City Council

Minutes of the Special Finance Meeting Troy City Council July 9, 2015 The meeting was called to order at 6:48 PM by City Council President Wiltshire. The Pledge of Allegiance was led by Council President Wiltshire. The roll being called, the following answered to their names: Council members Sullivan-Teta, Bodnar, Kopka, Gordon, Wiltshire, Galuski, Doherty, Zalewski and Robertson. Also present were Joe Liccardi, Adam Sanzone, Mayor Rosamilia and several department heads. The meeting was attended by approximately 15 members of the public. 49. Tabled Bond Resolution of the City of Troy, New York, Authorizing the Issuance of $375,000 Serial Bonds to Finance the Cost of the Purchase of Police Vehicles. Motion to untable by Wiltshire, 2nd by Galuski, passed by unanimous vote. Zalewski asked if there was an updated BAN report from Joe for this legislation that the council asked for at the finance meeting. Mazzariello handed out a Budget Overview and General Debt report for current year 2015. He went over the report to the council members line by line. He stated we need the resolution to order the vehicles but will not borrow until we receive the vehicles after January, 2016. Wiltshire asked why the rate increases are changing. Mazzariello stated they change year to year because of the actual differentials. Gordon stated it looked like the plan changed a little and now we are not borrowing until next year. Joe stated that is correct; the plan is to put it in the 2016 budget and see where we stand. Doherty asked Joe when the council would receive the next quarterly report. Joe stated at the July finance meeting. Doherty asked about vehicle availability. Joe deferred to Chamberlain. Chamberlain explained that the 2015 vehicles were no longer available; he did say we can now place an order for 2016 vehicles at any time. He explained the time frame for delivery and pushing the order out further would push the delivery date to late in 2016. Galuski asked the difference in cost. Chamberlain stated about $300.00 per vehicle. Bodnar stated it looks like we are paying $375,000.00 starting in 2017. Mazzariello said that is correct. Robertson asked if they looked at the anticipated budget for 2017 with this input. Mazzariello answered by explaining the debt service handout with 2017 listed on it was the information he had at present. Doherty spoke about the current vehicle conditions and the need for new ones. Mazzariello stated that we legally cannot order without a resolution to appropriate an order for them; and we would have to wait until after January 1st 2016. Robertson asked if our revenues increased to carry that bond for 2017. Mazzariello stated he will be able to look at that in the 2 nd quarterly financials. Gordon talked about his concern with adding debt in 2016, now seeing it spreading out over a year and a half it seems better. Wiltshire asked what is the bonded debt service that starts in 2018. Mazzariello listed some of them; the new court facility, equipment for DPW and fire truck, building demolition and the new sprinkler system. Zalewski asked about the Spring Ave. bridge costs. Mazzariello stated that’s cash flow borrowing and will be paid by FEMA. He stated all other bonds we have not borrowed yet. Zalewski stated we will be. Mazzariello answered yes, but they are also cash flow borrowing. Mazzariello stated his report only reflects what we have borrowed as of yet. Gordon asked if he will include all this debt in the July report. Mazzariello said yes he will. Bodnar spoke about the whole picture of debt and asked about the MAC payment. Wiltshire spoke about loans and debt totals from his previous meeting notes. He stated that he felt the information being given is only a small part, not the whole picture. Mazzariello stated a more detail report will be given in the 2 nd quarterly report at the July at finance. Resolution passed by unanimous vote 50. Tabled Bond Resolution of the City of Troy, New York, Authorizing the Issuance of $475,000 Serial Bonds to Finance the Cost of the Purchase of Police Vehicles. Motion to untable Resolution by Galuski, 2nd by Zalewski, passed by unanimous vote. Wiltshire then removed Resolution #50 from the agenda at the administration’s request. Motion to adjourn by Zalewski, 2nd by Gordon. ADJOURNMENT at 7:25 pm A complete audio record of the Troy City Council Special Finance Committee meeting minutes is on file in the Troy City Clerks office. Troy City Clerk Cheryl Christiansen