City of Peru Finance and Safety Services Committee met Feb. 15.
Here is the minutes provided by the Committee:
MEMBERS PRESENT:
Aldermen Potthoff, Ferrari, Radtke and Payton present; Mayor Harl present.
OTHER PERSONS PRESENT: Alderman Lukosus, Alderman Sapienza, City Clerk Dave Bartley, Treasurer Jackson Powell, ASM/Police Chief Doug Bernabei, Finance Officer Justin Miller, Intern Matt Pehoski, City Engineer Eric Carls, Human Resource Manager Kim Reese, Corporate Counsel Doug Schweickert, Economic Development Director Bob Vickrey and Ben Hohenstatt of the News Tribune
MATTERS DISCUSSED
Alderman Potthoff made a motion to approve the minutes of the February 1, 2017 Finance & Safety Services Meeting. Alderman Payton seconded the motion; motion carried.
The Committee reviewed and approved the disbursements for payment on February 22, 2017.
PRESENTATION
OLD BUSINESS
Human Resource Manger Kim Reese provided the following update:
LABOR NEGOTIATIONS
• FOP & Local 150 collective bargaining agreements expire 4/30/17
• FOP Negotiations scheduled for 2/27/17 - 10AM
PART-TIME RECEPTIONIST POSITION
• Ann Riva started 2/14/17. Hours will be M-F, 8am-1pm
EMPLOYEE HANDBOOK
• Continuing with review and implementing updates
Finance Officer Justin Miller provided the following update:
1. 2009 Hydro Bond Refinance
On February 8th the City of Peru released and sold $6,605,000 worth of bonds with a net interest rate of 2.52%. The interest rate was much lower than expected due to the timing of the release and the City's outlook upgrade from Al (Stable) to Al (Positive). The "positive" outlook lets the debt buyers know there is a possibility of the City being upgrade to AA3 in an upcoming rating.
The new debt series is to serve as a refinance and will be used to retire the General Obligation Bonds, Series 2009. The refunding will save the City of Peru $521,628 or $65,203.50 per year through 2025. The final payment on the new series will be 05/01/2025 (the new series is not callable).
The schedule going forward is as follows:
Refinancing Step Date
Final Signoffs on Bernardi's Documentation 02/17/2017
Series 2017 Origination 02/28/2017
Retirement of Series 2009 05/01/2017
2. Expense Reimbursement and Credit Card Policy
o Update and further define policy
o Expense reimbursements
o Non-reimbursable Expenses
o Credit Card Policy
3. Fiscal Year 2018 Budget
Timeline (rough draft at Committee 2/20)
o Draft #1- 3/1
o Draft #2- 3/15
o Final Draft- 3/29
o Post- 3/30
o Vote- 4/17 (FY17 Amendments)
4. Martin Equipment Leases
o Overview-waiting on mini excavator; no buy out figure.
5. Government Finance Officers Annual Conference
o May 21-24th, 2017-Expenses approved for Denver conference
6. Azavar Audit
o Sales Tax and Property Tax Audit-Approved
NEW BUSINESS
Committee discussed and approved a $5,000 donation to the City of Ottawa for NCAT (North Central Area Transit).
ASM Bernabei inquired about a façade program request and prior approval for reimbursement.
The Committee reviewed a handout for the FY 18 Façade program and discussed total budget and amount and amount total for reimbursement.
City Engineer Eric Carls reported on the bid received for the mausoleum rehabilitation and referenced the letter of recommendation for the next regular meeting.
Finance Officer Justin Miller reported on a Chamlin & Associates bill for TIF III litigation; will do supporting document research.
Alderman Payton discussed renewal of the airport liability insurance with AIG through River Valley Insurance and will include $40 million in coverage and $20 million for the scheduled airshow in May.
City Engineer Eric Carls and Corporate Counsel Doug Schweickert reported on pre-bid meeting and the meeting of bid requirements for the next phase of the sewer separation and Peoria Street reconstruction project.
PUBLIC COMMENT
CLOSED SESSION
Alderman Ferrari made a motion to adjourn. Alderman Payton seconded the motion. Meeting adjourned at 4:55 p.m.
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