City of Rock Falls Finance/Insurance/Investment Committee met March 28.
Here is the minutes provided by the Committee:
I.Call to Order @ Meeting was called to order at 5:00pm Meeting begins at 5:00pm 5:00p.m. - Chairman
Kuhlemier
2.Audience Requests None
3.New Business:
a.Budget Discussion
Enterprise Funds
2017-2018 FY
Sewer Fund Mr. Cox explained the Sewer budget to the Committee. The sewer budget was
- Expecting less revenue due to better controls and accurate approved as presented. measurements of water coming into the plant.
- G1S is higher due to splitting up the G1S costs between departments has changed.
- Contribution to Utility office moved from 10% to 15%
- Budget includes expenditures to Wiker Dr. / Hines Dr. storm sewer, slip lining, and catch basin work.
- Debt service was budgeted for expansion to the land near the interstate
- The budget showed a deficit of $108,0 11.00 which would need to be pulled from reserves
Utility Office Mrs. Hatfield explained the Utility Office budget to the committee. The utility office budget was
- Budgeted for 5 new computers approved as presented.
- An increase of credit card fees was approved to $2.50 per The office will begin charging transaction fee to help cover the expense. $2.50 for credit Card
- The utility office presented a balanced budget transaction fees beginning May 1st, 2017
Electric Fund Mr. Simon explained the Electric Department budget to the committee. The Electric budget was
- Expecting less revenue next year from less generation credit, approved as presented and renewable energy credits
- Line 5506 Maintenance is changing because gen sets cannot be accounted for in capital expenses
- The computers in the trucks will be updated
- The costs have doubled with the new tree trimming contractor
- Budgeted for expansion to interstate property
- 3 new trucks
- $200,000 towards Avenue A substation engineering
- The budget showed a deficit of $624,882
Broadband Fund Mrs. Blackert and Mr. Simon presented the Broadband Fund budget. The Broadband Fund budget
- From the sales of taxed and tax-free municipal bonds, the fund was approved as presented is budgeting an income of$4, 137,299
- Fiber locating expenses are for work in Dixon
- Magellan will do most of the 1st year marketing
- Headend equipment costs for the first year will be 1,305,000.
- The backbone buildout is $670,792
- To be conservative the budget is not showing any customers
Water Fund Mrs. Blackert presented the Water Fund budget The Water budget was
- The Water revenue is more accurate than previous years, and is accepted pending final projected to be around $1,200,000 adjustments for capital costs
- The capital costs need to be revisited, but as presented is showing a surplus of$16,000 Garbage Fund Mrs. Blackert presented the Garbage Fund budget The Garbage Fund budget was
- This is the final year of the contract with Moring accepted as presented
- Revenue is at $605,710.00
- The fund is balanced with a surplus of$58,000
- Toters will be discussed during the next contract
- Alderman Kuhlemier would like to see the yard waste dates expanded for late winters or early springs
Adjournment With nothing else for the good of the committee, the meeting was Meeting ends at 6:30pm adjourned at 6:30pm
http://www.rockfalls61071.net/download/agendas_and_minutes/2017_agendas_and_minutes/2017_committees_boards_and_commissions/finance_insurance_investment_committee/2017_finance_minutes/03-28-2017-Special-Finance-Committee-Minutes.pdf
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