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Finance Committee - 3/21/2018 Page 12
David Fredette

Most of the fire trucks are bonded. The one that is in 2019 you can see that Pierce Arrow is going to be
bonded $655,000.00 so most of them, so far, have been bonded. Not the pickup trucks they might buy, or an
SUV but the actual ladder trucks and all that, they do get bonded.

Alderman O’Brien

A prudent financial, because the longevity of those purchases, they last 15 to 20 years so therefore we are
pretty safe with a bond. So this alleviates some money out of CERF is what! am trying to get at.

David Fredette
Yes that was one part of the plan when it was changed in 2010.
Alderman Caron

Just a quick question, if we take that $500,000.00 out, is that going to impact any of the purchases that need to
be done for equipment for this year, do you think?

Dave Fredette

No. This list has been reviewed by all the departments and this is what they plan to buy so no. There is
enough Fiscal Year 2019.

Mayor Donchess

So the last slide shows you all of the equipment that would be purchased or that will be purchased if the
budget passes as proposed. There are no pieces of equipment on the list that we would not have the money
for. And also, keep in mind that we did defer some items that appear on the second to last slide, which are
being purchased now. So that’s Fiscal 2018 money that we are proceeding to spend now.

Alderwoman Kelly

Thank you Mr. Mayor. My question is about what happens when there is not enough money in the CERF
account. So if someone comes and has an emergency need that kind of thing, do we got back into their
budget in order to fund it or do we go to a bond?

David Fredette

We haven't had that happen because we plan very well here. So we haven't had that. But if it’s a large item, it
could be bonded. Something smaller, no, we would probably use cash for that. We just have never had that
occur since I’ve been here.

Alderman O’Brien

Mr. Mayor | think | kind of like this idea. My question would be, to you Mr. Mayor, if we do take this money out
with the anticipation of the re-evaluation and we are going to be making more money, could that perhaps, this
money would go back to CERF in some form.

Mayor Donchess

Well certainly the escrow process, both the unexpended appropriations and / or revenue which exceeds the
projections in the budget which there will be, could be directed there. But your point is that if in the course of
the revaluation we are able to increase property values in some sectors, could the additional revenues that we

Finance Committee - 3/21/2018 Page 13

bring in be directed into CERF and the answer is yes. These new assessments will be reflected in next year’s
budget really not the one we are considering now. Is that correct? That’s not really correct is it? Considered
in next year’s budget. No that’s not really correct, but we would have passed the budget and we could, the
next time the budget comes around, we could certainly use the additional tax base to increase the amount
going into CERF.

Alderman O’Brien

Thank you Mr. Mayor. | do have a follow up. | think what you’re asking is basically we are making a loan onto
ourselves to compensate for this and yet we could have the possibility of replenishing in the future. The
possibility.

Mayor Donchess

Yes. Now let’s just say this is the kind of impact it could have. Let’s say that just we know that ballpark large
residential properties have an assessed value of $440 million dollar at their current assessments. If that’s at
93% that climbs $30 million dollars. On the other hand if through the income approach and through a more
expert analysis market based of a broader market of those commercial properties, the sale that took place out
on Somerset Parkway is more reflective of their value, then those values might go up, not $30 million dollars
but $250 million dollars or $300 million dollars. Because remember that sale took place at about 180% of
assessed value. So by doing this re-evaluation we capture even an additional $50 million dollars, that’s a $1
million and a quarter a year, it’s a six month pay back. If we were to capture $100 million dollars, now we are
talking $25 million dollars or something like that. So now we’ve got a three month payback. So the payback on
the money invested if we capture anything additional as a result of using KRT over and above what is just a
simple statistical upgrade would do, will much more than pay for the cost of engaging KRT. If that’s clear, |
don’t know if | was really clear there. Every million dollars bring in $25 thousand dollars of tax revenue. So
another $10 million in value brings in $250,000. Another $50 million brings in $1 million and a quarter.
Another $100 million brings in $2.5 million dollars each for the next five years. To leave value on the table for
any reason would be a serious error, in my opinion.

John Griffin

| just wanted to go back. Treasurer Fredette did a great job on explaining CERF but in 2010 the City did an
exhaustive vehicle analysis where they identified each and every vehicle by VIN number and by value and
determined the life of each vehicle. In addition to that, they eliminated several vehicles that were on the rolls
that were no longer used or useful. So in 2010 was kind of a juncture where we were trying to put in a program
that had some sustainability and we funded it fairly effectively. Now we are the point where, and David was
actually correct with the directors, they don’t necessarily want to or feel comfortable sticking with that original
schedule. So that’s why as he mentioned they might not need the refuse truck after five years, just because it
says five years life. As a matter of fact, Director Fauteux came to the Mayor and said we could probably get
away with pushing that out a year. So a living document, that’s really what this is. And it’s just like what we do
at our homes, we decide do we need a car this year, next year, what have you. So we are very sensitive. The
Mayor organized a meeting of the two Chiefs and the DPW Director and a few other directors and they really
rallied to the cause. They looked at mileage on vehicles, especially Police and Fire, possibly coming up with a
grant that can repair three vehicles with one. So everybody has kind of bought into this.

With regard to the funding, | think we are at the perfect opportunity, and | mentioned that to Mr. Fredette today
to go around in our annual visit, to the different departments to get a real clear picture, to take a real
assessment of all these vehicles and then over the next several years, map out the cost. This is a case where
we take the vehicle, we project what the cost is going to be several years out, we put that number in there. It’s
not a depreciation type model, where you are funding the depreciation every year, this is a replacement
vehicle. So if we bought something today for $20,000.00 five years from now it’s going to be $20,000.00 plus
an inflation factor. And the decision we made at that time, do we want to replace it or not. So we do have a
tight budget, you'll learn that when you attend the budget meetings that as the Mayor said, if we had more

Finance Committee - 3/21/2018 Page 14

money we would put it in there. But we have to make sure that we provide the services that the folks have
come to expect and the valuation was part of that thinking. So | just wanted to share that with you, it’s done
well, we need to continue monitoring it very deliberately, calling on the folks that help us run the City and then
you all to approve on a timely basis the appropriations. There are other ways of getting more money. What is
proposed is a contingency account. From time to time, at least historically, when we had money under the cap
we could come in with a supplemental appropriation to propose to you folks that could either take unanticipated
revenue or add a fund balance.

The other thing we will go over in the budget process is we are extremely proud of the fund balance we have,
it's more than the required amount both on the State level and the City level. We are recognized by Fitch and
Standard & Poor's with a Triple A rating, they are very cautious, those rating agency because they are
basically the ones looking out for the bond holders. We are well-positioned but it’s not to say we have an
excess amount of money. The bonding of the fire trucks and the refuse trucks, that was in the plan from Day 1
in Fiscal 2010. There was no way we could take a $1.2 million dollar ladder every several years or
$650,000.00 engine and all those refuse trucks whether they were diesel, fired or CNG fired. Just a lot to talk
about but | think we wanted to share with you folks, after the meeting we had a few weeks ago on the re-eval
that CERF is a good plan going forward for the vehicles. Thank you Mayor.

Mayor Donchess

Other discussion or questions?
Alderman Laws

I’m not sure if this appropriate forum, but while I’ve got you sitting next to me, I’ve been getting a ton of people
who are asking me, they are concerned about what’s happening here with the revaluation. Has this happened
in other municipalities that you are aware of where the property values have changed like this dramatically over
a short period of time and if so, have they done something to alleviate the tax burden on the people who would
normally feel it the most? There are homeowners in certain brackets who might be facing their taxes going
up?

Mayor Donchess

The simple answer is yes. | mean Portsmouth has been affected as an example far worse. | mean their
property values have gone up, in fact they have gone up so fast they did a State ordered revaluation in 2015
and then they voluntarily did another one is 2017 because the values had gone up so much in those two years.
It did affect homeowners. But! want to stress that this is not something we want to do. It would be great if we
could just leave things the way they are, because we don’t want to see a shift. We asked the DRA if we could
delay this for a couple years and they said “no”. There is a State law and Constitutional provision which say
that we have to do this every five years. They made it, I’d say, more than clear that if we didn’t proceed they
would immediately sue us. So we didn’t see a real defense, they have got really clear mandates in the
Constitution and in State Law, statutes that this is mandatory. So rather than try to fight a losing battle, litigate
a case we are going to lose, then there is a downside to losing that because then the DRA can then take over
the thing and bill you and do whatever they want with the values. We think we will have more influence on
trying to steer it in a direction that’s a little more favorable if we are in charge rather than the DRA.

Alderman Laws

Again I’ve never dealt with anything like this before. Is there something that we can do, can we adjust the tax
rates to make it so the burden falls equally on residential?

Mayor Donchess

The underlying issue is that State Law requires, in addition to revaluation, that all properties be valued every
five years at fair market value and requires that all properties be taxed at the same rate. Now in

Finance Committee - 3/21/2018 Page 15

Massachusetts there is a different law, and each community sets separate rates for residential and
commercial. So commercial is set, in most communities, maybe all, | don’t know. John lives in Tyngsboro.

John Griffin

Tyngsboro has a flat rate, has a one tax rate, but neighboring communities that have a commercial base it
could be up to 175% of a single rate.

Mayor Donchess

So you've got one rate say $30 for commercial $20 for residential. That’s common in Massachusetts but that’s
against the law in New Hampshire. | mean everybody gets taxed the same. It could be worse in this respect,
one big revaluation that took place was in the 1992 time frame and this five year rule had not yet been enacted
at that point but we still had to do the revaluation because it had been quite a period of time. Equalization
ratios were down around 40% and the problem was that right before that there had been a major real estate
crash which brought commercial values down more than residential. So in kind of a reverse way because
commercial had fallen more, everything fell but commercials fell more so it worked a reallocation toward
residential but at a time when people’s properties were falling in value. Not going up. So at least there is this
silver lining, definitely we’d rather not undertake a revaluation when see the potential consequences. But at
least there is the silver lining that people’s homes are worth more than they were before. A $250,000.00 house
is now worth $300,0000 and something. A $200,000.00 is worth $250,000.00 or probably more and that’s the
silver lining. But that does not help people in the short term necessarily.

Alderman Laws

Are there things that we could do like for instance the cut off is four units in a multi-family to make it
commercial, is that a state law or is there something we could do to make that three units? But is there is
something we can do?

Mayor Donchess

| think that’s just for the purpose of analysis. Each category of property is evaluated differently. That’s just for
analysis. The actual cuts they will take are much finer than that. For example, they are going to look
separately at ranch homes from gambrels, they are going to look separately at gambrels from raised ranches,
separately from colonials. Even within single family homes, there are different types of homes that are going up
differently. It’s not just “how much is residential’ — this is just for the purpose for analysis to kind of show you
what the trends are. When they do these assessments, they will be looking at very small categories of
properties. So they will be looking at 2 and 3 family residences, separately from single family residences,
separately from 10 units. And within commercial and industrial there are shopping centers, there are regional
malls, strip malls, and the areas of the City are also separate. There might be areas of the City where houses
went up more than others. That’s why we are trying to get someone who can take a comprehensive look, they
are going to thoroughly go through all these categories.

Alderman O’Brien

| would just briefly like to say | really don’t like this, but it’s the way it is, it’s the State law. Every five years they
re-evaluate the property. | just hope the good citizens realize that we are right now into a seller’s type of
market and we have been through a little of time. If you were to sell your particular property you are going to
get on the high end. If you are going to buy another property you are buying at the high end, you don’t really
win or lose in that type of real estate environment. Those of us that stay in our homes, enjoy looking at the
property value going up, but the down side is when they come up with the revaluation. We are going to get hit
with that little bit more. This is not anything we can solve here in the horseshoe. This came down through the
State and it comes down with the marketability, the free market, what real estate really is worth. You ride
these types of tides and stuff like that that goes on.

Finance Committee - 3/21/2018 Page 16

Right now, | guess my house is worth a little bit more, | choose to live in it and everything else like that and |
am going to pay the taxes like everybody else. It’s bad to be us right now. But this it the way it basically is and
it’s, | don’t see any way around it. We just have to got to do what Nashuans really do and grin and bear it and
Carry on.

Alderwoman Kelly

| Know in the presentation that we had last we talked a little bit about some of the commercial properties that
weren't part of the assessments. Are there ways we can make sure that doesn’t happen in the future and then
that balance can maybe shift.

Mayor Donchess

Remember that no assessments have been adjusted for five years, so these sales that have taken place —
both sales in commercial and residential have not changed anyone’s assessments. If this big apartment
complex sold for a lot more than the assessment, it didn’t change the assessment, but on the other hand the
home that was assessed at $200,000.00 but sold at $300,0000.00 — it’s still assessed at $200,000.00. They
are all remaining constant. But your question is can we capture some of these values on some of these so-
called disqualified sales. The sales are disqualified and things become very technical in this area I’ve learned.
They are disqualified only for the purposes of the creation of the equalization ratio. When we go to revalue all
the properties in the City, these sales won’t be disregarded. So all the sales, assuming that they have any
bearing on fair market value will be considered. Disqualification can reoccur for various sort of trivial reasons.
There’s more than one parcel involved even though the parcels are right next to each other and are basically
part of the same property. That was the reason for the disqualification of the property, or one of the reasons,
for the property up on Somerset Parkway. When KRT looks at this, they are going to say “yeah but so what, |
mean all these parcels are part of the same complex”. There were five or six parcels that you would look at as
being just one property but it’s all divided up on the deed. So they would look at that sale as being very
relevant and reflective of real, fair market values for that kind of large residential and will not be disregarded.

Now some sales would be, like if somebody sells their home to their child for a dollar or something like that, |
mean that’s not really taken seriously as a fair market value transaction. But most of these transactions you’ve
heard about being disqualified will be considered as part of the overall revaluation. And John can correct me if
| say anything that incorrect.

John Griffin

And furthermore, the experts that we would like to hire for this job, they have a data base — they track sales.
For example, this particular large complex there might be a sale similar to it in Vermont, Maine or
Massachusetts, those property acquirers, they are not just looking at Nashua, they are trying to look at what
would fit in their asset mix. So that’s the value of having these folks, one of the values, we can get into a little
bit more. The disqualification, the DRA has a statistical person basically in charge of the equalization and you
have to make the call locally, is it disqualified or not. They plug it into their data base and they give us back
numbers. There might have been 1,500 sales in one particular year, there could be 400 that are disqualified.
So the assessing group have to make the call as the Mayor just indicated, was it an arm’s length transaction,
was it government backed, a lot of, | mean there are 40 disqualification numbers that our teams send up to the
DRA. They don’t have the bandwidth to determine whether any of these sales are arm’s length of not, but
when you come to re-valuing the property it’s a lot more serious and taken a lot more serious. If you get an
assessment that’s wrong, as we discussed, the informal hearing process for anybody who is a tax payer and
they have the ability to file for abatements. The Board of Assessors would look at that, if they deny it they
could take it to the Board of Land & Tax Appeals or the Court. So you have to take this very seriously on both
ends and make sure the value is defensible. You'll note in the contract a lot of language about this KRT
Company helping us defend the values for a period of time. And the contract itself, it's very prescriptive. | was
amazed, I’ve learned a lot about assessing and | was amazing how the DRA has the power of basically having
these contracts very prescriptive. They have definitions in the front, they have sections of the contract so we

Finance Committee - 3/21/2018 Page 17

work with KRT we work together on the contract and we are comfortable with the contract. But we will get into
that a little bit later | suppose. Thank you.

Mayor Donchess

On the two points that Mr. Griffin made, the first one being that the market for large properties is greater than
Nashua. For a 600 unit apartment complex it might be all of New England. So as he said, you can look to
Maine or Vermont or somewhere else in New England to try and to determine the fair market value of a big
commercial property which may be unique to Nashua. There might have been only one sale in five years. The
equalization ratio though is set because it does serve a function which is that when a new property is built, let’s
say a new house is built today and comes on the market today. How do you assess it? Do you assess it at
the sale price? Well at least according to the DRA, in some states that’s what happens, the assessment goes
to whenever there is a sale it ratcheted up to the sale price and it stays that way forever until a new sale takes
place. But here they want everything assessed the same or kind of on an equal basis. So if a new house, not
on the market yet, was built and sold for $200,000.00 the equalization ratio of .8 would be used so it would be
assessed at $160,000.00 not at $200,000.00. And if a commercial property within a category that had a .93
equalization ratio sold for $1 million dollars, a new one, it would be assessed at $930,000.00, not at $1 million
dollars. The point of that equalization ratio would be to equalize these new properties with the properties are
existing and not tax them at an effectively higher rate.

Now again, this is not something that Mr. Griffin or | make up, this is how State law works. We are explaining

to you what we’ve learned over time about how this assessment process worked. But that’s the function of the
equalization ratio. When you bring properties in, it tells you how to assess them for the fair market value.

Alderman Klee
| just want to make sure that it’s clear. The disqualification is of sales not of properties. We are not saying we

are not going to take that property into evaluation we are just saying the sale of that property or like property is
not going to be taken into this process.

Mayor Donchess

The disqualification only means that with respect to the calculation of the equalization ratio, that was not
considered as part of that calculation. It’s still on the tax rolls, it still pays taxes and once we do revaluation a
disqualified sale will most likely still be relevant to determining what the fair market value for a certain category
of properties would be.

Any other questions or comments? | hate to talk on and on about this but it is kind of a complicated subject.
Alderman Laws

| just wanted to thank everyone for being so patient and walking us through this. It is a lot of information to
take in and | echo what Alderman O’Brien said, | believe this really is just what has to happen right now. But
for the casual observer at home, who just saw a bunch of people get elected to the Board of Alderman and

they have been saying that they think we are going to spend all of their money and suddenly “Well look at what
we are doing!”. | feel like we owe it to explore every option possible to see if we can taxes as low.

Mayor Donchess
Definitely.
Alderman Laws

| appreciate your patience, thank you.

Finance Committee - 3/21/2018 Page 18

Mayor Donchess

Looking at the slide, if we can add a little bit through expert analysis and completely thorough approach
towards the assessment of all properties. If we can add to the commercial tax base by more accurately
determining fair market value, we will lessen any shift. There are properties out there, 23 Temple, the property
we examined in some detail, because we have the sub-standard housing committee is assessed at $1.4 million
dollars or $1.5 million dollars. That property has 120 units, seems like it has no vacancies or very few and
people pay $500.00 a month so it’s bringing in $60,000.00 a month. It has got some expenses but when we
hold committee hearings on the property, it was managed by a guy who is not even paid salary according to
the testimony. He gets a free apartment. So it seemed like based upon the testimony we took that the
operating expenses were not all that great. So based on the income approach, is a property that is bringing in
$60,000.00 a month, with some expenses yes, but still, if that’s the case, is that really worth $1.4 million
dollars? It’s worth more than $1.4 million dollars right? So just one example. Using the income approach we
may be able to capture, based upon | think information that is public or that has been discussed in the
business community, the owners of that property have turned down — and | don’t want to pick on this, I’m just
giving you an example of what can exist and why the income approach might help. The owners have been
offered more, about three times $1.4 million dollars and have turned it down. Maybe the income approach can
help us realize on that property, and that’s just an example, we are not picking on that one, and many others a
more accurate reflection of what fair market value really is.

Alright, if there are no other questions, | don’t mean to shut off discussion. If there are no other questions, we
will go to the final, the only remaining item on the agenda which is the last communication.

From: Dan Kooken, Purchasing Manager
Re: KRT Appraisal Professional Property Revaluation (Value: $500,000)

MOTION BY ALDERWOMAN KELLYTO ACCEPT, PLACE ON FILE AND AWARD THE CONTRACT TO
KRT APPRAISAL IN THE AMOUNT OF $500,000. FUNDS ARE AVAILABLE IN FINANCIAL SERVICES,
CERF

ON THE QUESTION
Alderman Klee

| just have one comment, I’m not an expert in any of these things but | did look at this and it is quite substantial,
| mean every little item seems to be in here, | agree with you. It seems to be very thorough and | think it will
help the City try to try and find some appropriate evaluations.

Mayor Donchess

And as you’ve pointed out, it’s a 22 page contract.
John Griffin

Just a few other notes, the Department of Revenue Administration, they approved this contract, we got a letter
stating as such so that’s good, we can start. If you look on page 21 an extremely aggressive schedule, but one
that we can do anywhere from the kick off meeting with the DRA staff monitor who will be looking after us to
the completion where we need the values by October 1* to help set the tax rate going into next year. There is
room for informal hearings, but a lot of communications, | think we talked about that at the informal meeting.
There should not be any surprises to the best of our ability. And then the informal hearings are where the tax
payers can come in and discuss their particular case, even when | just to note, even when we lost $1 billion
dollars in Fiscal 2008/2009 and another half a billion in Fiscal 2013, there were people calling. Everybody is
going to be looking at their neighbors and so forth and we had a few calls. And if you look at the abatements
which is kind of last effort for folks to reduce their values, those have gone down significantly over the last

Finance Committee - 3/21/2018 Page 19

several years. But whenever you go through something like this, there will be information hearings,
discussions, abatements and so forth. And for you folks, we have an overlay account which is used to support
the payment of tax abatements. So the current overlay annual amount is $2 million dollars. If a tax payer was
awarded an abatement or had an abatement they would get it out of that account.

Mayor Donchess

But our balance is more than that.
John Griffin

And the balance is more so as the Mayor indicated there is a $2 million dollar amount in this tax year, there is a
$1.7 carryover from last year and there is another $1.5 million in the fund balance reserve. So those three
numbers added together is what we have right now.

Mayor Donchess

Which is $5 million dollars or so, so if we lose a case there is money to back it up. Just on the schedule that
you've pointed out, the people will be mailed their valuations in August and then they will be, anybody who
wants an informal hearing with KRT will be able to come in and have a hearing, basically a meeting to discuss
their valuation, those will occur during September. So anybody who wants to discuss their value can meet with
KRT and present whatever they would like and hear from KRT how KRT arrived at the value that they did
arrive at. And that covers of course residents with homes but also commercial properties as well.

There is a motion to approve the contract. Any discussion?
MOTION CARRIED

UNFINISHED BUSINESS — None

DISCUSSION

Alderman O’Brien

Thank you Mr. Mayor. | apologize for my tardiness | was tied up in Concord and everything. | totally support,
we are doing a lot of work on East Hollis Street with the sewer system and particular Temple Street area. And

that being a big thoroughfare there, emergency management, Police and Fire will be notified, can we get word
in the paper and everything that work is going to be done because that’s a big traffic issue | anticipate.

Mayor Donchess

You are referring to which item?

Alderman O’Brien

This is the first item, the emergency request for TDD Earth.
Mayor Donchess

Yes we can make sure people are notified.

Alderman O’Brien

Thank you Mr. Mayor.

718574
7186616
7186705
7186707
718670M21
718721
7187306
718731
71875385
718782
7188053
7188135
71881553
7188156
7188161
7188172B
718845645
718851359
7188645SR
71887530
7189599
7189763
7189939

7189992
7188227J

(7188227J)
3 1/2" OD X 180” POST ROOF (5'6"TO 6'6" DK)
(718S227J)

DNA CLIMBER (6' & 6'6" DK)

(718S227J)

CHAMELEON II RIGHT SECTION

(71882274)

CHAMELEON II LONG STRAIGHT SECTION
(718S227J)

CHAM II DBL SLIDE ENTRY/EXIT (5'-6'6" DK)
(718S227J)

CANYON CLIMBER (3' & 5' DK)

(71882274)

HEXAGON TREEHOUSE ROOF

(7182274)

TRAP DOOR CLIMBER (3' & 5' Dk)
(718S227J)

8' OVERHEAD GLIDER W/OUT POST
(71882274)

CRUNCH STATION

(718S227J)

HULA CLIMBER GRND TO 3' DK

(718S227J)

DECK ENCL FOR OVERHEAD CLIMBER (ONLY)
(7182274)

END LADDER 3' TOP RUNG FOR OH CLIMBER
(71882274)

LOOK-OUT LADDER (6'6" DK)

(718S227J)

WIRE MESH ENCLOSURE

(718S2274)

BENCH PANEL (BELOW DECk)

(71882274)

CARGO CLIMBER-OVER 4'W, TR 6'6" H
(718S227J)

SQ TRSFR POINT, OPN HR (3' DK)
(71882275)

HANDRING BRIDGE "S" RH (ONLY)
(718S227J)

LOOK-OUT BUBBLE PANEL 30 DEGREE
(718S227J)

ADA STAIRS BTWN DECKS W/2' RISE CLSD HR
(718S227J)

BUMPER LADDER (3' DK)

(718S227J)

ADA STAIRS BTWN DECKS W/1'6" RISE
CUSTOMER SERVICE KIT (NO PRICE)

SALE - TOTS CHOICE 6 DECK SYSTEM

Freestanding Items
Product line: Freestanding

Age group:

7/18/2022

QUOTE: R0071223423

—_— =

7.00
6,760.00

0.00
41,999.00

Page 2 of 5

0.00
41,999.00

Finance Committee - 3/21/2018 Page 20

Mayor Donchess

Because the street is going to be closed to complete the construction. Any other items for discussion. If not
we will go to record of expenditures.

RECORD OF EXPENDITURES

MOTION BY ALDERMAN O’BRIEN THAT THE FINANCE COMMITTEE HAS COMPLIED WITH THE CITY
CHARTER AND ORDINANCES PERTAINING TO THE RECORD OF EXPENDITURES FOR THE PERIODS
FROM FEBRUARY 16, 2018 TO MARCH 1, 2018 AND FROM MARCH 2, 2018 TO MARCH 15, 2018
MOTION CARRIED

PUBLIC COMMENT None

POSSIBLE NON-PUBLIC SESSION - None

ADJOURNMENT

MOTION BY ALDERMAN O’BRIEN TO ADJOURN
MOTION CARRIED

The Finance Committee meeting was adjourned at 8:24 p.m.

Alderwoman-at-Large Shoshanna Kelly
Committee Clerk