HomeMy WebLinkAboutCOMM - Meeting Minutes - 48 - 1-23-2014 - SINKING FUND1
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Minute No. 48
Washington County Commissioners
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Washington, PA, January 23, 2014
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The Sinking Fund Commission of the County of Washington met on Thursday,
January 23, 2014, at approximately 10:42 a.m. in the Public Meeting Room of the Courthouse
Square Office Building, Washington, Pennsylvania, with the following members being present:
Commissioners Larry Maggi, Diana Irey Vaughan and Harlan G. Shober, Jr.; Treasurer Francis King;
and Controller Michael Namie. Also being present: Finance Director Roger Metcalfe; Director of
Administration Scott Fergus; Chief Clerk Mary Helicke; Solicitor J. Lynn DeHaven; Administrative
Assistant Joyce Thornburg; WJPA representative Jim Jefferson; and Observer -Reporter
representative Barbara Miller.
ADDroval of Minutes
Chairman Maggi entertained a motion to approve Minute No. 47 dated January 24, 2013.
Moved by Mrs. Vaughan, seconded by Mr. Namie, to approve Minute No. 47 as written.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes; Mrs. Vaughan - Yes; Mr. Shober - Yes; Mr. Maggi - Yes.
Motion carried unanimously.
Public Comment
None.
ADDroval of 2014 Debt Service Pavments
Chairman Maggi entertained a motion on the approval of 2014 Debt Service Payments
beginning on March 1, 2014 and ending on December 1, 2014. Debt Service Fund totals for the year
are $3,572,979.
Moved by Mrs. Vaughan, seconded by Mr. King, to approve the 2014 Debt Service Payments.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes; Mrs. Vaughan - Yes; Mr. Shober - Yes; Mr. Maggi - Yes.
Motion carried unanimously.
Revenues and Other Financing Sources
It was noted for the record that the tax rate for debt purposes for 2014 is 1.25 mills on each
dollar of assessed valuation. It was also noted that the revenues and other financing sources
budgeted for 2014 to meet the current year's obligations are as follows:
Opening Balance: $1,800,000
Revenues
Real estate taxes $1,878,000
Interest earnings 10,000
Rent 400.000
Total Revenues $2,288,000
I Other Financing Sources:
County Authority $0
Tourism 75,000
Total Other Financing Sources $75,000
TOTAL AVAILABLE $4,163,000
It was noted for the record that all members of the Sinking Fund Commission have been
provided with additional documents dealing with the recent debt obligations through the year
2033. These documents are available for review in the Finance Department.
There being no further business, Chairman Maggi declared the meeting adjourned at
approximately 10:44.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
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SECRETARY
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