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Minutes for the Finance Committee meeting on March 20, 2003.
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Finance & Administration Committee Minutes
Thursday, March 20, 2003
3:50 PM
Members Present: Alec Farmer, Darrel Dover, Jim Hargis, and Ann Williams. Councilman Harold Perrin was unable to attend. Others present were: Mr. Larry Flowers, Finance Director, Mrs. Suzanne Hackney, Human Resources Director, and Donna Jackson, City Clerk.
FINANCE
Councilman Dover moved, seconded by Councilwoman Williams to draft a resolution establishing a reserve policy for city funds. Finance Director, Flowers was asked to draft a resolution to go into effect 2004, submit it to Mayor Brodell for his input and bring it back to the committee for further review. All voted aye.
Councilman Dover moved, seconded by Councilwoman Williams to draft a resolution for the adoption of a 3-year budget calendar. Finance Director, Flowers was asked to draft the resolution and submit to Mayor Brodell for review, and bring it back to the committee for further review. All voted aye.
Chairman Farmer reported on a situation regarding MATA funds to committee members. He explained the previous city council approved the transfer of $3,000,000 from MATA Funds to the General Fund for the purpose of paving gravel roads, with the understanding that the funds would be returned to MATA when needed. Mr. Flowers stated the amount would be less because of the interest earned on the money. City Attorney Crego was asked to check with bond counsel (Friday, Eldridge and Clark ) if an additional project submitted by MATA Director, Aubrey Scott could be funded through the ½ cent sales tax, or must it come from MATA funds. Councilman Farmer also wanted to know if they would be obligated for the full three million borrowed from MATA or could interest earned be deducted.
Chairman Farmer reported to the committee that research was being done on a travel reimbursement policy and would be provided to the committee at a later date.
The dec...
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