CCP 09-14-1987 - Laserfiche WebLink

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I . Minutes of Special Finance Committee Meeting, September 10, 1987 Page 6 Erickson suggested the program be required to derive $20,000 more in income, or reduce costs, in the coming year, if this person is employed. . Committee requests Buckley furnish a survey of fees charged by other communities, a task inventory for proposed employee, consider raising fees and instituting non-resident charges. McNiesh again noted that space problems ~n the Village Hall, and support staff, should be considered before creating additional positions. p. 55 Municipal Land and Buildings Account No. 510 (Land). The 1988 budget provides for levying $158,800 to cover cost of purchase of parcel A of the Hamline Ave./Highway 96 land purchase. p. 57 Permanent Improvement Revolving Fund The 1988 budget provides levy of $100,000 to repay the PIR fund for a portion of the Hamline Avenue costs not assessed or covered by HSA funds, and $15,710 to cover costs of reconstruction of Glenhill Road (50% assessed). Long range plans call for re-paying the PIR fund $404,000 for Hamline Avenue expenses over a four year period, with no interest paid. Committee may wish to consider whether 8% interest should be included in the repayment schedule. This levy could be reduced in 1988 to help in balancing this budget. In general Committee discussion, there seemed a reluctance on the part of the Finance Committee to balance the budget using these means. Committee discussed the proper level for the PIR fund, so it would be large enough to use for . internal financing of construction projects, and proper use of the interest and principal of the fund. The subcommittee which studied long term financing earlier this year had felt a $1,000,000 balance adequate; some feel a $2,000,000 balance preferable. All felt that the fund should be repaid when it finances construction projects. The viability of using PIR interest to fund non-operating expenses of the City was discussed briefly. Adiournment The meeting was adjourned at 11:50 p.m. Submitted by Shirley Marshall. MEETING NOTICE Next meeting of the Finance Committee (with Council and Department Heads) is Thursday, September 17, 7:00 p.m. .