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1993 Receipts, Res., Disb. & Minutes
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1993 Receipts, Res., Disb. & Minutes
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<br />Pursuant to due call and notice thereof, the Centerville City <br />Council held a special workshop meeting on November 10, 1993 at <br />the Centerville City Hall. The purpose of the meeting was to <br />discuss Centerville.s long range financing. Mayor Buckbee called <br />the meeting to order at 5:55 p.m. Present: Dario, Brenner, <br />Helmbrecht, Wilharber. <br /> <br />Bob Burgstahler, Municipal Financial Advisor, was present to <br />assist in the discussion. He noted that there are three types of <br />City funds of significance: general fund, operating funds (sewer <br />and water) and debt service funds. <br /> <br />Mr. Burgstahler distributed a copy of one City fund (Center Hills <br />III) to demonstrate how the long range financing was projected. <br />A copy of this information is on file with the <br />Clerk/Administrator. <br /> <br />Mr. Burgstahler noted that even though the City is looking at the <br />funds now, it would be important to update the funds regularly as <br />items such as interest rates and assessment payments may vary <br />from projections. <br /> <br />Mr. Burgstahler noted that the City of Centerville currently has <br />approximately $3.5 million dollars available to pay back bond <br />issues. He noted, however, that the purpose of this meeting <br />would be to obtain an understanding of the projects and their <br />financing. He also noted that some options would be presented. <br />It is expected that next month the Council will meet again to try <br />to address some of the options regarding repayment of the bonds <br />and financing available. <br /> <br />The purpose of the meeting is with regard to a possible "changing <br />of the guard", with future elections and possible staff <br />replacements. Mr. Burgstahler appeared to feel that it would be <br />responsible for the City Council to think through the finances <br />and put plans on paper for future participants. He suggested <br />that the obligation issues can not be forgotten or the City could <br />come up short in the future. <br /> <br />It was the opinion of Mr. Burgstahler that the City will need to <br />talk to other outside sources to consider options for longer term <br />investments which could possibly yield a higher interest rate. <br />The danger of longer term investments is that the City could be <br />stuck with a lower interest rate should interest rates increase <br />overall. <br /> <br />Mr. Burgstahler presented the <br />has prepared for the meeting. <br />with the Clerk/Administrator. <br /> <br />City with a Debt Analysis that he <br />A copy of this document is on file <br /> <br />It appeared to be Mr. Burgstahler.s opinion that the priority <br />accounts to concentrate on at this time are the 1987 Street <br />Reconstruction bond and the Municipal Building. <br />
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