Click above to View Action History

FEBRUARY 8, 2007

ATTENDANCE: Carvin Hilliard, Chair; Gwen Briggs; Douglas Sutton

STAFF: Thomas Hamilton, City Finance Director, Frederic Gilden, Comptroller

GUESTS: Dr. Sal Corda, Superintendent of Schools

Mr. Hilliard called the meeting to order at 8:05 p.m. He noted that they did not have a quorum present.

1. THIS ITEM IS REQUESTED UNDER THE SUSPENSION OF THE RULES:

Mr. Hamilton explained that this item was approved in October and is presently in the Law Department. They have worked out the terms and conditions of the contract, but have determined that Suntrust Leasing is the financing arm for M Space Holding. The Law Department has further determined that the following authorization is necessary.

TECHNICAL CORRECTION:

AMEND ITEM VII.A.5 VOTED ON BY THE COMMON COUNCIL ON OCTOBER 24, 3006 TO INCLUDE THE FOLLOWING ADDITIONAL INFORMATION:

AUTHORIZE THE CITY TO ENTER INTO CERTAIN TRANSACTIONS WITH SUNTRURST LEASING CORPORATION AND SUNTRUST BANK AS OUTLINED IN AND IN ACCORDANCE WITH THE TERMS OF CERTAIN FINANCING DOCUMENTS IDENTIFIED AS MASTER LEASE AGREEMENT, EQUIPMENT RELATED DOCUMENTS; AND AUTHORIZE THE MAYOR, RICHARD A. MOCCIA, TO EXECUTE SUCH AGREEMENTS ON BEHALF OF THE CITY IN CONNECTION WITH THE FINANCING AND ACQUISITION OF MODULAR CLASSROOMS FOR AN AMOUNT NOT TO EXCEED $772,296.00

Due to the lack of a quorum, a vote could not be taken. The Committee members present agreed that Mr. Hilliard would move this item to the full Common Council.

2. COMMITTEE: RECEIVE THE MONTHLY CLAIMS REPORT; REVIEW AND APPROVE CLAIMS AS REQUIRED FOR CLAIMS REPORT DATED: FEBRUARY 8, 2007

A refund for $6,000 needs to be voted upon. The reason for the refund is because the resident paid twice.

Mr. Hamilton said that the February report will be available next month.

3. RESOLUTION, APPROPRIATING $2,038.41 FOR STATE FINANCED PORTION OF ROTON MIDDLE SCHOOL ALTERATIONS PROJECT (PROJECT ACCOUNT NO. 09065010-5799-B0312)

Due to the lack of a quorum, a vote could not be taken. The Committee members present agreed that Mr. Hilliard would move this item forward to the full Common Council. Mr. Hamilton briefly described this item.

4. PRESENTATION AND DISCUSSION ON BOARD OF EDUCATION FY 2007-08 BUDGET

Dr. Corda gave a powerpoint presentation highlighting the requested Board of Education budget. The Committee members were provided with a written copy of the projected budget. Dr. Corda pointed out that he has just been notified about an increase to the electric cost, which would result in an additional $500,000 being added to the budget.

Dr. Corda said that he would be happy to answer any questions. Mr. Hamilton said that he would make a presentation before the Board of Estimate and Taxation Monday night. He said that there would be a special meeting of the Finance Claims Committee on Tuesday at 6:30 p.m. before the Common Council meeting, where he would make his recommendation to the Common Council.

The Common Council is required to set a preliminary cap by the fourth Tuesday in February. Then the budget is in the hands of the Board of Estimate and Taxation. A public hearing will be held during the last week of March and after that the Board of Estimate and Taxation will submit a tentative budget.

There was no further business and the meeting was adjourned at 9:30 p.m.

Respectfully submitted,

Rosemarie Lombardi
Telesco Secretarial Services