MINUTES OF THE OCTOBER 15, 2024, CITY COUNCILSPECIAL  MEETING  A SPECIAL meeting ofthe Hopewell City Council was held on Tuesday, October  15, 2024, at 6:30 p.m.  PRESENT:  John B. Partin, Mayor Jasmine Gore, Vice Mayor (Late) Rita Joyner, Councilor Michael Harris, Councilor Janice Denton, Councilor (Absent) Brenda Pelham, Councilor Dominic Holloway, Councilor (Absent)  CLOSED MEETING  Councilor Joyner moves to go into closed meeting pursuant to Va. Code Section $ 2.2-3711 (A)(1) to discuss an consider personnel matters, including board and commission appointments; the assignment and performance of specific appointee and employees ofCity Council, and to the extent such discussion will be aided  thereby. Mayor Partin seconds the motion.  ROLL CALL  Councilor Holloway- Councilor Joyner- Councilor Harris- Mayor Partin- Vice Mayor Gore- Councilor Denton- Councilor Pelham-  Absent Yes Yes Yes (Absent) (Absent) Yes  Motion Passes 4-0    RECONVENE OPEN MEETING  Councilor Harris makes a motion to come out of the closed meeting. Mayor Partin  seconds the motion.  ROLL CALL  Councilor Holloway- Councilor Joyner- Councilor Harris- Mayor Partin- Vice Mayor Gore- Councilor Denton- Councilor Pelham-  Absent Yes Yes Yes Yes (ArrivedLate) (Absent) Yes  Motion Passes 5-0  Councilor Joyner makes a motion to appoint Bridgett Bowman to the Economic  Development Board; Mayor Partin seconds the motion.  ROLL CALL  Councilor Pelham- Councilor Holloway- Councilor Joyner- Councilor Harris- Mayor Partin- Vice Mayor Gore- Councilor Denton-  Yes Absent Yes Yes Yes (Abstain) Absent  Motion Passes 4-0  CERTIFICATION PURSUANT TO VIRGINIA CODE $ 2.2-3712 (D): Were only public business matters (I). lawfully exempted from open-meeting    requirements and (2) identified in the closed-meeting motion discussed in a closed  meeting?  ROLL CALL  Councilor Pelham- Councilor Holloway- Councilor. Joyner- Councilor Harris- Mayor Partin- Vice Mayor Gore- Councilor Denton-  Yes Absent Yes Yes Yes (Abstain) Absent  Motion Passes 4-0 REGULAR BUSINESS  R-1-1 Finance Committee Report- CFO, Stacy Jordan, Finance Director Stacy opens the presentation, sharing she is presenting the first quarter Finance Committee minutes, the last meeting fiscal year 2025 actual budgets, with the first quarter to include citywide general fund, enterprise, schools, and departmental. She shared it will also include fiscal year 25 change in fund balance, first quarter overtime report by department, first quarter collections report, data integrators, an overview ofaccounts payables and debt services paid, HRW True-up analysis, and the Marina. She also advised Fiscal year 2024 surplus of funds and allocation, and additional reports from the commissioner oft the treasurer's office. Stacy stated Citywide for the first quarter was trending 0.59% lower in revenues for 2025 versus 2024. Expenses for the first quarter are trending 0.74% lower for 2025 and 2024, and overall, we are trending 8.79% or 19 million less than where we should be for the first quarter. She advised the city should be roughly 25% or 56.5. She explained the due dates for the city ofHopewell are. December, June and February for larger due dates. Stacy showed the council the citywide fiscal year 2025 budgets to actuals for the first quarter and how it is broken down by revenues as    well as expenditures by our main code. She explained the presentation shows comments on each line item as to verses 2024 and 2025, where a slight increase is coming from. She also explained public service, personal propertvy,machinery, and tools have later due dates, and what they are getting in revenue is based on collections, just the same as penalties and interest, and ifthey are getting additional collections, they are collecting more. She stated if they are collecting less, its going to be lower for anything outstanding. Stacy goes on to explain the general fund budget to actuals for the fiscal first quarter, saying it is trending 1.61 or $400,000 lower in revenue from 2025 versus 2024, and expenses for 2025 are trending 1.6 or $320,000 higher than the fiscal year 2024 for the same concept applies for each fund across the city. She states we should be roughly at 25% or 17 million, and the key due dates for the city ofHopewell are December, February, and June. She showed the council the General Fund breakdown for the budget to actuals for the first quarter, sharing enterprise funding is trending 1.97 or $2.4 million higher in revenues for 2025 versus 2024 due to one-time billing, She stated last year, there was a lot of late billing, and the enterprise funds were on time. She explained the deadline to make sure the billing is going out by the 20th ofevery month moving forward, and expenses for 2025 are trending 6.3 or $1.8 million less than expenses in 2024. She stated the same concept applies to the enterprise as it does to any other funding within the city. Stacy moved on to the schools and shared they are trending 2.74 or $1.3 million less in revenues for 2025 versus 2024, also stating there could be a timing difference due to funding coming in on the 16th. She has been working with the treasurer's office to make sure that the cash flow is being monitored to make sure the city is meeting payroll and accounts payable and making debt payments on time also depending on if they have grant funding. She expressed expenses are trending 0.87% or $148,00 more in 2025 versus 2024. Stacy showed the council a new report that was put together for the department budget actuals. She stated the first quarter shows an adopted budget for the fiscal year 2025 by department, the year-to-date amount spent per department, the remaining budget, the percent ofthe budget year to date, and ifit's on trend or not, showing a yes, true, or false. She also shared there will be a comment as to why it is not on trend moving forward. Stacy informed the council they would be presented with a new report going forward showing a change in fund balance. The new: report was explained to the council as a report that shows preliminary figures as to where the city is standing throughout the fiscal year. She explained the preliminary figures come from the fiscal year 2024 preliminary numbers using it as the beginning balance. Stacy continued the presentation by explaining the overtime    by the department for the first quarter, stating they are just the departments that had overtime sO far this fiscal year. She expressed it is similar to the other reports where they have what was budgeted for overtime, year-to-date, actuals, the remaining balance, the percent ofthe budget, whether or not it's on trend, and the reason why it'snot on trend. She shared that in Fire and larger departments like Police, Social Services, and HRW, there are a lot ofvacancies that exist, sO their overtime will be higher. Stacy shared the collection rates for data integrators showing it broken down by July, August, and September. Stating it is going to be stormwater, solid waste, and wastewater, what was being billed and what was collected, and the percentage amount. Stacy showed the council an overview of Accounts Payable and debt service. She explained it shows the city is paying their debt on time and as they are required. She stated the. Accounts Payable first quarter is the number ofinvoices that have been processed for three months, as well as the amount paid out. She went on to explain HRW True-up analysis and how it is cumulative from 2018 through 2024. It shows credits and the amounts due from the industry for 2018 to 2024. She reiterated the figures are preliminary figures based on the information that was received for a year-to-date budget to actuals, as well as any other accrued invoices for the fiscal year 2024 but paid in 2025, Stacy went into the Marina, sharing that Mayor Partin talked about giving the Marina $500,000 for repairs. She shared it wouldn't be a loan because the Marina falls under the general fund, and it would just be a transfer. She shared that the rate of return on the investment of the Marina before any repairs are done for the year, would be $23,900, and then after the repairs, the potential revenue would be $103,000. She shared that in 5years, the city could recoup the $500,000 that was given for the repairs, and any additional revenues would just come to the city in the general fund year over year. Stacy shared the Surplus Fund Allocation, and shared staff was asked their recommendation on halfofthe 2024 surplus and howi it should be allocated and established reserve funds adopted by the city's financial policies. She stated the capital reserve with $1.5 million due to outstanding unfunded capital. She reminded the council that $4.5 million is outstanding capital currently. She also shared that unassigned would be 1.54 million, assigned would be 1.5 million, and that would include the school's ERP as well as the Marina, budget stabilization of $500,000, and replenishment of fund balance of $500,000. Stacy ended the presentation by sharing that in November, there will be a more detailed breakdown, and they will talk about the sewer rate study that was presented in the council meeting on the 27th. She stated she will provide updated  financials for 2020 through 2024.    ADJOURNMENTE  Respectfully Submitted,  Jonnny  Mayor  R  6A  Brittani Williams, City Clerk