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HomeMy WebLinkAbout05/11/2000 CDC MINUTES THE COLONY COMMUNITY DEVELOPMENT CORPORATION REGULAR SESSION MAY 11IrI;, 2000 Present: Susan King - President Richard Boyer - Vice President Vicki Briggs - Treasurer Bunker Hill - Member John Sanders - Member Sue Walden - Secretary Staff: Pam Nelson Kathy Neal Sam Fitzgerald Guests: Tony Johnston - Director of Finance Gwen Mansfield - Item 1.0. Call to Order. President King called the meeting to order at 7:00 p.m. A quorum was present. Item I.I. Staff Reports. The board reviewed the financial statements and the Tex Pool account statement. Pam informed the board Joan would have all the money spent in this budget year. Report by 4A Board Ex-Officio. The second annual Allies Day will be held on May 24"' at the Tribute Golf Course. Each hole will have a sign as to why to relocate to The Colony. There have been many good applications received for the Director's position. Home Depot is scheduled to open in February 2001. Project Updates. A sign at Ridgepointe will be up in 2 weeks. It is 4 x 8 on omega board. It will have standard vinyl lettering in green, blue and red. The board needs to decide on what their logo will be. Dennis Sims should have the survey report to us very shortly. After we receive that, it will be one month to prepare the bid and one month for the bid process. We should be able to break ground in the middle of July and start moving dirt in the middle of July and early August. Item 2.1. Consideration of appropriate action to be taken as a result of the Executive Session. No action was taken. Item 2.2. Consideration and approval of the minutes of Feb. 3rd Special Session, Feb. 10th Regular Session and Feb. 22°`' Work Session. Vicki made a motion to approve the minutes of the Feb. 3rd Special Session, Feb. 10"' Regular Session and Feb. 22°d Work Session. Sue seconded the motion. All other members voted to approve the minutes. Motion carried. Item 2.3. Discussion and appropriate action regarding financial procedures for revenues and expenditures. Tony is proposing that the accounting and bookkeeping be taken care of within the city's financial system. They have a financial system that takes care of trial balances, general ledgers, financial statements, revenues and expenditures. You can keep your own checking account that you currently have; things are slow right now so that is not a problem but that will change when the board starts going out for bonds and more projects get started. The finance department can do all the accounting and reporting. The best option is to get rid of the checking account. Before a check is cut, a payment authorization is prepared and approved by Pam then it will go to Vicki for final approval. No check will be issued until Vicki signs off on it. The payment authorization will then go to finance for processing and it will hit the fund. There is a fund for administration - salaries, office supplies and things like that; it is called fund 55. Then we will set up a capital project fund for things like Ridgepointe Park. According to the state, we can do this, but we will be checking with the city attorney to make sure it's possible. We told the Personnel Committee we want to add another accountant that would be a capital project accountant. The proposal was that 50% of that would be to 413 and 50% to the city. This will also be presented to 4A. Mayor Manning suggested that we come up with a proposal that includes 4A. We offered 1/3 of an accountant in the administrative budget, and that will also be presented to 4A and Operations. We are estimating a cost of $35,000 - $40,000 including fringe benefits, so it will be about $12,000 - $13,000 that 4B would pay. Tony is offering to do all the accounting and bookkeeping for the board. They would have access to any financial statements or any other documents they want to see at any time. The treasurer will have final approval of every check before it is processed. The board will still have the same controls they currently have. You will not have to worry about doing transfers any more and monitoring the account to make sure there is enough in the account to cover checks written. Sue made a motion to bring 4B financial procedures to Tony's finance department to handle. Vicki seconded the motion. All other members voted to approve the motion. Motion carried. Item 2.4 Discussion and appropriate action regarding the preliminary budget for 2000- 2001. Pam asked the board to approve the preliminary budget before it's turned into finance, the city manager and city council. Pam gave the board figures that were not yet filled in for salaries, hospitalization and retirement. For estimated year to end on salaries, the total is $47,017. Overtime wages will change because of a 3% cost of living increase, and that amount will change to $1,019.00. Hospitalization for the rest of this year will be $2,628.00, social security taxes will be $3,864.00, and retirement expenses will be $4,453.00. For next year, under budget work space, the second column, under regular wages the total will be $56,277.00, the overtime wages for next year will be $1,545.00, group insurance will be $3,120.00, social security will be $4,630 and retirement will be $5,320. If the accountant is approved, the $12,000 would be added into the salaries line and the other lines would be adjusted accordingly. The cost for education and training is figured in the travel expense for Sam's travels only. The bottom line we're projecting for this year is $83,329 and $94,732 is the bottom line for next year. For the rest of this year for personnel services is $62,889.00 and for next year is $75,592. The board thinks the amount of postage should be decreased by $500 to $1,500 and advertising should be increased by $500 to $1,340. We should also include $15,000 for an accountant. Richard made a motion to approve the preliminary budget with the following changes - increase advertising to $1,340, decrease postage to $1,500 and include $15,000 for an accountant. Vicki seconded the motion. All other members voted to approve the motion. Motion carried. Item 2.5. Discussion of CDC Logo. Richard has been working on a new logo for the board. He would like to get ideas from the board regarding colors and any ideas they have for a logo. It should be something simple with few colors. The meeting was adjourned at 8:00 p.m. Kathy Neal, Recording Secretary Susan King, President