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September 2011 Monroe Finance Committee of Council Meeting
Tuesday, October 11, 2011 2:28:03 PM - Monroe Ohio

by Angela Wasson

The Finance Committee of Council met on September 27, 2011 at 5:50 pm in the Council Library located at 233 South Main Street, Monroe, Ohio.

Present were: Suzi Rubin, Council Member; Lora Stillman, Council Member; William J. Brock, City Manager; Kacey L. Waggaman, Director of Finance; Mark Swartz, Audit Committee Representative; and Angela S. Wasson, Clerk of Council.

Mrs. Waggaman made one small change to the forecast, we received second half estate tax in and it was $109,405, so that isn’t as large as we received in previous years and every little bit helps.

Mrs. Waggaman announced she received the second half property tax settlements and she is breaking that down and reviewing the TIF fundings. She will provide an update next month. She learned today that the school is not on the guarantee formula, so she will have to recalculate those figures. Some of the TIF agreements are based on what their formula is, so last year they were on the guarantee formula and this year they are not. 

Mr. Swartz asked what policy changes occur that make it a guaranteed one year and not the other. Mrs. Waggaman indicated that it is the State Board of Education and when the Governor adopts a budget each year, they will change what is affected per pupil or teacher. If they are on the guarantee or not, after they using the formula that is prescribed how much money are they collecting in previous years and then they will put them on a guarantee so they at least get what they received the year before.

Mrs. Stillman asked if it is based on the school year. Mrs. Waggaman replied that it is based on the school year, which began July 1st, but it affects our October payment. Mrs. Waggaman has been working with the school’s consultant on their five year forecast and explaining what the agreements are and making sure they understand how the revenue sharing works. We will make the payment to them next month once they review her calculations.

Mrs. Waggaman noted that she is working on getting some of the bank accounts cleaned up that that everythin has been switched from First Financial Bank.

Mrs. Waggaman reported that she is caught up on the FSA/HRA, but still needs to work out some of the details from the beginning of the year.

Mrs. Stillman asked about the August income tax and why we had a negative. Mrs. Waggaman explained that sometimes it is just the timing. For example, we received a large deposit the first week of September and when the companies payroll falls. Last year we were still getting up and running with the lock boxes and that may have something to do with it. It was a small decrease
and she not concerned about the year overall. At the end of last week we were flat, but we should be at least equal and hopefully, up a little bit at the end of this month. Mrs. Stillman asked if we have started collecting the admissions tax. Mrs. Waggaman advised that the first payment is not due until October 15th. Mr. Swartz asked what kind of income is expected from this. Mrs. Waggaman replied that it is not very much. Mrs. Stillman explained the tax is more about laying the foundation for the future not necessarily about what businesses are already here.

Mrs. Waggaman commented that she is continuing to work on the street lighting districts for Butler County. 

Reporting on the forecast, Mr. Brock stated that he is working on the areas of debt and as we do that we will have a good understanding of what the revenues and expenses are. He will then review his assumptions and look at employee levels and see how that affects it overall. Mr. Brock felt very confident.

Mrs. Waggaman reported that next month the Committee will see additional Smith Barney accounts because she had to open an additional account for the ODOT Project. Mrs. Stillman asked if it was an interest bearing account and Mrs. Waggaman advised she purchased a CD.

Mrs. Stillman asked if there were any policies or procedures that needed to be worked on. Mrs. Waggaman informed her that she is working on a manual for purchasing for departments and a fund balance policy needs adopted. She noted that the purchasing policy will be updated when we decentralize.

The Finance Committee meeting adjourned at 6:12 pm 

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