HomeMy WebLinkAboutFinance October 17 1988WHATCOM COUNTY COUNCIL
FINANCE COMMITTEE
MINUTES
October 17, 1988
The meeting was called to order at 3 p.m. by Committee Chairman Dan
Warner, with Councilman Don Hansey present. Councilman Mary Vanderpol was
absent.
Executive Shirley Van Zanten said this is a routine item done every
year. Items are rented off the bidder's list, once approved. Nat Dickinson,
purchasing, said this procedure saves money for the County.
HANSEY MOVED TO RECOMMEND APPROVAL OF THIS ITEM.
Motion carried.
Barbara Cory, Treasurer, and Ken Colvin were present. Cory said the
County has been unable to collect from the people on the list.
At this point in the meeting, Vanderpol arrived.
HANSEY MOVED TO RECOMMEND APPROVAL OF THE ITEM.
Motion carried.
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Carl Parker, Engineering, said the assessment is being raised because
the existing one is not high enough to cover maintenance in the area. Taxes
will go up three times; were being assessed $16,800, now will be about
$44,000. Most taxpayers in the area are linked to Cordata /Trillium.
HANSEY MOVED TO RECOMMEND APPROVAL.
Motion carried.
The money is pass through from Western Washington University, Van Zanten
said. Other part is from ending fund balance (teamsters raised premium rates)
VANDERPOL MOVED APPROVAL.
Motion carried.
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Finance Minutes, 10/17/88
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Tom Sutberry said the fair had a good year, would like to use some of
its revenues to make double payments on property it had purchased.
HANSEY MOVED TO RECOMMEND APPROVAL.
Motion carried.
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Van Zanten explained the emergency ordinance. It would allow the County
to borrow $4.9 million for a three year term and make money on it at .a higher -
return investment. Proceeds will go into solid waste fund and years down the
line when the County decides to go ahead with the new landfill it can issue
Councilmanic Bonds. The gap between the borrowed rate and the rate of
investment is known as "arbitrage." The federal government won't allow this
practice if the County's total indebtedness exceeds a certain amount. Because
of Nor - Bell's issuance of registered warrants, the County's debt appears to be
much greater than it is. This emergency ordinance makes that debt "disappear"
in front of the feds by making it an internal, not an external, debt. The
debt will only be disappeared for 120 days.
VANDERPOL MOVED TO RECOMMEND APPROVAL.
Motion carried.
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Hansey said regarding the Glacier Land Co. testimony of Oct. 13; he went
to the Department of Natural Resources and asked them if the land had been
reforested, as required under law. G -P had done so. The owner was not
familiar with his own land. Warner said that land has been receiving tax
discounts because it Is timber land. If the assessor says there are no trees
there, what do we do then? Is G -P's assertion that it reforested enough?
Hansey said he does not respond to hypothetical questions.
The meeting was adjourned at 3 :30 p.m.
Committee members set up a budget meeting schedule (attached) after the
meeting ended.
ATTEST:
Ramona Reeves,
Clerk of the Council
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
Daniel M. Warner, Member