HomeMy WebLinkAboutMPC.2020.1102.Minutes TOWN OF FOUNTAIN HILLS
MINUTES OF THE REGULAR MEETING
OF THE FOUNTAIN HILLS MUNICIPAL PROPERTY CORPORATION
NOVEMBER 2, 2020
Present: Chester Yon, Secretary; Roger Riggert, President; Deborah Skehen, Board
Member
Staff Present: Grady Miller, Town Manager
Angela Padgett-Espiritu, Executive Assistant
David Pock, Finance Director
CALL TO ORDER— President Riggert
President Riggert called the meeting to order at 2:04 p.m.
2. ROLL CALL— President Rigged
3. CALL TO THE PUBLIC
Pursuant to A.R.S. §38-431.01(H),public comment is permitted(not required) on matters NOT listed on the
agenda.Any such comment(i)must be within the jurisdiction of the Commission, and(ii)is subject to
reasonable time,place, and manner restrictions. The Commission will not discuss or take legal action on
matters raised during Call to the Public unless the matters are properly noticed for discussion and legal
action. At the conclusion of the Call to the Public, individual commissioners may(i)respond to criticism, (ii)ask
staff to review a matter, or(iii) ask that the matter be placed on a future Commission agenda.
No one from the public was present.
4. CONSIDERATION OF Approving the November 4, 2019, Meeting Minutes
MOVED BY President Roger Riggert, Board Member Deborah Skehen to APPROVE the
minutes of the November 4, 2019 meeting.
AYE: Board Member Deborah Skehen, President Roger Rigged, Secretary Chester Yon
5. CONSIDERATION OF Electing Officers
MOVED BY Board Member Deborah Skehen, Secretary Chester Yon to APPOINT Roger
Rigged as President of the Municipal Property Corporation.
AYE: Board Member Deborah Skehen, President Roger Rigged, Secretary Chester Yon
MOVED BY President Roger Rigged, Secretary Chester Yon to APPOINT Deborah
Skehen as Vice President of the Municipal Property Corporation.
AYE: Board Member Deborah Skehen, President Roger Rigged, Secretary Chester Yon
MOVED BY President Roger Riggert, Board Member Deborah Skehen to APPOINT
Chester Yon as Secretary/Treasury of the Municipal Property Corporation.
AYE: Board Member Deborah Skehen, President Roger Rigged, Secretary Chester Yon
6. FINANCIAL REPORT for year ending June 30, 2020
Finance Director David Pock reviewed the attached financial report for the Municipal
Property Corporation.
7. ADJOURNMENT
MOVED BY President Roger Rigged, Board Member Deborah Skehen for adjounment of
the Municipal Property Corporation at 2:12 p.m.
AYE: Board Member Deborah Skehen, President Roger Riggert, Secretary Chester Yon
MUNICIPAL PROPERTY CORPORATION
6
Roger Riggert, resiA
ATTEST AND PREP ED BY:
Angel Es irit a Assistant
CERTIFICATION
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the Regular
Meeting held by the Fountain Hills Municipal Property Corporation in the Town Hall Fountain Conference
room on the 2 day of November, 2020. I further certify that the meeting was duly called and that a
quorum was present.
DATED this 8 day of November, 2021.
(26
Angel Espiritu, Executive Assistant
TOWN OF FOUNTAIN HILLS
MUNICIPAL PROPERTY CORPORATION
Balance Sheet - Governmental Funds
As of June 30, 2020
Municipal
Property Corp
Debt Service
Fund
ASSETS
Cash and Investments $ 11,537
Intergovernmental Receivable -
Total Assets $ 11,537
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts Payable $ -
Total Liabilities -
Fund Balance:
Restricted 11,537
Total Fund Balance 11,537
Total Liabilities and Fund Balance $ 11,537
TOWN OF FOUNTAIN HILLS
MUNICIPAL PROPERTY CORPORATION
Statement of Revenues, Expenditures and Changes in Fund Balance
for Fiscal Year Ended June 30, 2020
FY19-20 FY19-20
Actual Budget
REVENUES
Investment Earnings $ 1,866 $ 840
Total Revenues 1,866 840
EXPENDITURES
Debt Service:
Principal 300,000 300,000
Interest 4,860 4,860
Fiscal Charges 1,010 1,010
Total Expenditures 305,870 305,870
Excess (Deficiency) of Revenues (304,004) (305,030)
Over/(Under) Expenditures
OTHER FINANCING SOURCES (USES)
Transfer in 303,235 303,235
Total Other Financing Sources (Uses) 303,235 303,235
Net Change in Fund Balance (769) (1,795)
Fund Balance, Beginning of Year 12,306 12,306
Fund Balance, End of Year $ 11,537 $ 10,511