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Record of Proceedings

Powell Finance Committee Meeting - November 10, 2025

City Council & Boards — Monday, November 10, 2025
BodyPowell, Ohio
SessionCity Council & Boards
DateMonday, November 10, 2025
StatusFILED
Video Record
0:00 / 59:47

Transcript — VerbatimClick a line to jump · ⧉ to share it
0:03

I'm going to call the finance committee meeting to order for November 10th.

0:14

Call the balls.

0:16

Marcus Banisick?

0:17

Here, president.

0:19

Jennifer Bonitas.

0:20

President.

0:22

Tyler Herman.

0:24

Here.

0:26

All right.

0:27

Has everyone had a chance to review the minutes?

0:30

Any additions, corrections?

0:34

No.

0:35

And that we will approve the minutes by consensus.

0:40

Let's move on to the October 25th monthly reports.

0:46

All right.

0:50

I'll go over the executive report, kind of high level, couple updates per page.

0:55

So just feel free to stop me if you have any questions.

0:58

But in the interest of time, we got a lot of good stuff on the schedule today, so I'll kind of keep it late on this report.

1:05

First page, our year-to-date operating revenue is $19.5 million.

1:11

That's 92.6% of the budget.

1:14

So all of our subcategories of operating revenue are ahead of the target of 83.3% through October.

1:30

Total $9.8 million.

1:32

That's $66.1% of the budget.

1:35

That's below our target.

1:39

We're along kind of a good rate there with personnel expenses at $76.5.

1:46

Our operating expenses are low.

1:48

It's at 50 about 59% of the budget.

1:51

So a lot of those bigger expense differences are in contracted services and building maintenance.

1:58

So I think those were maybe just a little bit heavily budgeted this year.

2:02

We're not using those expenses as much as we got.6 million dollars, which is 73.6% of the budget, which is under target.

2:19

So still October results look good.

2:26

Second page, cash balances, all funds, cash balance is $50.8 million, and then unencumbered balance is a little over $42 million.

2:39

With the general fund, the cash balance is $23.9 million, and its unencumbered balance is about $22.5 million.

2:49

So still it's general fund.

2:51

We've got a little positive cash flow there of $881,000.

2:56

So positive in the general fund so far this year.

3:00

Year to date revenue as of October increased by about 3% compared to October year to date of last year.

3:08

And then just to highlight our really good interest earnings, year to date interest income is up 19% compared to last year, year to date.

3:20

Yes, that is very good.

3:23

Third page, just a high level um view of all of our funds here and the beginning balance, net change and ending balance.

3:34

I think you'll see fund 324.

3:38

That's the a new fund with our new debt this year.

3:41

So this came on the schedule, I think in August, whenever we put that debt on the books.

3:54

Total 18.6 million dollars.

3:58

Like we saw on the first page, everything is below the target of 83%.

4:03

Everything's favorable.

4:05

I'll just highlight a couple notable activities for the month.

4:11

Building maintenance, just under $60,000.

4:14

That was Adventure Park Damaged Fasha, Fasha.

4:19

Fasha.

4:19

Fashion repair.

4:21

I'll highlight legal services, $34,000.

4:26

That's our base kind of legal retainer, plus special matters.

4:32

Our special matters legal expenses have gone up.

4:36

That's economic development, CRA, lots of projects going on for Yaz.

4:44

So those fees have increased a little bit there.

4:47

And then contracted services, about $21,000.

4:52

We paid for historic district survey and design guidelines update.

4:58

Any questions on those expenses?

5:04

Next page, general fund revenues, year to date $19.5 million.

Discussion Breakdown — Share of Meeting
Budget Review██████████████████████████████████████████42%
Debt Financing███████████████████████████27%
Capital Improvements Planning████████████████████20%
Pending Litigation███████7%
Engineering And Infrastructure██2%
Procedural██2%
Summary of Proceedings

Powell Finance Committee Meeting

Date: November 10, 2025
Location: Council Chambers, 47 Hall Street, Powell, OH | Time: 7:00 PM

The Powell Finance Committee reviewed October 2025 financials, discussed early redemption of LCIFA debt, approved supplemental appropriations, and set the 2026 legislative calendar. The meeting concluded with a motion to adjourn.

Consent Calendar

  • Approval of Minutes: Unanimously approved the minutes from the October 14, 2025 Finance Committee meeting by consensus.

Discussion Items

October 2025 Monthly Report

  • Presented by: Samantha (Finance Director)
  • Year-to-Date Revenue: $19.5 million (92.6% of budget), ahead of 83.3% target.
  • Year-to-Date Expenses: $9.8 million (66.1% of budget), with personnel at 76.5% and operating expenses at 59%.
  • Cash Balances: Total $50.8 million; unencumbered $42 million. General fund cash $23.9 million with positive cash flow of $881,000.
  • Revenue Growth: YTD revenue up 3% compared to October 2024; interest income up 19%.
  • Notable Expenses: Adventure Park damage repair ($60,000), legal services ($34,000), historic district survey design guidelines update ($21,000).
  • Tax Receipts: YTD $15.6 million (up 3.7% vs prior year), 90.4% of $17.3 million budgeted. October income tax receipts $1.7 million.
  • Asset Sale: Sold 2013 snow plow for just under $25,000.
  • Investment Portfolio: $40.2 million; rates trending downward; city monitoring with investment partner to lock in rates.

LCIFA/PCIFA Debt Obligations Update

  • Presenter: Samantha, with Emmett Kelly (Frost Brown Todd)
  • History: City entered agreement in May 2002 with LCIFA (Liberty Community Infrastructure Financing Authority) for infrastructure improvements; bonds refunded in December 2015.
  • Proposed Early Redemption: LCIFA seeks to redeem the Series 2015 bonds (callable after December 1, 2025) using excess cash, saving over $150,000 in accrued interest. Redemption includes ~$1.7 million principal, ~$3,400 accrued interest for 19 days, and miscellaneous fees.
  • Process: After city council approval (scheduled November 18, 2025, emergency measure), LCIFA will send funds; city will hold for 30 days and pay off bonds in mid-December.
  • Savings to Community: LCIFA plans to retire all core area debt by end of 2026, eliminating the 10-mil community development charge for annexed properties.
  • Impact on City: Frees up borrowing capacity and improves credit rating. City has never contributed real dollars to the debt.
  • PCIFA Debt: Currently scheduled to expire in 2029; early payoff discussions underway.
  • Committee Position: Strongly recommended council approval, noting favorable terms and past stewardship.

Q4 2025 Supplemental Appropriations

  • Presenter: Samantha, with Jeff (Engineering)
  • Item #4 ($1,709,000): Adjust revenue and expenditure in Fund 317 (LCIFA Golf Village debt) to accommodate early redemption funds and payment.
  • Item #5 ($195,000): Transfer from 27th payroll reserve to general fund to cover an extra pay period (New Year’s Eve 2025 creates 27th pay). Reserve covers ~80-90% of the additional cost.
  • Items #6 & #8 ($250,000 total): Reappropriate excess funds from closed 2023 street maintenance program: $150,000 for design/construction of Home Road/States intersection pathway; remainder for 2026 street maintenance design.
  • Item #11 ($125,000): Increase budget for owner’s representation services for the Leckler Building project. Jeff explained two bids received (Shift Collective/SSOE and Resource International); owner’s rep will manage bidding through certificate of occupancy. Construction expected to start March 2026, lasting ~6 months.
  • Salary Adjustments: Three departments underfunded due to 27th pay; adjustments made.
  • Adventure Park Reclass: Reallocation between building improvements and maintenance (net zero impact).
  • Legal Fees: Additional $40,000 to be added at council level for special projects (economic development, code enforcement, etc.).
  • Discussion: Staff conducted a thorough PO review to identify surplus funds; future projections expect tighter margins.

Draft 2026 Legislative Calendar / 2027 Budget Calendar

  • Presenter: Samantha
  • Proposed Calendar: Finance committee meetings in February (year-end recap), March (CIP), etc.; December 2025 meeting canceled.
  • Monthly Reports: Samantha will continue to distribute monthly executive reports via email; year-end reports will include additional charts and variance analysis.
  • Next Meeting: February 10, 2026.

Key Outcomes

  • Minutes Approved (unanimous consent).
  • Supplemental Appropriations Recommended to full council; legal fee addition noted.
  • LCIFA Debt Redemption Endorsed for council action; resolution to be considered November 18, 2025.
  • Legislative Calendar Adopted as presented, with December 2025 meeting canceled.
  • Motion to Adjourn carried unanimously.

Meeting Transcript

I'm going to call the finance committee meeting to order for November 10th. Call the balls. Marcus Banisick? Here, president. Jennifer Bonitas. President. Tyler Herman. Here. All right. Has everyone had a chance to review the minutes? Any additions, corrections? No. And that we will approve the minutes by consensus. Let's move on to the October 25th monthly reports. All right. I'll go over the executive report, kind of high level, couple updates per page. So just feel free to stop me if you have any questions. But in the interest of time, we got a lot of good stuff on the schedule today, so I'll kind of keep it late on this report. First page, our year-to-date operating revenue is $19.5 million. That's 92.6% of the budget. So all of our subcategories of operating revenue are ahead of the target of 83.3% through October. Total $9.8 million. That's $66.1% of the budget. That's below our target. We're along kind of a good rate there with personnel expenses at $76.5. Our operating expenses are low. It's at 50 about 59% of the budget. So a lot of those bigger expense differences are in contracted services and building maintenance. So I think those were maybe just a little bit heavily budgeted this year. We're not using those expenses as much as we got.6 million dollars, which is 73.6% of the budget, which is under target. So still October results look good. Second page, cash balances, all funds, cash balance is $50.8 million, and then unencumbered balance is a little over $42 million. With the general fund, the cash balance is $23.9 million, and its unencumbered balance is about $22.5 million. So still it's general fund. We've got a little positive cash flow there of $881,000. So positive in the general fund so far this year. Year to date revenue as of October increased by about 3% compared to October year to date of last year. And then just to highlight our really good interest earnings, year to date interest income is up 19% compared to last year, year to date. Yes, that is very good. Third page, just a high level um view of all of our funds here and the beginning balance, net change and ending balance. I think you'll see fund 324. That's the a new fund with our new debt this year. So this came on the schedule, I think in August, whenever we put that debt on the books. Total 18.6 million dollars. Like we saw on the first page, everything is below the target of 83%. Everything's favorable. I'll just highlight a couple notable activities for the month. Building maintenance, just under $60,000. That was Adventure Park Damaged Fasha, Fasha. Fasha.

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