Minutes from the Finance Review Committee meeting called April 11th, 2024,at1 1P.M.  THURSDAY, APRIL 11,2024  FINANCE REVIEW COMMITTEE MEETING-IP.M.  Present:  Joey Ginn, Chairman Frank Hall Debbie Ashbrook Al McCambry, Vice Chairman Vickie Gainer, City Manager Daniel Peat, Finance Director Steve Novakoski  Apologies:  Item #1. Call to Order.  Chairman Joey Ginn called the meeting to order at 1 p.m. Item #2. Chairman's Report. The Chairman had nothing to report. Item #3. Approval of minutes for the October 12th 2023 meeting.  Motion by Ms. Ashbrook Second to the motion Ashbrook Hall Ginn  To approve the minutes for October 12th, 2023,meeting.  Mr. Hall aye aye aye  On Vote:  Motion passed: 3-0  Item #4. Review ofCity Mid-year Budget and Debt.  City Manager Gainer explained that this budget will bel brought to the Commission at the next meeting Mr. Peat explained the item int the attached report. He explained that the biggest changes were purchase Mr. Hall asked about revenue reimbursement from FEMA - how is it looking that we will get that $5m by the end ofthis year. City Manager Gainer explained she had just been on a call with them, and they made it clear that it will be reimbursed by the end oft this year, plus there may be more we may Mr. Hall - How much is ini the restoration account as ofright now? City Manager said about $6m. Mr. Hall - confirmed that this will be his last meeting as hei is leaving LH. So, there will still be $11m outstanding that needs to be addressed. The City Manager said there is a plan to be discussed when Mr. Ginn asked about closing out this building with the contractor. City Manager said not yet, still in Mr. Hall - the $5m that was set aside for the library - is that being sidelined for now? The City Manager corrected Mr. Hall saying it is only $1.9m for the library, and yes, it is being sidelined, but Moving tol Debt- - Mr. Peat said there has been no new debt and we paid off the surtax of nearly $2.2m. City Manager Gainer asked the committee how they felt about using the ARPA funds to pay, the difference. Mr. Hall asked what the interest rate is right now. Mr. Peat answered it is variable. Mr.  in April 2024.  orders carried forward from the previous year.  Further discussion ensued.  be able to claim that was unexpected.  we get to the debt discussion.  progress.  the funds are still in the City's account.  Would like to pay the whole thing off and free up the general fund.  Page 1    Minutes from the Finance! Review Committee meeting called April 11th,2 2024,a at1P.M. Hall asked ift the disaster recovery funds will then cover the amount from the general fund. The City Manager said yes. Mr. Hall asked ift the freed-up surtax funds revenues would then be used for debt reduction of the disaster recover debt going forward? Mr. Obos said as long as it is used for the allowable debt for those funds. The City Manager reminded them that we were not refunded the $5m that was stolen and that we thought we were going to be reimbursed. That is the additional amount The committee agreed they are in favor of paying off debt and the. ARPA suggestion was agreeable.  that the debt has risen by plus other variables that were unforeseen.  Motion by Ms. Ashbrook Second to the motion Ashbrook Hall Ginn  To approve the paying off the debt from the relevant funds and using the balance of the ARPA funds to pay  the Sewer portion oft the debt.  Mr. Hall aye aye aye  On Vote:  Motion passed: 3-0  Item #5. Review of Revenue for Water and Sewer. projection chart is at the next meeting with an analysis.  Mr. Peat gave an update saying that the: rate increases have been very successful.  Mr. Hall - how are we doing toward our projection? The City Manager will make sure the 5-year  Item #6. Audit discussion. Mr. Peat explained the item. are repeat audit finding.  Fixed assets will now become an ongoing systematic part ofthe process going forward as it has been  Item #7. Discussion about next meeting date and time. Date to be confirmed for August 2024. Item #8. Committee Member comments. Mr. Hall advised he is leaving the city and the committee.  Mr. Hall will send a letter of resignation sO that the commission appoint ai new member. Item #9. Public comments. There was no public in attendance at the meeting.  Item #10. Adiournment. Thei meeting adjourned at 1.55 pm  APPROVED THIS_ voth DAYOF. Tuly 2024.  Joey  ATTEST)  c  City  20  prepared by Cicelia Rushing  Page 2