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Bentleyville Finance Committee

November 19, 2014 - Meeting Minutes

Attendees: Bernice Schreiber, Fiscal Officer

Kathleen Hale, Finance Committee; John Bourisseau, Council President; Christine Comstock, Council; Kathleen Esposito, Council; Ken Kvacek, Council

Absent:

Meeting called to order at 6:01 P.M.

Approval of Minutes of meeting Finance Committee of October 2014: Unanimously approved

Accounts Payable: Reviewed and unanimously recommended for payment.  Big one-time payment of approximately $52,000 in road fees this month means that actual payables are more like $45,000. 

Review of Financial Statements:

October YTD, we are $120,000 better than budget YTD; in November the trend improves with RITA revenue higher than expected and RITA Revenue YTD November 2014 is now as much as we expected to collect the entire year, so any RITA revenue we collect in December (estimated to be $20,000).  At the end of the year we are expecting to be about $159,000 better than budgeted due to $104,000 in revenue over top of where we expected to be and $45,000 under our expense budget. 

We will discuss how to deploy the $159,000 in future Finance Committee meetings, however, we feel that a large portion should be transferred to the Capital Expenditures and Major Improvements fund to be used for our list of needed capital service and police equipment.  We may also earmark funds for maintenance of Village Hall.

Councilwoman Hale would like for the Finance Director to research how we can release the approximately $30,000 in unclaimed funds (bonds etc.) that are part of the Village finances. 

The Mayor joined the meeting and those present discussed questions on the budget.

Old Business:

New Business:

Ordinances are all recommended for approval.

Meeting adjourned at 6:58 P.M.

Minutes submitted by Jonathan Slain, Finance Committee Chair

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