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A Publication of Guidry News Service |
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A Publication of Guidry News Service |
The Galveston Finance and Fiscal Affairs Committee created a subcommittee on policies for interfund transfers, budget amendments and other policy issues at Thursday's regular meeting. Committee Chair Fred Micks named Steve Greenberg chair of the subcommittee and Richard Moore and Micks as members. Shrub Kempner urged the subcommittee to consider the needs of the city in the event of an emergency, such as a major hurricane. Kempner said the city should arrange a line of credit for an emergency loan from a bank. "The Charter says the city can borrow money in case of an emergency, but it must be paid back in the following year from property tax revenues," said Greenberg, reminding Kempner that his mother, Ruth Kempner, wrote the charter. "I have to talk to her," Kempner quipped. "But, at the time, there wasn't 24 percent of the property value of the city west of the Seawall. Moore expressed concern that the city has not conducted an actuarial study related to its insurance liability. "This committee is not going to have a high comfort level making a recommendation to council without an actuarial study," he said. The committee reviewed the city's enterprise funds, noting deficits in the golf course and drainage funds, and reviewed recommendations for increased fees to meet the deficits. The committee spent more than an hour reviewing the 2002 Comprehensive Annual Financial Report with Chris Breaux and Lydia Cook of Null Lairson. Greenberg, who has often complained that the report was not delivered within the 120 days required by law, asked whether any cities comply. "The City of Morgan's Point got theirs out in 120 days," Breaux responded.
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