SIDNEY — Amendments to the city of Sidney’s financial policy, a shared agreement with the county for GIS services and authorizing alcohol to be served during Sidney Alive’s special events on public property, were among the resolutions Sidney City Council adopted Monday evening.
Other than a resolution addressing levy replacement language, City Council also adopted the following three other resolutions:
• To approve amendments to the city of Sidney’s financial policy. Financial Officer Ginger Adams said the city’s statement of financial policies are reviewed and amended periodically. The document outlines significant financial policies related to budgeting, capital improvements, financial reporting, auditing, asset management, debt management and financial performance targets. The document is an important element in carrying out the city’s responsibilities as stewards of public funds, she noted.
The more substantive changes include the following:
Section VII – Minimum cash fund balance reserves: Adds a minimum cash fund balance reserve requirement of 15 percent of annual expenditures for the self-insurance fund and 10 percent of the five-year moving average of expenditures for the stormwater improvement fund. Adams said minimum cash fund balances provide a reserve for unforeseen emergencies or revenue shortfalls permitting time to increase premiums (for the self-insurance fund) and determine additional funding sources (for the stormwater improvement fund).
Section XI – Debt management: Formalized the policies for post-issuance compliance. In practice, she said, these policies and procedures are already being followed. It is recommended by the city’s bond counsel, the city’s bond financial advisor and the Government Finance Officers Association (GFOA) to document these practices and policies as part of our debt management policy, Adams explained.
Section XIIB – Investments and deposit of funds – interest distribution: Adds the stormwater and stormwater improvement fund to the funds eligible to receive a portion of investment income distributed, since both are now self-supporting funds, similar to water and sewer funds.
Section XVC – Special revenue financial performance policy: Formalizes the policy of how the 27th pay fund is funded.
Section XVI – Enterprise Funds:
— Reflects the target the stormwater and stormwater improvement funds are to be 100 percent self-supporting.
— Reflects the target that concession stand revenues are to support 100 percent of its operating and maintenance costs, while the general fund or capital improvement fund will subsidize 100 percent of its administrative overhead charges and capital replacement.
— Reduces the self-support percentage from 60 to 40 percent for the Sidney Water Park fund, reflecting the changing nature of pool attendance.
• To authorize Cundiff to enter into a shared services agreement with the board of county commissioners of Shelby County for the rendering of geographic information system (GIS) technological software and services.
IT manager Joel Glass said the costs to be shared equally with Shelby County include a three-year contract with Environmental Systems Research Institute, Inc. (ESRI), as well as the costs associated with future purchases of hardware and licensing. Under the proposed agreement, he said the city will continue to pay $25,500 annually for its 50 percent of the total cost of the ESRI contract.
• To authorize the consumption and possession of beer and liquor on public property, and to authorize Cundiff to enter into special event use agreements with Sidney Alive. Wine tastings and/or alcohol sales at the Great Sidney Farmer’s Market downtown, the Kentucky Derby Affair on the Square, and an Open Air Dinner on the Ross Covered Bridge in Tawawa Park are events that will be hosted by Sidney Alive this year.
In other business, at the end of the meeting, Jones shared that firefighter Lt. Jason Truesdale was recently selected to take part in a UL Firefighter Safety Research Institute (FSRI) Technical Panel for an upcoming research project. The project is entitled, “The Study of Fire Service Residential Home Size-Up and Search & Rescue Operations.” He reminded council last summer firefighters from across the nation served on a similar panel in Sidney for ULFSRI’s live fire experiments on the house that was set to be demolished at 2401 Wapakoneta Ave., which is the location of the future Fire Station 3.
Council went into an executive session to consider the compensation of a public employee. No action was taken when council emerged from the session.
Reach the writer at 937-538-4823.