it as information today. Mr. Bridges: I'll second it. (Vote on substitute motion) Motion adopted with the Chairman voting No. ADJOURNMENT: There being no further business, the meeting was adjourned. Lena J. Bonner Clerk of Commission nwm I .., .:l