HomeMy WebLinkAboutNovember 10, 1993 COW COMMITTEE OF THE WHOLE/BUDGET MEETING
NOVEMBER 10, 1993
The special Committee of the Whole/Budget meeting was called to
order by Mayor VanDeVoorde at 4 :30 p.m. in the Council
Conference Room. Present: Councilmembers Fox, Gilliam,
Popple, Schock, Walters, Yearman, and Mayor VanDeVoorde.
Absent: None.
Discussion of 1994 CitV of Elqin Budqet
Interim City Manager Malm and Finance Director Nowicki gave the
City Council an overview regarding the City's general fund,
trends, cash flow projection, short term and long term
objectives, possible additional revenue sources, and the need to
set a truth in taxation hearing date.
Mr. Malm stated that future budget meetings will include review
of the general fund department budgets, water and sewer funds,
status of all bond funds and projects, 1994 capital program, and
reviewing of the remaining funds budgets, such as MFT, golf, etc.
A letter from the City' s bond counsel, Speer Financial, Inc. ,
was examined concerning their view of the City' s financial
situation, the potential impact on a 1994 bond issuance, and the
City's outstanding "Aa" credit rating, and their suggestions for
financial plan options .
A discussion was also held concerning possible borrowing sources
to cover the anticipated deficit in the 1994 budget.
In addition to the November 15, 1993, budget meeting, which had
previously been scheduled, the Council also agreed to meet
before the November 17, 1993, regular Committee of the Whole and
Council meetings from 4 : 30 to 6 :00 p.m. , to continue budget
discussions .
The Council wants to meet with department heads regarding their
individual budgets and decision packages. The suggestion was
made that next year the Council meet with the different
departments prior to their regular meetings in lieu of meeting
with boards and commission as has been their practice the past
several years . This would give the departments an opportunity
to review their past accomplishments and their goals and
objectives for the future rather than doing that during this
budget process .
Councilman Gilliam left the meeting at 5:52 p.m.
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Committee of the Whole Meeting
November 10, 1993
Page 2
Adjournment
Councilman Walters made a motion, seconded by Councilwoman
Yearman, to go into executive session for the purpose of
discussing personnel appointment, employment, and dismissal .
Yeas : Councilmembers Popple, Schock, Walters, Yearman, and
Mayor VanDeVoorde. Nays: Councilman Fox.
Whereupon, at 5 :55 p.m. , the corporate authorities convened in
executive session for the purpose of discussing the above-stated
matters . At 6 :20 p.m. , the corporate authorities returned to
open session. No further business was transacted.
Councilman Walters made a motion, seconded by Councilwoman
Yearman, to adjourn the meeting. Yeas: Councilmembers Fox
Popple, Schock, Walters, Yearman, and Mayor VanDeVoorde. Nays :
None.
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November 17, 1993
Dolonna Mecum, Cit Clerk Date Approved
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