2009-10-19 City Council Study Session

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MINUTES OF UNIVERSITY CITY COUNCIL STUDY SESSION October 19, 2009 The Council Study Session, held on the Fifth Floor of the City Hall, on Monday, October 12, 2009, was called to order by Mayor Joseph Adams at 5:30 p.m. The following members of the Council were present: Mr. Terry Crow Mr. Arthur Sharpe, Jr. Ms. Lynn Ricci Mr. Byron Price Mr. Robert Wagner Mayor Joseph Adams Mr. Michael Glickert had an excused absence. Also present were the City Manager Julie Feier, Deputy Director/Director of Finance Janet Watson and City Attorney John Mulligan. The study session was planned to review the proposed first quarter FY 10 budget amendment, discussion about April 2010 General Obligation Bond Issue, discuss the revised deficit projection and lastly for Council’s strategy of balancing FY 11 projected deficit of $701,819. Michael Williams, of Hochschild, Bloom & Co, the CPA hired to audit the City was present to answer any questions. Ms. Ricci asked if the auditors had reviewed the City’s Charter requirements, specifically section 37 and 38, before beginning the audit. Mr. Williams stated he is familiar with it but did not look at it that closely. He stated that this is the way all government works, if money is spent beyond the budget an adjustment has to be made to amend the budget. 1. First quarter FY 10 Budget Amendment FY 10 Revenue Projected sales tax received was reduced by five percent <$240,000> ATT landline settlement received $873,000 $633,000 Increase REVENUE $25,863,100 Beginning Projection $ 873,000 ATT landline settlement $ 85,000 ½ year landline revenue $ 522,000 Reduced sales tax projection $ 70,000 Additional parking fines $ 26,477 Various revisions $26,395,577 REVISED PROJECTION