VILLAGE OF CHAGRIN FALLS
FINANCE COMMITTEE
May 12, 2008

Members present: Patton, Milko, Subel
Also present: Himes, Bloom, Mayor Brick, Evans, Lutz, Watterson, Williams

The meeting was called to order at 7:20 p.m. by Chairman Steven Patton.

5-YEAR CAPITAL IMPROVEMENT PLAN

Mr. Himes explained that the first page No. 1 shows the already authorized projects and page No. 2 begins the proposed projects. During the years when the Village was receiving higher revenues then expenditures they were putting some of those surplus revenues into the Cemetery Perpetual Care Fund. Due to the present state of the Capital Improvement Fund, because of the dramatic decrease in inheritance tax, they need to transfer $500,000 from the Cemetery Perpetual Care Fund back into the Capital Improvement Fund.

Mr. Himes said the CIP is a planning tool through which the needed and desired capital projects are identified and preliminarily scheduled. It is not intended to be a strict budget although costs and balances are estimated for planning purposes.

The 2008-2012 Five-Year Capital Improvement Plan was reviewed and discussed in detail.

Moved by Mr. Patton, seconded by Mrs. Evans to transfer $500,000 from the Cemetery Perpetual Care Fund back into the Capital Improvement Fund to help balance our anticipated budge for this particular year. The motion carried unanimously.

OPERATING LEVY

Mr. Bloom explained that a renewal would generate $600,000/year for the Village; a replacement would generate about $998,000/year; and a Charter millage would require approval of votes also, but instead of expiring in five years, a Charter millage is permanent. Comments were heard and questions were answered.

This will be discussed again at the next Finance Committee meeting.

The meeting adjourned at 8:03 p.m.

____________________________
Steven Patton, Chairman
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