WHAT IS THE FINANCE COMMITTEE? By charter, the Mayor appoints 3 Council members to meet to preview, study, or screen things financial before it goes to Council agenda. Kay Senter, Chris Bivens, and I are the appointees. I asked Adm. Services Dir. Larry Clark and Police Chief Roger Overholt to complete the committee, although, officially, the 3 Council members are the only voters. FC meets once per month prior to the second Council meeting of the month. Since meeting time is limited (4:00, with Council meeting at 5:00), agenda is tight but seems to function well as an information gathering session informal enough to invite open exchange of opinions. Which led to . . . recommending using the Tennessee Municipal Bond Fund (TMBF) to finance the next layer of sewer repairs. TMBF was created by cities for cities to structure cost-effective and flexible borrowing options. Since inception,programs administered by TMBF have resulted in total borrowings by local governments in Tennessee in excess of $3.7 billion. Loan sizes range from $5,000 to $103 million. More than 187 cities and 71 different counties have utilized the services of the Municipal Bond Fund. Morristown has a long relationship with TMBF. Coming topics . . . what are the reasons for moving sewer ops to MUS? . . . internet sales - should cities try to recover lost sales taxes? . . .sales losses at Hwy. 25E retail centers from road construction with Christmas coming. Stay tuned.
Posted on: Thu, 25 Jul 2013 12:06:02 +0000
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