HomeMy Public PortalAbout12-02-1991 PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHMOND, INDIANA, SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER & LIGHT PLANT
DECEMBER 2.1991
1 The Common Council of the City of Richmond, Indiana, serving as a Board in charge of the operations of the
2 Richmond Power& Light Plant met in regular session December 2, 1991 at the hour of 7:00 P.M. in the Municipal
3 Building in said City. Chairman Elstro presided with the following Councilmembers in attendance: Lundy,
4 Brookbank, Hankinson, McBride, Hutton , Morris and Paust. Absent: Parker. The following business was had
5 to-wit:
6 •
7 APPROVAL OF MINUTES OF NOVEMBER 18. 1991
8
9 Councilmember McBride moved to approve the minutes of the previous meetings as prepared, seconded by
10 Councilmember Hutton and on unanimous voice vote the motion was carried.
11
12 APPROVAL OF BILLS. INVESTMENTS AND TRANSFERS
13
14 Upon recommendation of the Finance Committee, Councilmember Hankinson moved to approve the following
15 bills for payment,seconded by Councilmember Brookbank and on unanimous voice vote the motion carried.
16
17 Bills Already Paid
18 Payroll and Deductions 207,522.28
19
20
21 Investments Purchased From:
22 Cash Operating Fund 1,703,635.08
23 Bond Sinking Fund
24 Utility Bond Reserve Fund
25 Depreciation Reserve Fund
26 Consumer Deposit Fund
27 28
Cash Reserve Fund 419,310.00
Group Insurance Fund 175,079.92
29
30 Total Investments 2,298,025.00
31
32
33 Transfer to City in Lieu of Taxes:
34
35 Transfer from PY Ded.to:
36 Cash Operating Fund
37
38 Transfers from Depreciation Reserve to:
39 Cash Operating Fund
40
41 Transfers from Consumer Deposit to:
42 Cash Operating Fund
43
44 Transfers from Utility Bond Reserve Fund to;
45 Bond Sinking Fund
46
47 Transfers from Cash Operating :
48 Interest and Bond Principal
49 Bond Sinking Fund
50 Cash Reserve Fund 271,285.00
51 Utiliy Bond Sinking Fund
52 Depreciation Reserve Fund
53 Insurance Reserve Fund
54 Consumer Deposit Fund
55
56
57 Interest and Bond Principal
58
59 End of Month Petty Cash
60 Revenue Bonds
61 Interest Coupons Redeemed
62 Bond Coupons
63 Miscellaneous Bills Already Paid 1,201,988.87
64
65 Total Bills Not Paid 1,131,751.44
Grand Total 5,110,572.59
c
RP&L Minutes Cont'd
December 2, 1991
Page 2
1 REMARKS BY CHAIRPERSON
2
3 Chairman Elstro reminded the Board of a meeting at the Service Building on January 27, 1992 for funds
4 requested for the Small Business Development Center.
5
6 Mr. Huffman announced he would be in Washington on that date and hoped to have several Board members with
7 him.
8
9 Mr. Elstro reset the date for January 23, 1992 at 7:00 PM.
10
11 UNFINISHED BUSINESS
12
13 No business.
14
15 STREET LIGHT COMMITTEE REPORT
16
17 No report was presented.
18
19 MISCELLANEOUS BUSINESS
20
21 None was presented.
22
23 REPORT BY GENERAL MANAGER
24
25 Adoption of 1992 Budget
26
27 Mr. Huffman presented the 1992 budget and stated the projected revenue was 35.9 million with 35.3 million to
28 36.2 million in expenses projected. He said that loss is offset by interest income. Mr. Huffman explained the
29 capital budget was set at 3.4 million which was down from 6.4 million in 1991.
30
31 Mr. Huffman informed the Board this was a very excellent budget with a more austere position and requested
32 adoption of the 1992 Budget as presented.
33
34 Councilmember McBride moved for adoption of the 1992 Budget as presented, seconded by Councilmember
35 Hutton and on unanimous voice vote the motion was carried.
36
37 Chairman Elstro asked about the cable TV issue and Mr. Huffman said they were meeting with engineers and
38 consultants next week to go over some preliminary information and will come back to the Board the early part of
39 January.
40
41 Chairman Elstro said he would like to see the issue as an automatic agenda item in 1992.
42
43 Mr. Huffman stated they were also making contact with all involved and getting a preliminary indication of costs.
44
45 ADJOURNMENT
46
47 There being no further business,on a motion duly made,seconded and passed the meeting was
48 adjourned.
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52
53 Jack Elstro, Chairperson
54
55
56
57 ATTEST:
58 Mary Merchanthouse, City Clerk
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