Finance Committee

Regular Meeting of the Finance Committee Held in the Conference Room at City Hall October 1, 2015 Notice of this meeting was given to the public in compliance with Sections 10-15-1 through 10- 15-4 NMSA 1978 and Resolution 14-36. ROLL CALL The meeting convened at 8:00 a.m. with Chairman Grant presiding and Councilors Perry, Henderson and Sandoval being present. Staff present: Bill Morris, Martha Morales, Devin Graham, Warren Aldrich and Monica Garcia. Guests present: Amy Davis, Andrew Stricklin, Daniel Alsup and James Edwards. APPROVAL OF AGENDA Councilor Sandoval moved to approve the October 1, 2015 Finance Committee Meeting Agenda as presented. Councilor Henderson was the second. A voice vote was unanimous and the motion passed. APPROVAL OF MINUTES Councilor Sandoval moved to approve the minutes of the July 21, 2015 Special Finance Committee meeting and the September 8, 2015 regular Finance Committee meeting. Councilor Henderson was the second. A voice vote was unanimous and the motion passed. REGULAR ITEMS Lodger’s Tax Request – Historical Society for Southeast New Mexico. Ms. Garcia gave a presentation on the Lodger’s Tax Request – Historical Society for Southeast New Mexico. The Historical Society for Southeast New Mexico has requested funding in the amount of $2,500 from Lodger’s Tax funds for an ongoing public awareness project. Councilor Henderson moved to recommend to full City Council Lodger’s Tax Request of $2,500– Historical Society for Southeast New Mexico. Councilor Sandoval was the second. A voice vote was unanimous and the motion passed. Proposed Ordinance 15-18 – Requesting authorization to advertise for public hearing for Gross Receipts Tax Revenue Bond, Series 2015. Ms. Garcia gave a presentation on Proposed Ordinance 15-18. Staff wishes to proceed with the issuance of debt through a Gross Receipts Tax Revenue Bond as outlined in the Fiscal Year 2016 budget. The 3.5M bond will be spent on the overdue facility and infrastructure needs in the City. Mr. Stricklin discussed the Series 2015 GRT Revenue Bond Overview and was available for any questions staff or Council members had. Councilor Sandoval moved to send to full City Council Proposed Ordinance 15-18 – Requesting authorization to advertise for public hearing for Gross Receipts Tax Revenue Bond, Series 2015. Councilor Perry was the second. A voice vote was unanimous and the motion passed. Resolution 15-66 – Fiscal Management Contingency Plan. Ms. Garcia gave a presentation on Resolution 15-66. The Contingency Plan is a planning document that will be used in the event there is a downturn in the economic conditions that will negatively impact the City’s budget. The Fiscal Management Contingency Plan will assist City Management in guiding future planning efforts. Councilor Sandoval moved to send to full City Council Resolution 15-66 – Fiscal Management Contingency Plan. Councilor Henderson was the second. A voice vote was unanimous and the motion passed. NON-ACTION ITEMS NONE ADJOURN The meeting adjourned at 8:22 p.m.