Board of Aldermen — 9/26/17 Page 7
FINANCE COMMITSE...... oo. c cece cece eee e eee eeeeeeeceeeeeeeeeeeeeeeeeeeeeeenees 09/20/17
There being no objection, President McCarthy declared the report of the September 20, 2017, Finance
Committee accepted and placed on file.
Human Affairs Committee 20.00... cecccccececaeececeeeeseeeeeaecenaeeeeaneernaess 09/18/17
There being no objection, President McCarthy declared the report of the September 18, 2017, Human Affairs
Committee accepted and placed on file.
Planning & Economic Development Committee ............... eee 09/19/17
There being no objection, President McCarthy declared the report of the September 19, 2017, Planning &
Economic Development Committee accepted and placed on file.
WRITTEN REPORTS FROM LIAISONS — None
CONFIRMATION OF MAYOR'S APPOINTMENTS - None
UNFINISHED BUSINESS — RESOLUTIONS
R-17-125
Endorsers: Mayor Jim Donchess
Alderman Richard A. Dowd
ESTABLISHING THE USE OF FUND BALANCE FOR TAX RATE
Given its second reading;
MOTION BY ALDERMAN DOWD FOR FINAL PASSAGE OF R-17-125 BY ROLL CALL
ON THE QUESTION
Alderman Moriarty
I'll be happy to grant position, the motivation of the process that you followed to calculate this was the same
process that’s been happening in the past. That’s fine. But | do have a question on the specifics. In the
resolution it talks about that the remaining $29.9 million exceeds the ten percent. The question is: ten percent
of what? In 5-135-A, it says that the unassigned general fund balance equal to a minimum of 10 percent of the
municipality's fiscal year appropriations. But there are two subsequent clauses that say, plus the statewide
enhanced education amount, the local school net tax committee, and the county appropriation. So what is the
value of the statewide enhanced education amount, the local school net tax and the county appropriations?
The reason | ask that is 10 percent of the municipalities fiscal year appropriations, if you use the general fund
as that number, that’s the $258 million we’re talking about, and 11.6 percent of that gives you the $29 million.
That says you’ve exceed 10 percent of just the first portion. But there’s three other portions that you have to
have ten percent of.
Mayor Donchess
We can have legal look at that. I’m not looking at the language right now. What | do know is that we have
followed the same procedure we have for the last 20 years in calculating this number. If this year’s number is
wrong then it’s been wrong for the last 20 years. These are audited financials. This isn’t just me and John
Griffin, the CFO, making these numbers up. These are audited financials. We have a thorough audit every
year. The idea that we made up numbers or taken $7 million that we didn’t account for, this is just audited
down to the dollar. I’d be glad to have someone look at that law and see if somehow we’ve been doing it
wrong for the last 20 years, but | think at this point since we need to close the books, we should act on this,
