ENGLEWOOD — City council dealt with financial matters at its Sept. 24 meeting, most of which were routine business dealt with on an annual basis.
Topping the agenda was Ordinance 19-15 to remove a debt service investment trust fund from the city’s codified ordinance by deleting Ordinance 236.09, which was adopted on 1987. That ordinance set aside monies from the general fund for the purpose of retiring long term bonded and internal indebtedness.
“We have not had nor do we anticipate having this type of debt in the near future,” said Della Stearns, director of finance.
She requested that the funds previously in the trust fund be placed in the general fund for use for any purpose with the trust fund terminated. Council unanimously adopted the ordinance requesting this move.
Council adopted Ordinance 19-16 to revise appropriations for current expenses and expenditures for fiscal year 2019 ending Dec. 31. Total transfers amounted to $6,110,966.
Resolution 32-19 was passed by council to accept the amounts and rates determined by the budget commission and authorizing the necessary tax levies and certifying them to the county auditor for collection during fiscal year 2020. According to Stearns, the county auditor continues to estimate a non-collection rate of five percent.
Amounts approved by the budget commission inside the 10 mil limitation for the General Fund total $480,113 and for the Police Pension Fund $75,807. Amounts derived from levies outside the 10 mil limitation total $126,222 for the General Fund, $243,738 for the Police Fund and $543,964 for the Fire and EMS Fund.
Council also passed Resolution 33-19 authorizing submission of applications for federal “Fast Act” funds through the Miami Valley Regional Planning Commission.
“The city staff is in the process of preparing an application for the Transportation Improvement Program through the Miami Valley Regional Planning Commission for resurfacing of W. Wenger Road and Union Boulevard,” said William J. Singer, director of community and economic development.
Resurfacing of W. Wenger Road is estimated to cost $850,082 while the estimated cost for Union Boulevard is estimated at $957,542. The grant applications are due Oct. 9 and will request $500,000 in funding for each of the roadways. The applications will be reviewed by the MVRPC staff and evaluated in a competitive process along with other jurisdictions seeking funding. According to Singer, final ranking of the projects will take place in early 2020 with funding becoming available after July 1, 2020.
Lastly, council passed Resolution 34-19 declaring the intent and reasonable expectation of the city on behalf of the state (the borrower) to reimburse its reserve for water improvements fund for the Lodestone Drive water main replacement project and the Winnimac Avenue water main replacement project, and to reimburse its reserve for sewer improvements funds for the Aerobic Digester Aeration System replacement project and the I-70 Pump Station Project with the proceeds of tax-exempt debt of the state of Ohio.
“We successfully received funding for those four projects from the Ohio Public Works Commission and that construction begins soon,” said City Manager Eric Smith. “The application was 50 percent grant, 50 percent loan. We do this every year, but the state comes back and says we want to make sure you are going to repay the loan portion… so please pass additional legislation to assure us that the 50 percent loan portion will be repaid.”