Bentleyville Finance Committee
June 18, 2014
Attendees: Kathleen Hale, Finance Committee; Bernice Schreiber, Fiscal Officer
Christine Comstock, Council; Kathleen Esposito, Council; Ken Kvacek, Council
Meeting called to order at 6:01 P.M.
Approval of Minutes of meeting Finance Committee of May 21, 2014: Unanimously approved
Accounts Payable: Reviewed and unanimously recommended for payment
Review of Financial Statements:
We are $23,000 worse than budget thru May because of lower RITA revenue than budgeted and in June the trend continues with RITA revenue that was $30,000 lower than expected. This may be exacerbated by the fact that we had a one time, $35,000 collection in January that is improving our situation over budget, however, this is a one-time windfall that can't be counted on in future years. Our expenses are $40,000 lower than we had budgeted YTD. Taken together, the $23,000 revenue deficit, coupled with the $40,000 expense deficit, net the village to a position of being $17,000 better than budgeted overall. We are in the position of the Village finances for 2014 being net positive by $34,000 total.
Ordinance to amend the budget is recommended for approval.
We reviewed a schedule that the finance director put together to show what it might look like if Bentleyville saved money by cutting certain services. It seems the best opportunity for savings would be in eliminating garbage collection, while finance committee is not recommending any action at this point, we are investigating options to make sure we are being fiscally responsible.
We also understand that we may be able to eliminate the quarter point credit that residents currently get from RITA without a vote. While Finance Committee is not making any recommendation at this point, we are just reviewing our options. We also note that at 1% RITA tax with a 0.25% credit, our RITA taxes are the lowest they can be and lower than the RITA tax charged in most of our neighboring communities.
Meeting adjourned at 6:36 P.M.
Minutes submitted by Jonathan Slain, Finance Committee Chair
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