Approved Minutes 10/13/2015
between Council meetings we needed to move forward before the wet weather began. He was able to utilize 376 ton of recycled stone but he was unable to obtain any further recycled product.
Mr. Linn moved to approve a requisition to Indy Equipment for 376 ton of recycled 1 and 2 stone in an amount not to exceed $6,392.00; Ms. Duncan seconded.
Ms. Duncan asked what happened to the topsoil. Mr. Borczuch indicated that it has been stockpiled on the back of the property. Poll: 6 ayes; 1 nay. Motion carried.
Mr. Roberts moved to approve a requisition to Crossroads Asphalt & Recycling for 1, 2 and 304 limestone in an amount not to exceed $25,000.00; Ms. Duncan seconded. Mr. Sculac asked how these purchases will impact the project budget. Mr. Borczuch indicated that he will need to decrease costs from another area but there is work that can be performed in-house to save money. Poll: 5 ayes; 2 nays (Pulice, Fenderbosch). Motion carried.
Steve Presley, Finance Director
Mr. Presley read a statement into the record. “Mayor Council and Residents of the City of Olmsted Falls I apologize for taking your time tonight but I cannot sit by quietly and let a candidate for Council make false accusations regarding the finances of the City. I will tell you that the City is not hemorrhaging money nor will the city be laying off safety department personnel or any personnel for that matter. These claims are totally false and without merit. The city is financially sound in fact the administration and Council have worked together to reduce operating expenses and overcome the annual loss of $180,000 due to the failure of an operating levy renewal in November of 2013. What I will tell you is that it is obvious to me that the individual making these claims didn’t look at the overall financial statements he was once responsible for or maybe he doesn’t understand them. I hope the residents of this City reviewed the financial newsletter that was sent out a month or so ago and realize for themselves that his literature is woefully inaccurate. Either way, I felt it necessary to take your time tonight to set the record straight and to assure everyone that the city is not wasting taxpayer dollars. Thank you”
The Attached Statement of Cash Position is only one of several reports which should be used in measuring the overall financial position of the City. Changes in Cash Position may be misunderstood without a complete understanding of the causes of any changes. For Example, the paying off of debt would reduce the Cash Balances of the City but this would be a positive financial transaction. Another example would be the purchase of an asset like a Fire Truck that would reduce the Cash Balances but would benefit the Citizens of the city. A final example would be where a Police or Fire expense was paid from the General Fund and not reclassified to the specific levy fund by the date of the cash position statement. Additionally there may be timing differences in the comparison of anything other than year-end reports. For a complete review of the financial position of the City it is best to review the Annual Audit Report.
CLICK TO VIEW DECEMBER, 2013 STATEMENT OF CASH POSITION
CLICK TO VIEW 2014 STATEMENT OF CASH POSITION REPORTS
CLICK TO VIEW 2015 STATEMENT OF CASH POSITION REPORTS
CLICK TO VIEW 2014 ANNUAL FINANCIAL REPORT