Finance Committee - 07/01/2020 Page 18
Alderwoman Lu
Sure, yeah, but aren’t they issued as checks?
Mr. Griffin
Mr. Mayor if | may. They are issued as checks or ACH transfers which would show up in the Record of
Expenditure. If we haven’t seen them yet in this particular Record of Expenditures it just means that we
haven’t issued any checks. But | think based on the interest of the Finance Committee and the importance of
the COVID-19 Impact Fund, it would probably be a worthwhile piece of information that | could communicate to
the members of the Finance Committee.
Mayor Donchess
So the first of the loans and there is a Loan Committee that reviews all of this, including bankers, some private
sector people as well as City people. But the first of the loans were granted some time ago so we may see
that checks were in previous Records of Expenditures because this is for only a two week period. And so |
think you would get more complete information if the CFO got you a list of the loans that have been agreed to
and those that have been funded so far.
Alderwoman Lu
Sure that would be great, thank you.
Mayor Donchess
Any other questions or comments on the Record of Expenditure? Yes go ahead.
Alderwoman Lu
Just one other; will the downtown improvements be ETF, those payments, those are not part of the COVID-19
Relief Fund?
Mayor Donchess
No they are not.
Alderwoman Lu
What are those?
Mayor Donchess
So an Ordinance was passed, |’d say 2011 maybe around then which provides that all parking meter and lease
parking funds collected by the City, in excess of $728,000.00 are spend to support downtown activities. And
the Downtown Improvement Committee is tasked with making recommendations to the Board of Aldermen
regarding how those funds, over and above $728,000.00 should be expended. And they are held until the
Downtown Improvement Committee makes a recommendation. Now | think the Board of Aldermen has given
the Downtown Improvement Committee relatively carte blanche regarding the use of the funds. So that has
kind of made an advance approval but the source of the funds is the parking meter and lease parking revenue
in excess of $728,000.00.
