City Council

Minutes of Work Session of Municipal Building Authority of Ogden City, Utah, May 26, 2015 Page Minutes of the Work Session of the Ogden City Municipal Building Authority held on Tuesday, May 26, 2015 at 8:41 p.m., in the Council Work Room on the third floor of the Municipal Building, 2549 Washington Boulevard, Ogden City, Weber County, Utah. Present: Chair Richard A. Hyer Vice Chair Marcia L. White Trustees Bart E. Blair Neil K. Garner Caitlin K. Gochnour Doug Stephens Amy L. Wicks Board Administrator Bill Cook Board Deputy Administrator Janene Eller-Smith Board Policy Analyst Glenn Symes Also present: Chief Administrative Officer Mark Johnson Community and Economic Development Director Tom Christopulos Community and Economic Development Deputy Manager Brandon Cooper Comptroller Lisa Stout Assistant Comptroller Camille Cook City Recorder Tracy Hansen The purpose of the Work Session was to discuss the FY2016 Proposed Budget and Board business. FY2016 Proposed Budget Board Deputy Administrator Eller-Smith explained the current proposal is to adopt the proposed FY2016 budget totaling $544,750; this is an increase of $50 over the FY2015 budget. The revenues are comprised of interest and lease payments paid by the using departments. Expenses are $539,750 for debt service, insurance and fees, with $5,000 going to fund balance. Assistant Comptroller Cook explained there are two debts within the proposed Municipal Building Authority (MBA) Budget: one is the principal and interest payment for the Public Works Facility Bond and the second is the principal and interest payment for the Stadium Bond. The expenses included in the budget cover those payments as well as bond trust fees and insurance, with the projection to turn $5,000 back to the fund balance for future debt payments. The Public Works Facility bond will mature in 2021 and the Stadium Bond will mature in 2028. Trustee Gochnour inquired as to which bond matures at the end of the current calendar year. Ms. Cook explained the General Obligation (GO) Bond will mature this year and it covered the Municipal Building and Public Safety Building. The GO bond is contained within the general City budget. The meeting adjourned at 8:44 p.m. ________________________________________ TRACY HANSEN, MMC CITY RECORDER ________________________________________ RICHARD A. HYER, CHAIR APPROVED: September 8, 2015