HomeMy WebLinkAbout2019-03-26 Meeting Minutes Finance Committee Meeting Commission Chamber - 3/26/2019
ATTENDANCE:
Present: Hons. Fennoy, Chairman; D. Williams, Vice Chairman; M.
Williams and Frantom, members.
Absent: Hon. Hardie Davis, Jr., Mayor.
FINANCE
1. Discussion of the street lighting fee structure approved in 2018, revenue
generated, and fees which would generate varying amounts of total revenue to
meet current needs and to expand the level of service.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to approve
establishing a street
light sub-committee
composed of the five
committee chairmen.
Motion Passes 4-0.
Commisioner
Sean Frantom
Commissioner
Dennis
Williams
Passes
2. Presentation to the commission providing an update regarding current market
conditions, Augusta's Bond Rating, debt capacity, and trends in the economy
that may influence the bond market.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to approve
receiving this item as
information.
Motion Passes 4-0.
Commissioner
Dennis Williams
Commisioner
Sean Frantom Passes
3. Motion to approve the minutes of the Finance Committee held on March 12,
2019.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to approve.
Mr. Frantom out.
Motion Passes
3-0.
Commissioner
Dennis Williams
Commissioner
William Fennoy Passes
4. Present the financial report of the twelve month period ended December 31,
2018.
Item
Action:
Approved
Motions
Motion
Type Motion Text Made By Seconded By Motion
Result
Approve
Motion to approve
receiving this item
as information.
Motion Passes 4-0.
Commissioner
Dennis Williams
Commissioner
Marion Williams Passes
www.augustaga.gov
Finance Committee Meeting
3/26/2019 1:15 PM
Attendance 3/26/19
Department:
Presenter:
Caption:
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are
Available in the
Following
Accounts:
REVIEWED AND APPROVED BY:
2019 Comparison of Fees to Generate Target Revenue
TARGET Residential Commercial No Current All All
METHODOLOGY REVENUE Res Comm Increment Increment Bill Residential Commercial
Both Base of Commericial and
Increment are 50% Higher
than Residential and Exempt
Exempt included in Increment $6.5 M $48.67 $73.01 $33.44 $50.16 $48.67 $82.11 $123.17
$7.0 M 52.41 78.62 36.01 54.02 $52.41 $88.42 $132.64
$7.5 M 56.16 84.24 38.58 57.88 $56.16 $94.74 $142.12
Exempt excluded from Increment $6.5 M $48.67 $73.01 $34.72 $52.08 $48.67 $83.39 $125.09
$7.0 M 52.41 78.62 37.39 56.09 $52.41 $89.80 $134.71
$7.5 M 56.16 84.24 40.06 60.09 $56.16 $96.22 $144.33
Assumptions:All parcels are included in Base Fee
Parcels in Hephzibah and Blythe are excluded from increment
Cost of program is 60% Roadway lighting 40% residential lighting
Rate of Commericial is 50% higher than Residential and Exempt
Total
6.28.18 file count Parcels outside Heph&Blythe
Total parcels 81,141 Residential 69,313
Less Heph and Blythe total (2,469) Commercial 6,342
Total parcels for calculations 78,672 Exempt 3,017
Total 78,672
Exempt outside Hephzibah&Blythe (3,017)
total of parcels excl Heph, Blythe&exempt 75,655
Total Fee
Base Fee
Distribution
2018 totals # total
Parcels fee Billed 2018
Residential 40,556 *85.00$ 3,447,260.00$
Commercial 6,342 107.36$ 680,877.12$
Exempt 3,017 85.00$ 256,445.00$
49,915 4,384,582.12$
less 5% bad debt (219,229.11)$
4,165,353.01$
Total Parcel Count on 6.28 file Augusta Hephzibah Blythe
Residential 71602 69313 1882 407
Commercial 6414 6342 62 10
Exempt 3125 3017 71 37
81141 78672 2015 454
Distribution of Augusta Parcel Count Suburban
TOTAL Urban Suburban Billed not billed
Residential 69313 13604 40556 *15153 *
Commercial 6342 2170 4172 0
Exempt 3017 1298 1719 0
78672 17072 46447 15153
Urban Parcels Only
Residential 13604 $85 $1,156,340 **not billed
Commercial 2170 ***billed
Exempt 1298 ***billed
17072
* The fee structure approved in 2018 only billed residential customers already receiving a bill under
the previous fee system.
**Urban Residential parcels did not get direct bill. Collected thru mill rate. This amount should
be trf'd from Urban tax collections to the street lighting fund.
***All Commercial and Exempt parcels were billed
Hephzibah and Blythe parcels were excluded from all billing
No Bill Issued
Finance Committee Meeting
3/26/2019 1:15 PM
Discussion of Street Light Fees
Department:Administrator
Presenter:Janice Allen Jackson
Caption:Discussion of the street lighting fee structure approved in 2018,
revenue generated, and fees which would generate varying
amounts of total revenue to meet current needs and to expand
the level of service.
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are
Available in the
Following
Accounts:
REVIEWED AND APPROVED BY:
Finance.
Law.
Administrator.
Clerk of Commission
Finance Committee Meeting
3/26/2019 1:15 PM
Market update from Financial Advisor
Department:Finance
Presenter:Timothy Schroer, Deputy Finance Director
Caption:Presentation to the commission providing an update regarding
current market conditions, Augusta's Bond Rating, debt
capacity, and trends in the economy that may influence the bond
market.
Background:Davenport & Company has been retained as Augusta's Financial
Advisor starting in 2016 and has presented periodic updates to
the commission.
Projects that Davenport has served as financial advisor include:
SPLOST 7 Bonds
Bonds for the construction of the Parking Decks at the Georgia
Cyber Center
Foundry Project - pro forma evaluation and bond issuance
Water & Sewer Bonds series 2017 - Refinancing of 2007 series
bonds
Analysis:The presentation will be an review that is not tied to a specific
bond offering. This allows Davenport to present a global picture
of the Augusta's presence in the bond markets and current
market trends.
Financial Impact:n/a
Alternatives:n/a
Recommendation:receive as information
Funds are
Available in the
n/a
Following
Accounts:
REVIEWED AND APPROVED BY:
Finance.
Law.
Administrator.
Clerk of Commission
Finance Committee Meeting Commission Chamber '311212019
ATTENDANCE:
Present: Hons. Fennoy, Chairman; D. Williams, Vice Chairman; M.
Williams and Frantom, members.
Absent: Hon. Hardie Davis, Jr., Mayor.
FINANCE
1. Approve proposed calendar for SPLOST 8.Item
Action:
Approved
Motions
Motion
Type
Approve
2. Motion to
26,2019.
Motion
Text
Motion to Commisioner Sean Commissioner
approve. Frantom William Fennoy Passes
approve the minutes of the Finance Committee held on February Item
Action:
Approved
Motions
f#:"' ln;T"" Made Bv seconded Bv
^ Motion to Commisioner Sean CommissionerAoDrove/ rvvrvYv approve. Frantom William Fennoy
3. Request to continue purchase of Augusta POL/EPL Insurance with Premium ltem
Quote for 2019 - 2020 POLiEPL coverage to J. Smith Lanier & Co. LLC., Action:
current broker, through insurance carrier RSUI for a premium of $58,700. Approved
Motions
Made By Seconded By Motion
Result
Motion
Result
Passes
Made By Seconded By
Motion
Type
Approve
Motion
Text
Motion to
approve.
Motion
Result
PassesCommisioner Sean Commissioner
Frantom William Fennoy
www.augustaqa.qov
Finance Committee Meeting
3/26/2019 1:15 PM
Minutes
Department:
Presenter:
Caption:Motion to approve the minutes of the Finance Committee held
on March 12, 2019.
Background:
Analysis:
Financial Impact:
Alternatives:
Recommendation:
Funds are
Available in the
Following
Accounts:
REVIEWED AND APPROVED BY:
Finance Committee Meeting
3/26/2019 1:15 PM
Preliminary 4th Quarter 2018 Financial Report
Department:Finance
Presenter:Donna Williams, Finance Director
Caption:Present the financial report of the twelve month period ended
December 31, 2018.
Background:Periodic financial reports are presented to keep the commission
apprised of the financial status of the organization.
Analysis:The presented reports are the preliminary results of the year
ended December 31, 2018. Per GASB standards, Augusta is
required to hold open its books for 60 days after year end so that
receivables and payables may be accurately recorded. Staff is in
the process of final reviews and adjustments in preparation for
the annual financial audit. The results of the 2018 audit, which
will be presented in July, will have variance from the reports
being presented due to timing differences and adjustments made
during the final audit preparation review. The reports focus on
operations for the following funds: General Fund (including law
enforcement) Urban Service Fund Fire Protection Water &
Sewerage Garbage Collection Augusta Regional Airport
Stormwater Utility
Financial Impact:
Alternatives:
Recommendation:receive as information
Funds are
Available in the
Following
Accounts:
REVIEWED AND APPROVED BY:
Finance.
Law.
Administrator.
Clerk of Commission