Finance Committee

200 South Hamilton Road City of Gahanna Gahanna, Ohio 43230 Meeting Minutes Finance Committee Michael Schnetzer, Chair Karen Angelou Merisa Bowers Brian Larick Jamie Leeseberg Nancy McGregor Stephen Renner Krystal Gonchar, MPA, Clerk of Council Monday, April 26, 2021 VIRTUAL MEETING *Immediately Following Committee of the Whole* Meeting Call-in Details: Tel- (513) 306-4583 Conf. ID- 153 265 273# A. CALL TO ORDER Chair Michael Schnetzer called the meeting to order at 7:37 p.m. B. PRESENTATION & DISCUSSION: 2021-0070 Quarterly Finance Report: Q1 (2021) Finance Director Joann Bury read from the attached report; stated there will be an OBM Seminar later this month; is not anticipating any additional guidance for the American Recovery Plan, but does anticipate being told how to position ourselves to ensure that we can begin receiving those funds. Larick said generally speaking, we seem to be ok. Bury confirmed; not a bad first quarter. Bowers asked if the ARP report could be summarized . Jadwin said the most notable topics are estimated amounts and the timing. Bury stated that the municipalities were pooled into two different categories: CDBG and Non-CDBG; the City was placed in the Non-CDBG pool; means we will have to wait for the State to receive those funds; will based off population; estimated to get $7M; may see fluctuation; after bill is signed, the US Treasury has 60 days to get the money to the State; the State then has 30 days to start distributing to municipalities; however, due to multiple extensions, they may have up to 120 days. As far as what the funds can be used for, they are the same as the COVID funds but with a few additions; one addition is for the reduction in revenue; would be based off 2019; had a change in credit City of Gahanna Page 1 Finance Committee Meeting Minutes April 26, 2021 that year so we are still working through numbers; allowed for water, sewer, broadband, infrastructure improvements; will have until December 2024 to use those funds; will have two installments. Angelou stated that for the water, sewer, broadband, infrastructure improvements component, that's huge when we have sewer issues; could move the money into that; asked Bury for examples of the CDBG entitled cities. Bury said those are Community Development Block Grant cities, which are economically challenged, as far as their neighborhoods; this funding allows them to build up their neighborhoods with these funds . Angelou said the broadband component is important; especially with schools coming in and needing fiber connections; we need more fiber. Schnetzer asked about the timing; the first wave of $3M would be received before August of this year and the rest would be received before August of next year. Bury confirmed; said they will prepare for 2022. Schnetzer said we will have the Capital Needs Assessment in late summer/early fall; asked if that will give Finance time to work on those budget items. Bury said they begin the CNA prep in early July. Bowers thanked Bury for reviewing the ARP memo. C. ADJOURNMENT Adjourned at 8:09 p.m. City of Gahanna Page 2