Peoria Standard

City of Chillicothe Finance Committee met April 10.

Here are the minutes provided by the committee:

The finance committee met on April 10, 2024, at 4:30 p.m., in the council chambers at City Hall. Present: Chairman Vanbruwaene, Alderperson Sharp, Alderperson D. White, Mayor Hughes, Office Manager Passage

Chairman Vanbruwaene called the meeting to order 4:30 p.m.

PUBLIC COMMENT

No Public Comment

PURPOSE

Budget 23-24 Review - Office Manager Passage reported that we are 11 months into the Fiscal year and expense line items should be at 91.63% or less. The overall budget is within said range. However, few line items are over the 91.63%.

Voucher Program 24-25 Fiscal Year - Office Manager Passage advised the committee that she had reached out to Eric Shangraw, GFL representative, regarding the voucher program. He advised that August 1, 2024 thru September 30, 2024. This would allow one Saturday, which would be September 7, 2024. The cost would be $65.00 per voucher. The budget has $10,000 marked for the voucher program, which would allow 153 vouchers to be given out. Last year the cost was $60.00 and we issued 166 vouchers. The consensus of the committee was to keep the cost for the program at $10,000.00 and only issue 153 Vouchers. This will be brought to the council at the May 13 council meet as it is an expense for fiscal year 24-25.

Water Tower Bond Payment - As of March 1, 2024 the account has $268,137.00 in the account for the debt certificate payments. The final payment is due April, 2026. The estimated amount needed at said date is $296,000.00. She is working with Eric Turner, Regional Bank representative to confirm the amount necessary for a payoff. A discussion was held regarding the $5.00 charge and when the final billing of the $5.00 should be done. At this time, based on the information the potential final billing would be the June billing, pending any additional information from Mr. Turner.

Water Rate Analysis - Chairman Vanbruwaene advised the committee that he is working on completing the excel worksheet for the rate analysis. He explained he is working on potential costs over a 20 year period, however; the rate increase would be looking at three to five years and then look at rates again for the next three to five years as costs increase. The increase is needed as operating expenses, labor expenses and infrastructure expenses continue to increase and the water rates have not increased for several years. Chairman Vanbruwaene stated that the increase should be done at the same time the $5.00 for the bond is removed. Mayor Hughes expressed that he did not see the urgency and suggested a referendum. The committee objected to a referendum and the delay to increase the water rates, as there is a need for the increase and the timing would be with the removal of the $5.00. Chairman Vanbruwaene explained that the committee has been working on the analysis for some time and he has discussed it at the budget session and at the last council meeting. Alderperson White expressed that an article needs to be done and to place it in the paper "Voice" along with putting information on our website. Alderperson Sharp also agreed that an article in the paper "Voice" would be good.

the increase is needed. Office Manager Passage recommended that an extra finance meeting be held for the discussion of water rates. The consensus of the committee was to have a Finance meeting on May 8, following the public works meeting to discuss water rates.

New Business - Office Manager Passage advised the committee that the appropriation ordinance for 24- 25 fiscal year would need to be passed by June 24, 2024. The schedule would be to announce at the May 13 council meeting that a public hearing will be held June 24 for the appropriation ordinance. The committee will review the draft at the May 15 finance meeting and present to council on May 28 council meeting for a first reading. No action necessary at this time.

OLD BUSINESS

Property 817 Sixth - A discussion was held regarding doing a Request for Proposals to sell this property. The consensus of the committee was to wait until the new fiscal year.

SUMMARY

Council Agenda Items - nothing

Chairperson - Actions - Water Rates - Finance Meeting

Voucher Program

Appropriation Ordinance Process

There being no further business the meeting adjourned at 5:35 p.m.

 https://cms9files.revize.com/chillicothe/04102024%20finance%20.pdf