02.27.2012 Town Council Finance Committee Minutes1. Call to Order / Roll Call.
The meeting began at 5:40 pm.
MINUTES
Prosper Town Council Finance Committee Meeting
Town of Prosper EDC Boardroom
Economic Development Corporation
170 N. Preston Rd., Ste 50
Prosper, TX 75078
Monday, February 27, 2012 at 5:30 p.m.
Council Member(s) present included: Mayor Ray Smith, Curry Vogelsang Jr.
Staff Member(s) present included: Mike Land, Hulon Webb, Frank Jaromin, Matthew Garrett,
Ron Butler and Lori Heikkinen
2. Discussion of capital projects necessitating a reimbursement resolution.
Staff presented a number of potential projects and explained the reimbursement resolution to be
considered during the February 28 council meeting. Road material costs and debt financing
options were discussed. The Committee generally supported getting started on some project
preliminary work and using the reimbursement resolution to help repay any related expenses.
3. Discussion regarding possible future Water Rate Structures for Phase 3 and Phase 4 Drought
Water Restrictions.
Staff presented a few rate design options and suggested the Committee consider a set factor for
increasing the top three volumetric blocks if stage 4 water restrictions went into effect. In this
way, staff could implement prices to signal conservation shortly if we reach stage 4 in future
years. Staff shared that NTMWD indicates that stage 4 is unlikely'in 2012. The topic was
briefly discussed, but no preference or recommendation was given by the Committee.
4. Discussion of recommended increases to solid waste and recycle rates.
Staff presented the proposed solid waste rates to be considered during the February 28 council
meeting. The Committee discussed the increase over the previous rate, passing through the
Town's increase and the fuel surcharge. The Committee made no single recommendation on this
topic.
5. Discussion of draft FY 2011 Annual Financial Statements.
Staff distributed a DRAFT of the FY 2011 Annual Financial Statements. Staff shared a few of
the highlights and that the completed audit should be on the March 13 agenda.
6. Adjourn.
The meeting concluded at 7:00 pm.
ATTEST:
Matthew B. Garrett, Finance Director
Page 1 of 1