City Council Minutes 1995 04 18 - Laserfiche WebLink

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Cn-ifl]ths read by title only Ordinance No. 1188, Series 1995, "An Ordinance repealing and reenacting with amendments Chapter 17.56 of the Louisville Municipal Code concerning floodplain zoning." Paul Wood, Planning Director, stated that this is an amendment to the Floodplain Management Regulations, City of Louisville. Davidson opened the public hearing and called for anyone wishing to speak on Ordinance No. 1188. NONE Davidson closed the public hearing and called for Council comments or motions. Howard moved that Council approve Ordinance No. ! 188, Series 1995, an ordinance for floodplain management regulations on second and final reading. Seconded by Sisk. Roll call was taken. Motion passed by a 7 - 0 vote. PRESENTATION - 1994 AUDIT AND MANAGEMENT LETTER - BONDI & CO. Dianne Ray, Finance Director, introduced Kim Higgins, a partner at Bondi & Company. Higgins gave a synopsis of the 1994 Audit and Management Letter. Mayer asked how much of a reserve the City should be keeping from year to year. Higgins stated that they would like to see six months of operating reserves held, if possible. Mayer wanted staff, as the City enters the budget cycle, to look into reducing the high interest bonds, thereby decreasing their financial exposure, reducing the Water Fund debt by half, with a yearly interest advantage being ve~ significant, and reducing the City's dependance on residential growth. He asked staff to report back on the feasibility of do that. Sisk commented that it had been discussed at yesterday's Finance Committee meeting and staff would be looking into it. Lathrop complimented Mayor Davidson on his strong financial background and fiscal responsibility displayed in Lathrop's four years on the Finance Committee. He felt the City's financial structure is attributed to the Mayor's diligence and endeavors in getting the City into its strong financial position. Davidson called for further Council questions. NONE 4