Quick Summary re CC mtg. July 26, 2011

Agenda Item 2. Consideration and action on proposed Certificates of Obligation expenditures.
   The title gave it away for me as to what was about to transpire; notice how it does not mention GO's (General Obligations).
   After another presentation by the financial advisor from Estrada Hinojosa Investment Bankers, the CC voted unanimously to proceed with authorizing the sale of Certificates of Obligation, Series 2011, to the tune of $7,308,320 to fund the Water/Wastewater Projects. I will post the waste/wastewater projects and respective amounts later tomorrow.
   Had the 1st reading of Ordinance No. 2469, an ordinance amending Budget for the General Fund for the current Fiscal year. Basically, what they did is amended the established approved budget from $9,410,106 to $9,170,403 to address the projected revenue shortfall. This will show the city in a good light in regards to its' credit rating. Personally, I don't have a warm fuzzy feeling about this move. It does not reflect reality in that the city will be over budget in the end of the fiscal year. In my opinion, it's just playing with numbers but does not reflect reality. I haven't read the current financial reports yet so I have to reserve comment.
   The CC authorized the City Manager to proceed with the funding of the generator project. They accepted the low bid of $369,200, which is more that the construction budget of $263,200.
   The Joint Workshop with the Utility Board (of which I am now officially a member) was to discuss the proposed water rate changes to address the inequality in rates charged to residential units vs. apartments, mobile home parks, duplexes, etc. This will also address the lost revenue the Water/Wastewater fund desperately needs. This will require a separate post later on. I need clearance before I can post some information.
   The Executive Session was to discuss the restructuring of various staff positions in the city. Suffice it to say, there will be changes but none were announced publicly.
   More Later.....