HomeMy WebLinkAboutBudget/Finance Committee Minutes 07.15.2002 MINUTES
BUDGET/FINANCE COMMITTEE
JULY 15, 2002 7:00 P.M.
DPW OFFICE
MEMBERS PRESENT: Chairman Ken Olson Gay Easton
Mark Mace Bud Johnson
OTHERS PRESENT: Ma~ Embleton
The regular meeting of the Budget/Finance Committee was called to order by Chairman
Ken Olson at 7:00 p.m.
The minutes for the July 1, 2002 Budget/Finance regular meeting were approved as
presented.
June Journal Vouchers #219424 were approved.
The committee reviewed the June, 2002 Financial Statements. Mary reviewed the Cash
Report, and reported that she had met with Jim Taylor and Klm Wombolt of the Chamber of
Commerce regarding their match for the Log Cabin project, which totals $4,868.43. The
Chamber may be asking the city for an adjustment based on the parking lot project shared
costs. The city will be sending regular statements to the Chamber for the amount above.
Other cash report items discussed included Cemetery Perpetual Care and investment balances
in the Capital Projects Funds. Mary also reviewed the Financial Statement, telling the
committee that the General Fund revenues finished at 103% of budget, and expenses at 92%
of budget, resulting in $43,000 of revenue over expenditures. The committee recommends to
council that the statements be approved. Mary was instructed to relate the General Fund
information to the council during her budget presentation tomorrow night.
The following purchase requisitions were reviewed and approved after discussion:
GENERAL FUND:
Repairs to Care 2 - Ambulance $ 1,374.00
*9 Cellular phones- mayor, police, fire, public works $ 540.00
WATER FUND:
Clean out alley on imake - water plant $ 2,500.00
Alum for treatment - water plant $ 4,000.00
* 1 Cell phone - utilities $ 60.00
SOLID WASTE FUND:
*1 Cell phone $ 60.00
(*Split with various departments)
Budget/Finance Committee
July 15, 2OO2
Page 2
The committee reviewed the Comp/OT reports for PPE 7/7/02.
The Payroll Register for PPE 7/7/02 totaling $115,886.11 was reviewed and the committee
recommended approval by the council, via motion by Mark, seconded by Gay and passed
unanimously.
Mary presented the latest Summary Schedule budget figures on all funds. On July 8t~,
the dry was informed by the Department of Revenue that the mill levy value was $5,819,
which is down from $6,067 last year. Research will be done to determine the cause of
this decline.
The Administrative Charges worksheets were presented, with two options. Since the
nature of the Public Works Department has changed to exclude water and sewer
responsibilities, Mary recommended that the administrative charges formula be revised.
Atter discussion, the committee agreed to use Option 2 which accounts for the change
stated above. Next year the city will consider basing the charges on budgeted figures,
then adjusting them at year end based on the actual expenses incurred in that same year.
Mary asked the committee for guidance for the Budget Presantation at council tomorrow
night. Discussion resulted in the following: focus on the mill levy value; state that 103%
of revenues and 92% of expenses lef~ the city in a better cash position than anticipated;
define "balanced budget" as revenues equaling appropriations; results are that this is a
"do nothing" budget for this year only; council decisions need to be made, and the
August 3a work session will focus on short and long term solutions.
The committee then reviewed the Budget Summary Sheets. Some funds are showing too
high of cash reserve, so they will be revised further.
The meeting adjourned at 8:25 p.m. The next Budget/Finance meeting will be held on
Monday, August 5th at 7:00 p.m.
Respectfully Submitted,
Clerk/Treasurer