12-15-1982 - Workshop
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CITY OF EDGEWATER
CITY COUNCIL WORKSHOP
December 15, 1982 - Minutes
Mayor McKillop called the Workshop to order at 1:30 p.m. ln the
Community Center.
ROLL CALL:
Mayor Richard McKillop
Counci~man David Ledbetter
Councilwoman Gigi Bennington
Councilman Neil Asting
Councilman Jack Spencer
Present
Present
Present
Present
Present
City Clerk Nancy Blazi
City Attorney Alvarez
Police Chief Earl Baugh
Finance Director Kinsey
Present
Present
Present
Present
The City Clerk asked to be excused from the meeting. Mrs. Kinsey took
over in her place.
Mayor McKillop announced that the firm of May, Zima and Company, Certified
Public Accountants, will be represented at this workshop.
Councilman Asting passed out a report prepared in conjunction with the
Finance Director showing the status of the City's finances. He reviewed
the report, noting that there is $79,011 in the checking account, regular
passbook account, $125,676, Certificates of Deposit, $360,000 for a
total of $564,687. Developer bonds total $103,650, which is refundable,
leaving a balance of $461,000. Paving contract is for $283,000; paid on
account $116,000; balance due $167,000. Required for additional paving
up to 22nd Street and final coating is $167,000, had the footage been
correct. Required to complete the job the way the contract reads the
City needs another $50,000, which would make the balance due $217,000 on
the paving contract. The City's operating expenses total $175,000 per
month. Subtracting the $217,000 and the $175,000 leaves an approximate
balance of $69,000.
Mr. John Vodenicker of May, Zima and Company introduced himself and Mr.
Ted Serbousek, who is in charge of the audit.
Mrs. Kinsey said the figures just quoted were as of 12/13/82. Approxi-
mately $60,000 of this figure is tax money returned to the City.
Mr. Vodenicker noted that in the past the tax money has been used to
cover operating expenses. If it is going to be used for the paving
programs, the operating budget will have to be reduced, or look some-
where else for additional revenue. They are estimating that the general
fund balance at the end of 9/30/82 is going to be around $211,000. This
is the available surplus to be brought forward into the new budget year.
Estimated revenues for the new adopted budget is $1,294,826. This is in
addition to surplus. Deducted from this figure is the appropriations of
$1,294,826; $150,000 of this is budgeted for the road paving program.
The contract is approximately $180,000. The City will end up with a
budget deficit for this year of $136,000 if the road paving is funded
through the General Fund. Subtracting the $136,000 from the $211,000
would give the fund balance for 9/30/83 of $75,000. Increasing the road
paving by $50,000 as discussed would decrease the fund balance to
$25,000 for 9/30/83. He noted that it is good fiscal planning to have
about 10 percent of the annual budget in surplus.
Mr. Vodenicker suggested negotiating a loan with the bank for the amount
of the special assessments. You would put in that loan agreement the
option of paying back the principal portion earlier. If you do get some
of this money back you could put it against the principal. If you decide
on the short-term borrowing, do it when the assessments take place.
Councilman Ledbetter recommended reviewing the present budget and
out items in order to reduce it, perhaps by as much as $100,000.
generally agreed that this is a necessity. Mr. Ledbetter thought
should consider going out for a referendum creating a special tax
in Florida Shores.
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There was some discussion of doing a survey of the people who are having
the work done so they could anticipate revenue. It was suggested that
this might be done from the taxrolls.
Councilman Asting suggested holding off on finishing the paving until
an agreement could be reached with Briley-Wild reo their liability.
Councilman Spencer recommended proceeding as quickly as possible with
the paving.
The workshop was adjourned.
Minutes submitted by
Joan Taylor.
City Council Workshop
December 15, 1982
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