HomeMy WebLinkAbout2009-09-09 RMLD Operating and Capital Budget Pension Legal Services Committee Minutesr7 d '111
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Operating and Capital Budget /Pension/Legal
September 9, 2009
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Start Time: 7:30 p.m.
End Time: 7:50 p.m.
Attendees:
Committee Members:
Mr. Hahn, Chair, Ms. Kearns, Mr. Pacino
Staff:
Vinnie Cameron, General Manager
Bob Fournier, Accounting/Business Manager
Presentation of the Transfers for the Fiscal Year 2009
Mr. Cameron stated that the purpose of the Operating and Capital Budget/Pension/Legal
Services Committee was to explain the cash transfers for FY 2009. Mr. Fournier stated that the
RMLD had an estimated Net Income. $416,000 for the FY 2009. The low Net Income was a
product of a lagging economy. The Net Income figure also created the need for a withdrawal
from the Rate Stabilization Fund of $1 million and to deposit into the Operating Find. A transfer
would then be done to withdraw from the Operating Fund and deposited it into the Construction
Fund.
Discussion ensued.
Ms. Kearns made a motion seconded by Mr. Hahn that the Operating and Capital
Budget/Pension/Legal Services Committee recommends to the RMLD Board of Commissioners
that the RMLD Board of Commissioners approve the transfer of $1 million from the Rate
Stabilization Fund to the Operating Fund.
Motion carried 3:0:0.
Ms. Kearns made a motion seconded by Mr. Hahn that the Operating and Capital
Budget/Pension/Legal Services Committee recommends to the RMLD Board of Commissioners
that the RMLD Board of Commissioners approve the transfer of $1 million from the Operating
Fund to the Construction Fund.
Motion carried 3:0:0.
Meeting adjourned at 7:50 p.m.