FINANCE COMMITTEE MINUTES

NOVEMBER 13, 2006

The meeting was called to order by Chairman Burke at 6:45 p.m.

Members Present: David Burke, Dan Fogt Excused: John Gore

Others Present: Kathy House, John Morehart

Agenda:

Tap Fee Indexing

Mr. Burke forwarded to Mr. Morehart contacts for three cities, Tampa, FL, Palestine, IL and Castle Rock, CO, who actually use indexing, so he could check and see how this process works for them. Mr. Morehart had not received a response from his contacts. Mr. Fogt said North Canton uses a different indexing but it’s the same type of thing; it’s used for user fees.

Mr. Fogt would like to get legislation on Council agenda and passed before the end of the year if at all possible. Target effective date is April 1, 2007.

Once Mr. Morehart hears back from the other cities, he’ll get back to Committee members.

Mr. Burke noted cities that do the indexing include it with their existing tap fee policies.

He asked if the committee would want to include language stating that an outside source would review the policy or conduct a rate study every four or five years. They would determine if the rates are adequate to fund our capital needs at that particular point in time. It was proposed to have the study done at a minimum every five years. May want to have flexibility to be able to do the study before the five years if necessary.

Meeting adjourned at 6:55 p.m.