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MINUTES OF THE MEETING OF THE
MAYOR AND THE COMMITTEE-OF-THE-WHOLE
OF THE CITY OF EAST MOLINE, ILLINOIS

ON 11/19/2001


ROLL CALL

Mayor Moreno called the meeting to order and directed City Clerk Arletta D. Holmes, to call the roll. The following Aldermen were present: Helen Heiland, John Thodos, Luis Moreno, Carol Doose, Rick Meredith, Gary Kelley, and Crotis Teague. 7:45p.m.

Presentation of New CAFR (Jim Hughes/ Jim Taylor)

The Governmental Accounting Standard Board (GASB) has directed all municipalities to revise their financial statements to report financial transactions on a more business-oriented format. The City of East Moline was required to meet these standards by 2004. Mr. Hughes introduced the members of the Internal Audit Committee they are: Denise Bubbers, Max Davis, City Treasure William Vyncke and Alderman Rick Meredith. Ms. Bubbers, Chairman of the Internal Audit Committee, reported they met and reviewed in detail the entire financial reports focusing on cash flow and transactions. There were no major findings. Auditor Jim Taylor gave a slide presentation and an overall review of the Comprehensive Annual Financial Report (CAFR). The two (2) main changes to the financial report are the Income Statement, and the Balance Sheets (See Attachments). Mr. Taylor concluded, that the City of East Moline is solid and on good financial ground. Information only. No action required.

Authorizing Ordinance for Garage (Jim Hughes)

It appears it is the wishes of the City Council to proceed with the construction of a new Municipal Garage. Due to the “Non-Home Rule” restrictions, the City Council must pass an authorizing ordinance before the City can issue bonds. This authorizing ordinance is effective for approximately two (2) years, and it does not obligate the City to actually issue bonds. It is required to allow the taxpayers the opportunity of a “Back Door” referendum. We should authorize an amount in excess of the amount actually needed. We should authorize an amount of $5,000,000. Budget Impact: The cost of the authorizing ordinance is $5,000 to $7,500. To be taken out of the revenues earned by collecting garbage in the Village of Carbon Cliff.

A motion was made by Alderman Heiland, seconded by Alderman Meredith to direct the City Attorney and Director of Finance to draft the required ordinance to authorize a bond issue not to exceed $5,000,000 and to retain Speer Financial (Kevin McCanna) and Schiff Hardin & Waite (Paul Marengo) to advise us with the bond issue. Upon roll call the following voted in favor: Thodos, Moreno, Doose, Meredith, Kelley, Teague, and Heiland. Motion carried.

Other:

Mayor Moreno recognized a key individual in our community Mr. Jim Grafton, the City Administrator of Silvis, Illinois.

ADJOURNMENT

A motion was made by Alderman Moreno, seconded by Alderman Kelley, to adjourn the meeting. Upon roll call the following voted in favor: Heiland, Thodos, Moreno, Doose, Meredith, Kelley and Teague. Motion carried. 8:20p.m.

Minutes taken and submitted by,
_______________________________

Arletta D. Holmes, City Clerk

 

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