Finance Department

The city borrowed in an irresponsible way. We had non-callable bonds. Various short-term and long-term debt issues swirl. Tax anticipation notes come for the year.
===Collect taxes, and new taxes.===
Lost some positions from past years.
Some capital costs were moved from the finance to the capital budget. Now more money, not $600k, but $300k, is moving back into the Finance Department budget.
====Risk management enters the city's scope of services in 2005.====
At City needs a risk management program with a new hire as per the Act 47 plan's insistance. An outside contract is to decide upon the strategies. Workers comp, liabilities, insurance, etc.
Act 47 requires the city to staff a formal Risk Management System. The strategies are still to be decided, but there will be new hires and outside contracts used.
Mail services, electronic file systems, self-assesed taxes.
Audit services,
Can't the mayor's six person complaint center staff handle risk management at the same time?
====Ellen McLean, Finance Director====
Not too popular, but fills a role with the Oversight Board meetings. Represents the Mayor.
=== Debt ===
* The city's debt is more than $90-million. 
* $46-million is in interest.
* $41-million is in principal.
2.3 M from auditorium authority, SEA , Civic Arena
2005 Debt Service moves expect a $40-mill borrow to open the door in January. The cost is expected to be $950k of expenses. Lawyers, fees, bankers get paid.
Pre-payment on Workers Compensation. Prefunding last years this year.