HomeMy WebLinkAbout2025-01-23_Sinking Fund Agenda_Meeting No. 59_REVISED WASHINGTON COUNTY
SINKING FUND COMMISSION
AGENDA
WASHINGTON COUNTY
Pennsylva�a=1781=
Thursday, January 23, 2025
1. Opening of Meeting
2. Approval of Minute No. 57 dated January 18, 2024
3. Approval of 2024 Debt Service Payments
($3,710,323.76)
4. TO BE NOTED FOR THE RECORD: It is noted for the record that the
revenues and other financing sources budgeted for 2024 to meet the current
year's obligations are transfers from the General Fund.
It is also noted for the record that all members of the Sinking Fund Commission
were provided with additional documents detailing the recent debt obligations
through the year 2033. These documents are available for review in the
Finance Department.
5. Adj ournment
Attachments
cc: Commissioner Nick Sherman, Chairman
Commissioner Electra S. Janis, Vice Chair
Commissioner Larry Maggi, Secretary
Controller Heather Sheatler
Treasurer Tom Flickinger
Finance Director Adam Petris
Chief of Staff Daryl Price
Chief Clerk Cynthia Griffin
Solicitor Gary Sweat
Administrative Assistant Debbie Corson
2024 DEBT SERVICE REQUIREMENTS
Due Date Issue Amount
03/01/24 2022 Series $199,760.00
03/01/24 2017 Series $65,039.38
03/01/24 2016 Series $101,862.50
09/01/24 2022 Series $2,911,760.00
09/01/24 2017 Series $160,039.38
09/01/24 2016 Series $271,862.50
Total Debt Payments $3,710,323.76
Total Debt Service Fund $3,715,324
REVENUES AND OTHER FINANCING SOURCES
It was noted for the record that the revenues and other financing
sources budgeted for 2024 to meet the currect year's obligations are as follows:
Opening Balance: 0
Revenues
Real Estate Taxes 0
Interest Earnings 0
Rent 0
Total Revenues 0
Other Financing Sources: General Fund Transfer 31,715,324
County Authority 0
Total Other Financing Sources 0
TOTAL AVAILABLE 31,715,324
*Includes$5,000 budgeted for administrative costs
Minute No. 58 January 18, 2024
The Sinking Fund Commission of the County of Washington met in Public Meeting
Room G-16,in the Courthouse Square at 95 West Beau Street,Washington,Pa.,with the
following members in attendance: Commissioners Nick Sherman, Electra Janis and Larry
Maggi. Also present were Solicitor Gary Sweat; Chief Clerk Cindy Griffin and
Administrative Assistant Debbie Corson; Chief of Staff Daryl Price;Executive Assistant
Randi Marodi;Assistant Finance Director Adam Petris; Controller April Sloane and Deputy
Controller Heather Sheatler;Deputy Treasurer Lisa Rice.
Mr. Sherman called the meeting to order at approximately 10:44 a.m.
Upointment of Officers
Mr. Sherman entertained a motion to appoint a Chair. Ms.Janis made the motion to
appoint Mr. Sherman as Chairman. It was seconded by Mr. Maggi.
Roll call vote taken:
Ms. Sloane—Yes;Mr. Maggi—Yes;Ms.Janis—Yes;Mr. Sherman—Yes.
Motion carried.
Deputy Treasurer Lisa Rice was in attendance but did not vote and did
not object. Treasurer Tom Flickinger was absent.
Mr. Sherman entertained a motion to appoint Electra Janis as Vice Chair. Mr. Maggi
made the motion to appoint. It was seconded by Mr.Janis.
Roll call vote taken:
Ms. Sloane—Yes;Mr. Maggi—Yes;Ms.Janis—Yes;Mr. Sherman—Yes.
Motion carried.
Deputy Treasurer Lisa Rice was in attendance but did not vote and did
not object. Treasurer Tom Flickinger was absent.
Mr. Sherman entertained a motion to appoint Larry Maggi as Secretary. Ms.Janis
made the motion to appoint. It was seconded by Mr. Maggi.
Roll call vote taken:
Ms. Sloane—Yes;Mr. Maggi—Yes;Ms.Janis—Yes;Mr. Sherman—Yes.
Motion carried.
Deputy Treasurer Lisa Rice was in attendance but did not vote and did
not object. Treasurer Tom Flickinger was absent.
Mr. Sherman entertained a motion to appoint Tom Flickinger as Treasurer. Ms.Janis
made the motion to appoint. It was seconded by Mr. Maggi.
Roll call vote taken:
Ms. Sloane—Yes;Mr. Maggi—Yes;Ms.Janis—Yes;Mr. Sherman—Yes.
Motion carried.
Deputy Treasurer Lisa Rice was in attendance but did not vote and did
not object. Treasurer Tom Flickinger was absent.
AUuroval of 2023 Debt Service Payments
Mr. Sherman entertained a motion on the approval of the 2023 Debt Service
Payments beginning on March 1,2022 and ending on September 1, 2022. Total debt
payments for the year are $3,710,058.76 and Debt Service Fund totals are $3,715,059.
Moved by Mr. Sherman; seconded by Mr. Maggi, approving the 2023 Debt
Service Payments.
Roll call vote taken:
Ms. Sloane—Yes;Mr. Maggi—Yes;Ms.Janis—Yes;Mr. Sherman—Yes.
Motion carried.
Deputy Treasurer Lisa Rice was in attendance but did not vote and did
not object. Treasurer Tom Flickinger was absent.
Revenues and Other Financing Sources
It was noted for the record that the revenues and other financing sources budgeted
for 2023 to meet the current year's obligations are as follows:
Opening Balance 0
Revenues
Real estate taxes 0
Interest earnings 0
Rent 0
Total Revenues 0
Other Financing Sources: General Fund $3,715,059
Transfer
County Authority 0
Total Other Financing Sources 0
TOTAL AVAILABLE $3,715,059
*Includes$5,000 budgeted for administrative costs.
It was also 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,Mr. Sherman declared the meeting adjourned at
approximately 10:48 a.m.
THE FOLLOWING MINUTES WERE SUBMITTED FOR APPROVAL:
, 2025
ATTEST:
SECRETARY