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HomeMy WebLinkAbout4/29/2014 - RegularIN MiNt"I EF-11-0 R91 In R111U92 MEMBERS PRESENT: Bradley E. Grose, Mayor William W. Nance, Vice Mayor 1. Douglas Adams, Jr. Robert R. Altice Matthew S. Hare STAFF PRESENT: Christopher S. Lawrence, Town Manager Susan N. Johnson, Town Clerk Ryan Spitzer, Assistant to the Town Manager Barry Thompson, Finance Director/Treasurer Gary Woodson, Public Works Director The Mayor called the work session to order at 6:10 p.m. The Town Manager first commented that he created a list of topics based on some items that he was aware of and his conversations with members of Council prior to the meeting. This is an opportunity for Council to discuss in which direction they would like to proceed or any changes they would direct staff to make. The first item of discussion was a review of the fund balance. A part of the proposed budget is to use $130,000 of the unreserved fund balance and staff wants to be sure that Council is comfortable with that, Also, there is a proposal to have a .• Reserve Designated Account. Every time when we have discussion about major improvements, there is this feeling that the fund balance is our emergency fund. In this regard, Barry Thompson has prepared a spreadsheet showing our fund balance over the past 15 years and he will run through the history of the fund balance and then the Town Manager indicated he would discuss the capital reserve idea. Mr, Thompson commented that the balance in 1999 was right before the Town took on the downtown improvements which were mainly done in 2001 and 2002. Basically from 1999 to 2010, there was a restricted portion of the fund balance and an unassigned portion. The unassigned was the portion that Council could appropriate to fund any project within the General • If it was restricted that was either bond money, purchase orders that were in place at that time or other reserves that were required to cover obligations of the Town. During that time period the amounts that were in the millions were usually bond money that Council had obligated for capital projects or programs. The amounts in 2001, 2002 and 2003 were a combination of purchase orders and th'8 downtown program, In 2004, the amount was purchase orders in December and the bond funds for the War Memorial project. In 2005 through 2007, those amounts were the bond monies for the Fire and EMS Building and also for the War Memorial building, In 2008 through 2010, those were purchase orders that were outstanding. In 2011, you see the terms non -spendable and restricted. This was a change in the way that the CAFR had to be written, Non -spendable deals with the way that we have to show the inventories and the pre-paids and the restricted would be funds such as the ATF monies and those types of funds. In 2013 that is the ATF money and the $50,000 that we had received for the Greenway program.