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Finance Commission Minutes <br />November 9, 2016 – Draft Minutes <br />Page 3 of 7 <br /> <br />Chair Schroeder asked if the $3,140,948 total fund available funds for all of the programs 92 <br />included reserves. 93 <br /> 94 <br />Ms. Kasey stated reserve funds were not included in this total. This would be something that 95 <br />would need to be resolved in 2017. In 2015 the City Council decided to create the EDA and not 96 <br />adopt a budget in 2016 for the EDA. Not adopting a budget in 2016 resulted in the EDA, Staff, 97 <br />and programs to use the current reserve balance to keep operating. By the end of 2016 they are 98 <br />not expecting to have a reserve balance to remain. 99 <br /> 100 <br />Finance Director Miller stated the reserve has been used for the staffing costs associated with 101 <br />running these programs. If the Council does not approve additional funds for the EDA budget, 102 <br />then funds from the programs would be decreased. 103 <br /> 104 <br />Commissioner Bachhuber asked what the City’s plan was for 2017. 105 <br /> 106 <br />Commissioner Murray asked how many FTE (full time employees) were included in the staff 107 <br />component. 108 <br /> 109 <br />Ms. Kasey stated currently there is 1.5 FTE and in 2017 they would be adding services from a 110 <br />current staff person for an additional .5 FTE. She stated the proposed 2017 EDA Levy included 111 <br />$27,850 for the Ownership Rehab Programs, $54,585 for Inspection and Abatement Programs, 112 <br />$8,000 for Marketing Studies, $73,500 for Economic Development, and $192,650 for General 113 <br />EDA Expenditures. This is a total proposed levy request of $356,585. 114 <br /> 115 <br />Finance Director Miller stated the proposed levy request for the EDA is included in the not to 116 <br />exceed budget amount that the City Council had established. He stated Commissioner Konidena 117 <br />would like to know if any of the funds from the housing loan programs could be used for things 118 <br />such as solar panels or other green energy initiatives. 119 <br /> 120 <br />Ms. Kasey stated this could be done through the Rehab Program. These loans can be made for a 121 <br />maximum of $40,000, these loans are driven by the median value of the home and there are no 122 <br />income restrictions. 123 <br /> 124 <br /> 125 <br />Cash Reserve Update 126 <br /> 127 <br />Chair Schroeder stated a Councilmember had asked when the Commission would be sending the 128 <br />updated charts for the Cash Reserves. The Commission had not sent the charts because of the 129 <br />update on the financial situation of Roseville changing the cash reserves dramatically. The 130 <br />narrative the Commission had decided to send does not make sense compared to the new charts. 131 <br />She asked the Commission to review the new chart and the narrative and suggest any changes. 132 <br /> 133 <br />Finance Director Miller stated last year there had been a number of properties that had appealed 134 <br />their evaluations. When this happens, the County will hold back up to 3-years of property tax 135 <br />payments in the event the appealing party is successful in getting the evaluation reduced. In 136 <br />Item 3: Attachment A