HomeMy Public PortalAbout12-02-1985 •
PROCEEDINGS OF THE COMMON COUNCIL OF THE
CITY OF RICHM ND, INDIANA, SERVING AS A BOARD
IN CHARGE OF THE OPERATION OF THE RICHMOND POWER
& LIGHT PLANT, DEER 2, 1985
1 The Common Council of the City of Richmond, Indiana, serving as a Board in charge
2 of the operation of the Richmond Power & Light Plant, met in regular session
3 December 2, 1985 at the hour of 7:00 P.M. in the Municipal Building in said
4 City. Chairperson Morris presided with the following members present: Council-
5 members Elstro, Williams, Brookbank, Hankinson, Parker, Bodiker and Lemoine.
6 Absent: Whitesell. The following business was had to-wit:
7
8 APPROVAL OF MINUTES OF NOVEMBER 18, 1985
9
10 Councilmember Hankinson moved to approve the minutes of the previous meeting as
11 prepared, seconded by Councilmember Parker and on unanimous voice vote the motion
12 was carried.
13 •
14 APPROVAL OF BT TS, TRANSFERS AND
15
16 Councilmember Lemoine stated that the Finance Committee had reviewed the bills already
17 paid, transfers made and investments purchased and moved they be approved as
18 follows, seconded by Councilmember Bodiker and on unanimous voice vote the motion
19 was. carried.
20
21 Bills Already Paid:
22 Payroll and Deductions of 11/15/85 158,091.97
23 Payroll and Deductions of 11/27/85 157,909.56
24 .
25 Transfers from Cash Operating Fund to:.
26 Bond Sinking Fund 70,688.54
27 Depreciation Reserve Fund 91,000.00
28 Cash Reserve Fund 144,094.50
I29 Total Transfers 305,783.04
30
31 Investments From:
32 Cash Operating Fund 1,225,000.50
33 Bond Sinking Fund 332,754.16 •
34 Depreciation Reserve. Fund 1,012,695.27
35 Cash Reserve Fund 838,294.38
36 Bond Reserve Fund 164,050.90
37 Total 3,572,795.21
38
39 Miscellaneous Bills Already Paid 1,013,739.48
40
41 Total Bills Already Paid 5,208,319.26
42
43 Councilmember Lemoine stated the Finance Committee had reviewed unpaid bills in
44 the amount of 852,223.77 and recommended approval for payment, seconded by
45 Councilmember Bodiker and on unanimous voice vote the motion was carried.
46
47 Grand total of all approved bills was 6,060,543.03.
48
49 REMARKS BY CHAIRPERSON
50
51 Chairperson Morris announced the Board would be meeting on December 9, 1985 at 7:00
52 P.M. at the Service Building for a presentation on the Accounting Firms
53 recommended by the Finance Committee for the Financial Review.
I 54
55 Chairperson Morris announced final action would be taken on the 1986 budget at the
56 meeting on December 16, 1985 and she questioned the Board regarding the
57 necessity of meeting on December 23, 1985 at the regularly scheduled monthly meeting.
58
59 Councilmember Lemoine moved to cancel the meeting of the Executive Board scheduled
60 for December 23, 1985, seconded by Councilmember Elstro and on unanimous voice vote
61 the motion was carried.
62
63 REMARKS BY GENERAL MANAGER
64
65 Mr. Huffman infoiiued the Council that he was glad RP&L has . a good tree trimming
RP&L Minutes Cont'd
December 2, 1985
Page 2
•
1 program. He stated there were only a couple of minor outages during the recent
2 high winds and colds.
3
4 Chairperson Morris commended Mr. Huffman for the fine service provided by RP&L.
5
6 NEW BUSINESS
7
8 Coal Inventory Procedure
9
10 Councilmember Parker asked the Board to consider resolving the issue brought up
11 by the recent audit of the State Board of Accounts regarding the inventory of the
12 coal stockpile. Councilmember Parker asked City Controller Cathy Maness what
13 constitutes a. qualified opinion on the inventory and Ms. Maness indicated that
14 without the inventory there would be an audit finding as they would be unable to
15 verify the inventory. Ms. Maness explained that the inventory would be required
16 regardless of who audited RP&L and that without the inventory an audit finding
17 could cause their bond rating to drop.
18
19 Councilmember Parker asked why this was not addressed in the past and Ms. Maness
20 explained that only the last two (2) years has the State Board of Accounts been
21 truely auditing. She stated that she recommended the inventory be done and would
22 go on record stating such.
23
24 Councilmember Parker indicated the inventory procedures were costly and technical
25 and it would be asking the rate payers to pay a lot of money.
26
27 Ms. Maness suggested that the Board contact other utilities to find out how they
28 handle this problem. -
29
30 Councilmember Bodiker indicated that he did not feel there was enough information
31 to make an intelligent decision and asked that the issue be delayed for further
32 study and full attendance of the Board.
33
34 Ms. Maness stated she would assist the Board to check with other utility companies
35 audited by the State Board of Accounts and under the Public Service Commission.
36
37 Chairperson Morris stated that the coal inventory was a significant amount of the
38 assets of RP&L and that it was an important issue.
39
40 Councilmember Parker stated that he agreed RP&L needed to know the amount of coal
41 in the inventory and if an annual inventory was necessary it should be done, but
42 if it was not necessary it would be costly.
43
44 Chairperson Morris stated the coal inventory issue would be delayed until the
45 meeting of December 16, 1985 for more information to be received.
46
47 ADJOURNMENT
48
49 There being no further business, on a motion duly made, seconded and passed the
50 meeting was adjourned.
51
52
53
54 Lynn Nepote Morris
55 Chairperson
56
57
58 ATTEST:
59 Mary Merchanthouse, City Clerk
60
61
62
63
64
65