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Home My WebLink About2007-05-29-Meeting AgendaFinanceCommitteeMeeting CommitteeRoom -5/29/2007-2:30PM FINANCE 1.ApproveawardofthecontractforRFP07-121,“Broad Street Median Repairs”to the low bidder, Horizon Construction of Evans, Georgia in the amount of $48,000. Attachments 2.Consider a request from the Central Savannah River LandTrustregardingtherestorationofanunpaidp ortion oftheircontractfundsfrom2006. Attachments 3.Motiontoapprovearequesttoconsiderreducingta xes onMap/Parcel071-4-090-00-0totheamountnormally reflected by an S-4 homsestead exemption, as well as relieffrompenaltyand/orinterest. Attachments 4.DiscussholidaydecorationsforLaneyWalkerBlvd.and BroadStreet. Attachments 5.DiscussDOTTransportationEnchancementGrant.Attachments 6.Report from Financial Advisor Diane McNabb. (RequestedbyCommissionerBrigham) Attachments 7.Approve request to adjust the Fire Department 2007 budgetby$452,120.00toreflectanincreaseinthe Fire InsurancePremiumTax. Attachments 8.Approve a Budget Resolution and a contract with the GeorgiaDepartmentofNaturalResources(DNR)fort he DowntownAugustaWalkingTourBrochuresProject. Attachments 9.MotiontoapproveJune,2007refundsasoutlinedin the Attachments www.augustaga.gov attachment. 10.ReportfromtheInternalAuditorregardingtheLock and DamAuditReport. Attachments 11.AuthorizeAugustaUtilitiestoopenanewbankacco unt with Georgia Bank & Trust for direct payments from customers. Attachments 12.Reprogram$1.2milliondollarsinunexpendedSPLOST I for the following list of capital improvements:• RenovationstotheFulcherProperty$92,000•General Upgrades to Riverwalk $ 60,000 •Amphitheater Upgrades$ 50,000 • Downtown Fountains $ 50,000 • HealthDepartment–NorthLeg$200,000•Additional dense pack shelving - Records Retention $ 185,000 • Pendleton King Park $ 50,000 •Maintenance Storage andWarehouse$100,000•Sidewalkimprovements– Downtown$200,000•EzekielHarrisHouse$35,000 • Decommissioned Fire Stations $ 200,000 •Lumpkin RoadTagOffice$10,000•LicenseandInspectionRoof $20,000•Christmaslights$75,000•ANICBuilding ConversiontoTagOffice$25,000•AdditionalSecurity EquipmentforLEC$28,000TOTAL$1,200,000 Attachments 13.Approve a request for Assistant to Finance Officer in TaxCommissioner'sOffice. Attachments 14.ConsiderrevisedBoardofAssessorsfundingrequest .Attachments 15.Receive an accounting of SPLOST dollars by the Richmond County Development Authority. (Requested byCommissionerBrigham) Attachments 16.ReceiveasinformationaSummaryofFinancialResul ts ofUtilities2004BondSwap. Attachments FinanceCommitteeMeeting 5/29/20072:30PM AwardContractforRepairtoBroadStreetMedianIn tersections Department:PublicServicesDepartment-FacilitiesManagement Division caption2:ApproveawardofthecontractforRFP07-121,“Broa d StreetMedianRepairs”tothelowbidder,Horizon ConstructionofEvans,Georgiaintheamountof$48 ,000. Background:TheplantersattheintersectionsofBroadand6th,7th,8th, 9th,and10thStreetshavebeensignificantlydamag edby vehiculartrafficovertheyears.BidItem#07-121 wasissued toengageacontractortorepairtheaccumulatedda mage. Threeresponseswerereceived.HorizonConstruction isthe lowestresponsivebidder. Analysis:HorizonConstructionisthelowbidandmetthe requirementsoftheRequestforBids. FinancialImpact:Thecontractamountis$48,000. Alternatives:1.ApproveawardofthecontractforRFP07-121,“B road StreetMedianRepairs”tothelowbidder,Horizon ConstructionofEvans,Georgiaintheamountof$48 ,000.2. Donotawardthecontract. Recommendation:#1.ApproveawardofthecontractforRFP07-121,“Broad StreetMedianRepairs”tothelowbidder,Horizon ConstructionofEvans,Georgiaintheamountof$48 ,000. Fundsare Availableinthe Following Accounts: SPLOSTPhaseIIIUrbanGL327-04-1110,JL296-81-20 30 Cover Memo Item # 1 REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 1 FinanceCommitteeMeeting 5/29/20072:30PM CentralSavannahRiverLandTrust Department:ClerkofCommission caption2:ConsiderarequestfromtheCentralSavannahRiver Land Trustregardingtherestorationofanunpaidportio noftheir contractfundsfrom2006. Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 2 Attachment number 1 Page 1 of 1 Item # 2 FinanceCommitteeMeeting 5/29/20072:30PM ConsiderreductionoftaxestoreflectS-4exemptio n Department:TaxCommissioner,NorthWilliamson,ChiefDeputyTa x Commissioner caption2:Motiontoapprovearequesttoconsiderreducingta xeson Map/Parcel071-4-090-00-0totheamountnormallyreflected byanS-4homsesteadexemption,aswellasrelieff rom penaltyand/orinterest. Background:Pleaserefertoattachmentfromtaxpayer.Also,tax payerfiled bankruptcybeginning8/03andwasdischarged1/06.The TaxCommissionerwasnotlistedasacreditor. Analysis: FinancialImpact:$2,313.68 Alternatives: Recommendation:Thisisdefinitelyahardshipsituationandsomere liefshould begranted. Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 3 Cover Memo Item # 3 Attachment number 1 Page 1 of 1 Item # 3 FinanceCommitteeMeeting 5/29/20072:30PM DDAHolidayDecorations Department:ClerkofCommission caption2:DiscussholidaydecorationsforLaneyWalkerBlvd.and BroadStreet. Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 4 Attachment number 1 Page 1 of 1 Item # 4 FinanceCommitteeMeeting 5/29/20072:30PM DDATransportationEnchancementGrant Department:ClerkofCommission caption2:DiscussDOTTransportationEnchancementGrant. Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 5 Attachment number 1 Page 1 of 1 Item # 5 FinanceCommitteeMeeting 5/29/20072:30PM FinancialAdvisorReport Department:ClerkofCommission caption2:ReportfromFinancialAdvisorDianeMcNabb.(Reque sted byCommissionerBrigham) Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 6 FinanceCommitteeMeeting 5/29/20072:30PM FireInsuranceTaxPremiumAdjustment Department:FireDepartment,HowardWillisChief caption2:ApproverequesttoadjusttheFireDepartment2007 budget by$452,120.00toreflectanincreaseintheFireI nsurance PremiumTax. Background:TheFireDepartmentwasmadeawareon10/13/06byt he FinanceDepartmentthatthereisadditionalrevenue fromthe FireDistrictInsurancePremiumTax,amountingto $452,120.00,availablefortheFireDepartment’s20 07 operatingbudget.Theprojectedamountofrevenuef romthis taxwas$9,775,390.00.Thefinalfiguresnowreflec trevenue amountingto$10,227,508.00.Wearerequestingthat the operatingbudgetfor2007beamendedtoreflectthi s additionalrevenue. Analysis:Therequestedbudgetaryamendmentwillresultinan increaseof$452,120.00inour2007operatingbudge t.This fundingcouldbeusedtoassistinreplacingantiqu atedradio andalarmsystemsthatInformationTechnologyhasi nformed usarenolongersupportedbyMotorolaandneedto be replaced.Itwillalsoallowforpreliminaryworkt obeginon ourtrainingtowerthatismandatedbytheI.S.O. FinancialImpact:Approvalofthisbudgetaryresolutionwillincrease theFire Departmentoperatingbudgetby$452,120.00.Thiswi ll allowforfundingoftheapproveditemsmentioneda bove andallowforflexibilityinaddressingotherDepar tmental needs. Alternatives:Noneatthistime. Recommendation:Approvethebudgetaryamendmentrequestandamendt he 2007FireDepartmentbudgettoreflectanadditiona l Cover Memo Item # 7 $452,120.00asshownintheattachedcorrespondence . Fundsare Availableinthe Following Accounts: 274000000/3162110 REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 7 RECEIVED OCT 1 7 20fl6 OFFICE OF INSURANCE AND SAFETY FIRE COMMISSIONER JOHN W. OXENDINE COMMISSIONER OF INSURANCE SAFETY FIRE COMMISSIONER INDUSTRIAL LOAN COMMISSIONER COMPTROLLER GENERAL Chairman/Mayor Augusta city City Council of Augusta, & Rm 806, Municipal Augusta, GA 30911- Dear Sir or Madam: A transfer in the amount of $10,227,508.70 was made to your bank account on October 13, 2006. This amount represents your county's/municipality's share of the 2006 distribution of the 2005 Local Premium Tax collected. If you have any questions regarding this transfer, please contact the Premium Tax Unit of the Georgia Insurance Department at 404-656-7553. Sincerely, M. Linda Brooks Director, Insurance Premium Tax SEVENTH FLOOR, WEST TOWER FLOYD BUILDING 2 MARTIN LUTHER KING, JR. DRIVE ATLANTA, GEORGIA 30334 (404) 656-2056 www.gainsurance.org RECEIVED Mayor's • Augusta-Richmond County October 13,2006 Attachment number 1 Page 1 of 1 Item # 7 FinanceCommitteeMeeting 5/29/20072:30PM HistoricPreservationFundGrantAward Department:PlanningCommission caption2:ApproveaBudgetResolutionandacontractwiththe GeorgiaDepartmentofNaturalResources(DNR)fort he DowntownAugustaWalkingTourBrochuresProject. Background:OnJanuary16,2007,theAugustaCommissionauthori zed submissionofagrantapplicationtoDNRtohelpfi nance developmentofWeb-basedwalkingtourbrochuresfor downtownAugusta.Thegrantapplicationwasprepare dand submittedtoDNRonFebraury1,2007.Inaletterd ated March15,2007,DNRnotifiedMayorDekeCopenhaver that theCityofAugustahadbeenawardedaHistoric PreservationFund(HPF)matchinggrant,intheamou ntof $8,580.00,todevelopthebrochuresOvertheyears HPF programhasfundedavarietyofprojectsinAugusta , includinghistoricresourcesurveys,theAugusta-Ri chmond CountyHistoricPreservationPlan,NationalRegiste r nominations,anddesignguidelinesforlocalhistor icdistricts. Analysis:Theprojectinvolveshiringaqualifiedhistoricpr eservation consultanttodevelop4-6walkingtourbrochuresco vering partsofdowntownAugusta.ThePlanningCommission staff willberesponsibleforoverallmanagementofthep rojectand providesomeoftherequiredlocalin-kindmatch.O thers providingcashandin-kinddonationstotheproject include theAugustaConventionandVisitorsBureau,theAug usta DowntownDevelopmentAuthority,theAugusta-Richmon d CountyHistoricPreservationCommissionandMs.Ann e Hinton. FinancialImpact: Thisisareimbursablegrantprogram.Asaresult,t hecity willhavetomakeperiodicpaymentstotheproject consultant andthenrequestreimbursementfromDNR.Themaximu m temporarycosttotheCityis$8,580.00.Theprojec tbudgetis Cover Memo Item # 8 asfollows–HPFGrant-$8,580.00LocalMatch-$ 5,720.00TOTAL-$14,300.00 Alternatives:Noalternativesrecommended. Recommendation:ApproveBudgetResolutionandExecutionoftheProj ect Contract Fundsare Availableinthe Following Accounts: ProjectaccountnumbertobeassignedbyFianceDep artment REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 8 Help save Georgia’s special places - support Historic Preservation. HISTORIC PRESERVATION DIVISION 34 Peachtree St., NW, Suite 1600, Atlanta, GA 30303 Phone 404-656-2840, fax 404-657-1638 www.gashpo.org ________________________________________________________ Georgia’s State Historic Preservation Office March 15, 2007 The Honorable Deke Copenhaver Mayor, City of Augusta 530 Greene Street, Room 806 Augusta, Georgia 30911 Dear Mayor Copenhaver: I am pleased to inform you that the Historic Preservation Division of the Department of Natural Resources has approved the award of a Federal Fiscal Year 2007 Historic Preservation Fund (HPF) grant in the amount of $8,580 to the City of Augusta to produce web-based walking tour brochures of downtown Augusta. A copy of the press release announcing this award is enclosed for your information to send to your local media. The HPF Grant Administration Workshop will be offered next month on April 12 from 10:30 a.m. to 12:30 p.m. at our office. We are located in the heart of downtown Atlanta at 34 Peachtree Street, Suite 1600, right at Five Points. A map and directions are attached to help you find us, or you can visit our website at www.gashpo.org. In order to ensure a successful grant project, it is important that the designated project manager and/or financial manager for your project should attend this workshop. The contract and grant paperwork/requirements will be given to your project manager at this workshop. You will also have the opportunity to meet with HPD staff who will be advising/reviewing your project. Please call our Grants Coordinator, Carole Moore, by Monday, April 9, to let her know who will be attending the workshop. She can be reached at 404-463-8434 or e-mail at carole_moore@dnr.state.ga.us. We are very pleased to be able to fund this important community historic preservation project at this time, and the Historic Preservation Division looks forward to working with you in the weeks and months to come. Sincerely, W. Ray Luce Director, Historic Preservation Division WRL:cm Enclosures cc: U.S. Representative John Barrow Mr. Hampton Tucker, NPS Mr. Noel Holcomb, DNR Commissioner Ms. Anne Floyd, Central Savannah River Area RDC Ms. Julia Jackson, Historic Augusta Attachment number 1 Page 1 of 1 Item # 8 Budget Resolution STATE OF GEORGIA ) AUGUSTA RICHMOND COUNTY AUGUSTA-RICHMOND COUNTY ) COMMISSION BUDGET AMENDMENT NO:…………… IT IS HEREBY ORDERED that the General Fund Budget for the year 2007 be amended to reflect increased revenue of $14,300.00 resulting from federal grant income of $14,300.00 IT IS FURTHER ORDERED that the appropriations be increased by $14,300.00 for payment of the Downtown Augusta Walking Tour Brochures Project. The total budget for the project is $14,300.00. REVENUES Grant from Georgia DNR $ 8,580.00 Local Match (In-Kind & Cash) $ 5,720.00 Total $14,300.00 APPROPRIATIONS Grant from Georgia DNR $ 8,580.00 Local Match (In-Kind & Cash) $ 5,720.00 Total $14,300.00 DEKE COPENHAVER, MAYOR Approved this ……the day of…… 2007 AUGUSTA-RICHMOND COUNTY COMMISSION ______________________________ As its mayor Attest: ________________ Clerk of Commission Attachment number 2 Page 1 of 1 Item # 8 FinanceCommitteeMeeting 5/29/20072:30PM June2007Refunds Department:TaxAssessor-CalvinHicks,ChiefAppraiser caption2:MotiontoapproveJune,2007refundsasoutlinedin the attachment. Background:Seeattachment Analysis:Seeattachment FinancialImpact:Seeattachment Alternatives:None Recommendation:Seeattachment Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 9 JUNE REFUNDS Attachment page 1 of 4 Middleton, Brenda Joyce Map 73-1, Parcel 80 Homestead exemption was dropped in error; refund is to be applied to outstanding taxes owed. Grant refund for 2003 in the total amount of $265.30 (State $2.06; County $96.98; School $166.26). Wilkins, Thomas R Jr. Map 41, Parcel 60.01 and Homestead dropped in error. Payment of $2,748.09, which included penalties and interest, for years 2000 through 2004 was received July 26, 2005. Grant refund for years 2000 – 2004 as follows: $999.05 to be applied to outstanding taxes owed for 2005 and 2006 after homestead is reinstated. The remainder of $1,230.95 to be refunded to the taxpayer. Attachment number 1 Page 1 of 4 Item # 9 JUNE REFUNDS Attachment page 2 of 4 Attachment number 1 Page 2 of 4 Item # 9 JUNE REFUNDS Attachment page 3 of 4 Attachment number 1 Page 3 of 4 Item # 9 JUNE REFUNDS Attachment page 4 of 4 Attachment number 1 Page 4 of 4 Item # 9 FinanceCommitteeMeeting 5/29/20072:30PM LockandDamAuditReport Department:ClerkofCommission caption2:ReportfromtheInternalAuditorregardingtheLock and DamAuditReport. Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 10 Attachment number 1 Page 1 of 4 Item # 10 Attachment number 1 Page 2 of 4 Item # 10 Attachment number 1 Page 3 of 4 Item # 10 Attachment number 1 Page 4 of 4 Item # 10 FinanceCommitteeMeeting 5/29/20072:30PM NewUtilitiesBankAccount Department:Utilities,N.MaxHicks-Director caption2:AuthorizeAugustaUtilitiestoopenanewbankacco untwith GeorgiaBank&Trustfordirectpaymentsfromcusto mers. Background:AUDCustomerServicehasfieldednumerousrequests recentlyfromourlargestandbestcustomersandth irdparty payerswhopayforseveralofourcustomerstoallo wFTP paymentsonwater&seweraccounts.FTPpaymentsar e electronicallytransferredpaymentsdirectlyintoo urbank accountwithouttheuseofchecks.AUDcurrentlypr ocesses 10paymentsfromtheVAhospital(USTreasury)int his way.WehavecontactedGB&Tandtheyofferedane w, deposit-only,zero-balanceaccountthatwouldhave no minimumbalanceandnoservicecharges.Thefundsf rom thisaccountwouldbesweptfromthisaccountdaily intoour maininterest-bearingaccount.AUDwouldusethisa ccount onlyforFTPpayments.The“addenda”lineonthe documentationoftheFTPtransfercontainsthecust omer accountnumbertoallowAUDtoappropriatelyapply the credit.Signatureauthorizationonthisaccountwou ldbe maintainedbytheFinanceDepartmentandtheAUD CashieringSupervisorandSeniorCashierattheMun icipal Buildingwouldhaveaccesstotheactivityinorder to reconciletheaccountdaily. Analysis:AlthoughAUDcurrentlyacceptssomeFTPpaymentsfr om theVA,wearehesitanttoofferaccesstoourbank accounts toalargenumberofcustomersduetothelargeamo untof moneythatisinthemainbankaccountonadailyb asis.This optionwouldprovideagreatcustomerserviceoptio nforour customersgivingthemtheabilitytomakepayments very quickly,onspecificdates,withoutrelyingonthe mailservice andestimatedtimedelaystogetthepaymenttous inorderto avoidlatefees.Mostcustomerswouldprefernotto take advantageofourautomaticACHservicethatwithdra wsthe Cover Memo Item # 11 moneydirectlyoutoftheiraccountontheduedate because theywouldrathermaintaincontrolofthepaymentd ate.This optiongivesAUDaddedsecuritysinceitisadepos it-only accountandgivesusacentrallocationforallpay mentsof thistypeforeaseofrecordingandreconciliation. FinancialImpact:Sincethefundswillbesweptintotheinterest-bea ring accountdaily,therewillbenolossofincomeonf unds,and withnominimumbalanceandnoservicecharges,the reisno costtoAUDatall.Overallweexpecttosavesome administrativetimeinreconciliationsincetheset ransactions willbeinaseparateaccountandmoreeasilyanaly zed. Alternatives:1)Approvethisitemandprovidebettercustomerse rviceand moreefficientreconciliationofelectronicpayment s.2)Do notapprovethisitem,leavingelectronicpaymento ptionsthe waytheycurrentlyare. Recommendation:WerecommendtheCommissionauthorizeAugustaUtili ties toOpenaNewBankAccountwithGeorgiaBank&Trus tfor DirectPaymentsfromCustomers. Fundsare Availableinthe Following Accounts: N/A REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 11 FinanceCommitteeMeeting 5/29/20072:30PM PotentialReprogrammingSPLOST1Projects Department:Administrator'sOffice caption2:Reprogram$1.2milliondollarsinunexpendedSPLOST Ifor thefollowinglistofcapitalimprovements:•Renov ationsto theFulcherProperty$92,000•GeneralUpgradesto Riverwalk$60,000•AmphitheaterUpgrades$50,000 • DowntownFountains$50,000•HealthDepartment–N orth Leg$200,000•Additionaldensepackshelving-Re cords Retention$185,000•PendletonKingPark$50,000 • MaintenanceStorageandWarehouse$100,000•Sidew alk improvements–Downtown$200,000•EzekielHarris House$35,000•DecommissionedFireStations$200 ,000• LumpkinRoadTagOffice$10,000•LicenseandInsp ection Roof$20,000•Christmaslights$75,000•ANICBu ilding ConversiontoTagOffice$25,000•AdditionalSecu rity EquipmentforLEC$28,000TOTAL$1,200,000 Background:Thislistofpotentialcapitalprojectsrepresents current immediatecapitalneedsthatarenotfundedthrough the generalfund,arenotinthecurrentSPOSTlist.Th ese projectshelppreservetheusefullifeofexistingc apital assets. Analysis:Thisworkisformuchneededupgradestopreservel ong livedcapitalassets.Thereisnootherfundingsou rceforthis workatthistime.Postponingactionwillresultin highercost later. FinancialImpact: Alternatives:1.Approvethereprogrammingof$1.2milliondollar sof PhaseISPLOSTforthefollowingprojects:•Renova tionsto theFulcherProperty$92,000•GeneralUpgradesto Riverwalk$60,000•AmphitheaterUpgrades$50,000 • DowntownFountains$50,000•HealthDepartment–N orth Cover Memo Item # 12 Leg$200,000•Additionaldensepackshelving-Re cords Retention$185,000•PendletonKingPark$50,000 • MaintenanceStorageandWarehouse$100,000•Sidew alk improvements–Downtown$200,000•EzekielHarris House$35,000•DecommissionedFireStations$200 ,000• LumpkinRoadTagOffice$10,000•LicenseandInsp ection Roof$20,000•Christmaslights$75,000•ANICBu ilding ConversiontoTagOffice$25,000•AdditionalSecu rity EquipmentforLEC$28,000TOTAL$1,200,0002. Approvethereprogrammingof$1.2milliondollarso fPhase ISPLOSTforarevisedlistofprojects.3.Donot reprogram thedollarsandseekfundingelsewhere. Recommendation:Approvethereprogrammingof$1.2milliondollarso fPhase ISPLOSTforthefollowingprojects. Fundsare Availableinthe Following Accounts: SPLOSTPhaseI. REVIEWEDANDAPPROVEDBY : Administrator. ClerkofCommission Cover Memo Item # 12 FinanceCommitteeMeeting 5/29/20072:30PM RequestforFinanceAssistant Department:TaxCommissioner'sOffice,NorthWilliamson,Chief Deputy caption2:ApprovearequestforAssistanttoFinanceOfficeri nTax Commissioner'sOffice. Background:Pleaserefertoattachedinformation.Presentjobi nTag Officewouldbeusedandupgradedtoaccomodatethe new position. Analysis:PresentjobinTagOfficeisSalarygrade37-Entry level salary($18,928)NewPosition(FinancialAnalyst)w ouldbe atsalarygrade52andstartingsalaryof$47,000.Thiswould meanupgradingaposition,ratherthancreatingan ew position.AlsothechangefromFinancialOfficer(S G53)to FinanceManager(SG55)isrequestedtomoreadequa tely reflectthedutiesofthepresentFinancialOfficer . FinancialImpact:For2007,theadditionalcostwouldbe$14,000for the FinancialAnalyst.FortheupgradeoftheFinancial Officer, thecostwouldbe$4,500. Alternatives: Recommendation:Itisrecommendedthatthisrequestbeapprovedfor the reasonsoutlinedbytheInternalAuditor. Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : Cover Memo Item # 13 Finance. Administrator. ClerkofCommission Cover Memo Item # 13 Attachment number 1 Page 1 of 1 Item # 13 Attachment number 2 Page 1 of 1 Item # 13 FinanceCommitteeMeeting 5/29/20072:30PM RevisedBoardofAssessorsFundingRequest Department:BoardofAssessors,CharlesSmith,Chairman caption2:ConsiderrevisedBoardofAssessorsfundingrequest . Background:Seeattachments Analysis:Seeattachments FinancialImpact:Seebelowandattachments Alternatives:Seebelowandattachments Recommendation:Seeattachments Fundsare Availableinthe Following Accounts: Therearenofundsavailableinthedepartment.We are requestingfundsbeallocatedfromcontingency. REVIEWEDANDAPPROVEDBY : Finance. Administrator. ClerkofCommission Cover Memo Item # 14 Attachment number 1 Page 1 of 4 Item # 14 Attachment number 1 Page 2 of 4 Item # 14 Attachment number 1 Page 3 of 4 Item # 14 Attachment number 1 Page 4 of 4 Item # 14 FinanceCommitteeMeeting 5/29/20072:30PM RichmndCountyDevelopmentAuthority Department:ClerkofCommission caption2:ReceiveanaccountingofSPLOSTdollarsbytheRich mond CountyDevelopmentAuthority.(Requestedby CommissionerBrigham) Background: Analysis: FinancialImpact: Alternatives: Recommendation: Fundsare Availableinthe Following Accounts: REVIEWEDANDAPPROVEDBY : ClerkofCommission Cover Memo Item # 15 FinanceCommitteeMeeting 5/29/20072:30PM Utilities2004BondSwapUpdate Department:Utilities,N.MaxHicks-Director caption2:ReceiveasinformationaSummaryofFinancialResul tsof Utilities2004BondSwap. Background:InJuneof2006,TheCommissionvotedtoenterinto abasis swapontheUtilities2004BondIssue.TheFinance Committeehasrequestedaquarterlyupdateofthec ashflow andvalueoftheSwap. Analysis:TheanalysisoftheresultsoftheSwapsinceincep tionis attached. FinancialImpact:Seeattached Alternatives:N/A Recommendation:None.Forinformationpurposesonly. Fundsare Availableinthe Following Accounts: N/A REVIEWEDANDAPPROVEDBY : Finance. Procurement. Administrator. ClerkofCommission Cover Memo Item # 16 Cover Memo Item # 16 DerivActiv Cash Flow Summary - Augusta, GA Trade Description: $160M BMA Constant Maturity Basis Swap Counterparty: Deutsche Bank Payment Dates: Semi-annual - 4/1 and 10/1 commencing 10/1/06 Period Payment Receipt Net Payment/Receipt 6/1/06-10/1/06 ($1,919,120.83)$2,096,602.10 $177,481.27 10/1/06-4/1/07 ($2,862,509.59)$2,906,770.99 $44,261.40 4/01/07-5/01/07 ($490,214.14)$473,741.11 ($16,473.03) Total Since Inception: $205,269.64 *Monthly Accrual DerivActiv Disclaimer DerivActiv does not control the sources of the data used on the service and does not represent that such data are accurate. DerivActiv obtains some or all of the data used on the service from other sources and, although it believes such sources to be accurate, DerivActiv cannot and does not independently verify the accuracy of such data. DerivActiv disclaims all warranties regarding the accuracy of the content or other data posted on the service. Further DerivActiv cannot and does not represent that the values, prices or quotations noted on this web site will represent the levels at which specific transactions would take place. The data which DerivActiv utilizes to provide value, price and quotation information is extremely time and market sensitive and thus is subject to frequent change based on market conditions. Due to inherent delays which occur in the transmission of such data to DerivActiv and DerivActiv's subsequent calculation utilizing such data, it is likely that the valuation, price and quotation information available on DerivActiv will not reflect up-to-the minute market pricing. Thus information available on DerivActiv is for information purposes and should not be used to make final decisions regarding valuation or pricing of transactions. Additionally, the valuations, prices and quotations provided through the service are mid-market fair value estimates, and thus reflect the mid-point between the "bid" and "offer" side of the market. When using the service, you must use your own judgment and expertise to evaluate and assess the value of the information presented for its particular purposes. You acknowledge and agree that the service is a tool to be used by you in the course of exercising your professional judgment. The service cannot be substituted for the proper exercise of independent business judgment and analysis. Attachment number 1 Page 1 of 1 Item # 16 MTM Valuation updated as of 4/30/07 Description Initial Notional Counterparty Type MTM $160M CMS Swap $160,000,000.00 Deutsche Bank Basis Swap $1,661,551.53 Due to inherent delays which occur in the transmission of such data to DerivActiv and DerivActiv's subsequent calculation utilizing such data, it is likely that the valuation, price and quotation information available on DerivActiv will not reflect up-to-the minute market pricing. Thus information available on DerivActiv is for information purposes and should not be used to make final decisions regarding valuation or pricing of transactions. Additionally, the valuations, prices and quotations provided through the service are mid-market fair value estimates, and thus reflect the mid-point between the "bid" and "offer" side of the market. When using the service, you must use your own judgment and expertise to evaluate and assess the value of the information presented for its particular purposes. You acknowledge and agree that the service is a tool to be used by you in the course of exercising your professional judgment. The service cannot be substituted for the proper exercise of independent business judgment and analysis. Augusta, City of DerivActiv Disclaimer DerivActiv does not control the sources of the data used on the service and does not represent that such data are accurate.DerivActiv obtains some or all of the data used on the service from other sources and, although it believes such sources to be accurate, DerivActiv cannot and does not independently verify the accuracy of such data. DerivActiv disclaims all warranties regarding theaccuracy of the content or other data posted on the service. Further DerivActiv cannot and does not represent that the values, prices or quotations noted on this web site will represent the levels at which specific transactions would take place. The data which DerivActiv utilizes to provide value, price and quotation information is extremely time and market sensitive and thus is subject to frequent change based on market conditions. Attachment number 2 Page 1 of 1 Item # 16 Augusta Utilities Recap of Current Results of 2004 Bond Swap Finance Committee – May 29, 2007 DerivActiv Cash Flow Summary This schedule is calculated and accrued monthly to show the amount owed to/by Augusta from the Swap. It is based on the daily average of the indices that are a part of the Swap agreement. Actual payments are transacted semi-annually on 4/1 and 10/1 each year. This schedule shows the results of those calculations since inception. The first period reported is from inception in June of 2006 until 10/1/06. The payment column is the amount agreed to be paid by Augusta to Deutsche Bank. It is calculated as $160 million times the average BMA rate (the industry average for municipal bonds) during the period. The receipt column is $160 million times 72.05% of the 5-year LIBOR rate (a common measure of corporate debt rates) during the period. Since the latter amount was greater for the period noted, Augusta received a wire for $177,479.37 at 10/1/06 and $44,261.40 at 4/1/07. The remaining period is the monthly calculation that is being accrued, the net of which will be paid at 4/1/07. After one month that net amount is a payment DUE by Augusta of ($16,473.03), for a total amount in Augusta’s favor of $205,269.64 since inception. The amount we have earned since inception is considerably less than the average amount as estimated by the investment advisor, which was an average of about $1 million per year. This is most likely for two reasons: 1) The estimate was a 30 year average and over a 30 year period, fluctuations can be very great. 2) We received a higher % of LIBOR and a longer term LIBOR rate than common Swaps, which generally tend to be projected at 67% of LIBOR using the one- month LIBOR rate. The reason we were able to get the more favorable rates was due to a compression of LIBOR rates at the time of the Swap that made the one- month LIBOR rate and the 5-year LIBOR rate much closer than they would be during an average period. Having a higher % of a traditionally higher rate is more favorable to us, especially in the long run when longer term LIBOR rates go back to more normal ranges. However, at this time there remains a similar compression in these rates that has not changed drastically. While the rates remain compressed as they are now, our payout may remain small. However, once rates return to a more normal yield curve, we should expect to see larger payouts. MTM (Mark to Market) Valuation updated as of 4/30/07 This report is a market value estimate of our Swap based on our terms and current interest rates. It is intended to give us the market value of the Swap if we were to try to dissolve it at the date noted. This amount would not include the fees we would have to pay to financial advisors and legal counsel we would need to hire in order to do this. The estimate of this value is favorable in the amount of $1,661,551.53 at 4/30/07. Attachment number 3Page 1 of 1 Item # 16