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Finance Committee Meeting Commission Chamber- 6/11/2012- 12:55 PM
FINANCE
1. Request that all CHDOs provide an accounting of funds from
the 2005 and 2006 grants by the Augusta Housing and
Community Development Department. (Requested by
Commissioner Brigham)
Attachments
2. Motion to approve the minutes of the Finance Committee held
on May 29, 2012.
Attachments
3. Motion to authorize the Finance and Utility departments to
begin the process for refunding the Water and Sewerage
Revenue Bonds Series 2002 in the approximate outstanding
principal amount of $98,875,000 and the issuance of up to
$40,000,000 of additional bonds for new water and sewer
projects, all of such bonds to be issued through a competitive
bid process with Murray, Barnes, Finister, LLP and McKenna
Long & Aldridge, LLP serving as bond and disclosure
counsel.
Attachments
4. Consider a request from New Life Community Fellowship
Baptist Church for the refunding of 2011 taxes paid by the
church in the amount of $1,613.12.
Attachments
5. Motion to approve a request for refund for Bio-Medical App. of
Georgia, Inc., 1109 Medical Center Drive, for tax years
2009 ($241.09) and 2010 (230.33), Aco# 65500 and 65501.
Attachments
6. Approve the replacement of two articulated boom arm mowers
for Augusta Engineering Department – Maintenance Division.
Attachments
Finance Committee Meeting
6/11/2012 12:55 PM
CHDOs
Department:Clerk of Commission
Caption:Request that all CHDOs provide an accounting of funds from the
2005 and 2006 grants by the Augusta Housing and Community
Development Department. (Requested by Commissioner
Brigham)
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY:
Cover Memo
Item # 1
Finance Committee Meeting
6/11/2012 12:55 PM
Minutes
Department:Clerk of Commission
Caption:Motion to approve the minutes of the Finance Committee held on
May 29, 2012.
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY:
Cover Memo
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Finance Committee Meeting
6/11/2012 12:55 PM
Motion to authorize refunding Water and Sewerage Revenue Bonds, Series 2002
Department:Finance
Caption:Motion to authorize the Finance and Utility departments to begin
the process for refunding the Water and Sewerage Revenue Bonds
Series 2002 in the approximate outstanding principal amount of
$98,875,000 and the issuance of up to $40,000,000 of additional
bonds for new water and sewer projects, all of such bonds to be
issued through a competitive bid process with Murray, Barnes,
Finister, LLP and McKenna Long & Aldridge, LLP serving as
bond and disclosure counsel.
Background:Augusta issued $149,400,000 in bonds in 2002 to finance various
water and sewer improvements. The bond documents provided
that the bonds could be called after ten years. Current interest
rates on tax exempt municipal bonds are lower than the rates on
the existing bonds which makes refunding these bonds a prudent
financial decision. In addition, the Utilities Department has
needed projects that cannot be timely funded through cash flow.
These projects are estimated to total between $35 million and $40
million.
Analysis:
Financial Impact:
Alternatives:a) Refund the existing bonds and issue addtional bonds for needed
projects. b) Not refund the existing bonds and forego the interest
savings and delay the construction of new projects.
Recommendation:Refund the existing bonds and issue the additional bonds for
needed projects.
Funds are Available
in the Following
Accounts:
This is an enterprise fund. Receipts from operations will pay debt
service.
Cover Memo
Item # 3
REVIEWED AND APPROVED BY:
Cover Memo
Item # 3
Finance Committee Meeting
6/11/2012 12:55 PM
New Life Community Fellowship Baptist Church
Department:Clerk of Commission
Caption:Consider a request from New Life Community Fellowship Baptist
Church for the refunding of 2011 taxes paid by the church in the
amount of $1,613.12.
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY:
Cover Memo
Item # 4
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Item # 4
Finance Committee Meeting
6/11/2012 12:55 PM
Request for refund Bio-Medical App of GA Inc.
Department:Board of Assessors
Caption:Motion to approve a request for refund for Bio-Medical App. of
Georgia, Inc., 1109 Medical Center Drive, for tax years
2009 ($241.09) and 2010 (230.33), Aco# 65500 and 65501.
Background:Request for refund based on personal property audit for Bio-
Medical App. of Georgia, Inc., 1109 Medical Center Drive, for tax
years 2009 and 2010, Act# 65500 and 65501. Refund amount
requested for 2009=$241.09, paid by Bio-Medical App. of
Georgia; amount requested for 2010=$230.33, paid by Fresenius
Management Service.
Analysis:
Financial Impact:
Alternatives:
Recommendation:Refund 2009 and 2010 taxes for Bio-Medical App. of Georgia Inc.
in the amounts of $241.09 and $230.33, respectively.
Funds are Available
in the Following
Accounts:
REVIEWED AND APPROVED BY:
Finance.
Law.
Administrator.
Clerk of Commission
Cover Memo
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Finance Committee Meeting
6/11/2012 12:55 PM
Request the purchase of two Articulated Boom Arm Mowers for Augusta Engineering Department-
Maintenance Division
Department:Fleet Management
Caption:Approve the replacement of two articulated boom arm mowers for
Augusta Engineering Department – Maintenance Division.
Background:The Augusta Engineering Department-Maintenance Division is
responsible for the grass maintenance in the city and surrounding
areas of Augusta. A significant amount of their grass
maintenance tasks include working along the highways and
roadways which requires the use of a tractor mounted articulated
boom arm mower. Due to the lack of funding over the last few
years, the department’s boom arm mower fleet is deteriorating
rapidly. They have quite a few mowers that are over 10 years old
which in itself creates a very hazardous working environment for
the operators and also the extremely high maintenance costs to
keep running. Two of these older mowers, asset number 940414,
a 1994 model, and 950259, a 1995 model, exceeds the
replacement criteria approved by the Commission in 2004. The
assessment has been attached for review.
Analysis:Fleet Management would like to utilize the Georgia State Contract
bid program to purchase the units. The Georgia State Contract low
bid for this unit was awarded to Alamo, Inc., of Seguin, Texas, but
administered and distributed by Reynolds-Warren Equipment
Company of Lake City, Georgia. The state bid award number is
SWC-99999-SPD-0000043-0004. We have attached the
appropriate paperwork for your review.
Financial Impact:One of these units will be purchased through the use of 2004
Phase IV sales tax funds and the other through the use of 2012
General Capital Outlay funds. The cost of these new articulated
boom arm mowers is $90,944.09 each for a total of $181,888.18.
Alternatives:(1) Approve the request; (2) Do not approve the request
Recommendation:Approve the request to purchase two articulated boom arm
Cover Memo
Item # 6
mowers from Alamo Industrial, Inc. through Reynolds-Warren
Equipment Company, Inc.
Funds are Available
in the Following
Accounts:
324-04-1110/54.21120/201-82-4010/54.21120 & 272-01-
6440/54.12120 & 272-01-6440/54.21120
REVIEWED AND APPROVED BY:
Finance.
Procurement.
Law.
Administrator.
Clerk of Commission
Cover Memo
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