HomeMy WebLinkAboutBudget/Finance Committee Minutes 12.15.2003 MINUTES
BUDGET/FINANCE COMMITTEE
DECEMBER 15, 2003 5:00 P.M.
COUNCIL CHAMBERS
MEMBERS PRESENT: ChoJrman Ken Olson Gay Easton
Mark Mace Mayor Bud Johnson (5:13)
OTHERS PRESENT: Mary Embleton
The regular meeting of the Budget/Finance Committee was called to order by Chairman
Ken Olson at 5:05 p.n~
No public attended the meeting to offer public comment.
The minutes of the December 1, 2003 Budget/Finance regular meeting were approved as
submitted.
November Journal Vouehees//326-332 were reviewed by the mayor and approved. Utility
Billing adjustments for November, 2003 were revie~ved by the committee. An incorrect
entry for the Cenex raw water bill caused a large over billing, and so an adjustment was
needed to correct it.
The November 2003 Financial Statements were reviewed by the committee. Mary
reviewed the General Fund, pointing out that the expenditures are $471,872.31 over the
revenues, but that the cash balance shows $377,287.96 of reserves being used at the end of
November, leaving a $400,000 balance in the General Fund. This indicates that a minimum
of $400,000 in reserves is needed at budget time, to ensure the operations of the General
Fund. Tax revenues will be received this week, along with the second quarterly payment of
the entitlement from the state. Discussion followed. The committee recommends approval
of the statements by the council.
The following purchase requisitions were reviewed and approved:
GENERAL FUND:
Maintenance contract for court copier - court and attorney $ 799.00
Election charges for Nov. 4, 2003 election- election $ 2,623.31
Job analysis and physical evaluation for mechanic position - shop $ 750.64
WATER FUND:
Repair wacker pump - plant $ 1,500.00
Professional services for Cenex rate adjustment - plant $ 3,100.00
The committee reviewed the Comp/OT reports for PPE 12/7/03.
Budget/Finance Committee
December 15, 2003
Page 2
The Payroll Register for PPE 12/7/03 totaling $13 8,167.53 was reviewed by the committee.
Mary pointed out that the total is high due to the comp time pay out included in this pay
period. The committee recommends approval of the register by the council.
The remaining Auditor's remarks were reviewed and discussed: 3-6. Monitor Tape
Backups - Technical Edge now performs tests on the backups to ensure the integrity of
the data~ Black Mountain provides a service to store backup data as well, and Mary will
bring additional information back to the next meeting, and plans on budgeting for the
service. 3-7. Continue developing accounting policies and procedures manual - The
manual draft pages are continually being added. A status report will be brought back to
the next meeting. 3-8. Grant filing procedures - Any department that had grants, i.e.
public works, public utilities, police, etc. all had grant files and information. The need to
have a central location for these files will be brought to the department head meeting in
January. 3-9. Utility Accounts Receivable - The utility billing program report for the
monthly billing is now.reconciled with the Finance program on a monthly basis. 3-10.
Include Personal Use of City Vehicles on W-2 - Bud stated that this needs to happen,
and recommended that it be done through a Vehicle Use Policy. He also recommended
that the Fire Department pay needs to be claritied, i.e. if based on hourly, then it goes
through payroll; but if based on expense reimbursement, then it should not be tied to
hours. 3-11. Cash and Investments not Adequately Pledged - The uninsured account at
First Citizen's has been closed out and moved to Yellowstone Bank, which is adequately
pledged. Mary receives a monthly report via e-mail fi.om the Federal Reserve Bank. 32
12__~. Debt Service Funds - A resolution will be drawn up to close the Storm Sewer Fund,
transferring the $850 cash left in the account to the General Fund. Discussion was held
on the Revolving Fund. Additional information regarding the minimum amount needed
in the fund, and if the excess cash transferred to the General Fund can be tagged for
transfer back to the revolving fund once the city develops more SID's, will be brought
back to the next meeting. 3-13. WRDA Grant - This was simply a timing issue.
The Budget Timeline was reviewed, and Mary reported that the budget worksheets were
distributed on 12/11. A date needs to be set for returning the worksheets to the clerk for
data input. This will be discussed at the department head meeting in January.
The Year-end Report for FY 2003 is scheduled for January, with the Mid Year Budget
Review for FY 2004 scheduled for the first meeting in February. The Year-end Report
for FY 2004 will be given at the first meeting in September.
Ken stated that he would like more time for the transition, and would like to remain
chairman of the committee into the month of January, if he is appointed mayor. That will
give him and the committee time to make changes to the committee. He also would like
Bud to remain in the committee as a citizen.
Budget/Finance Committee
December 15, 2003
Page 3
No Other issues were discussed by the committee.
The next regular Budget/Finance meeting will be held on Monday, January 5th at 5:00
p.m.
For Next Agenda: Budget Timeline; Black Mountain data backup service information,
status of Accounting Policies and Procedures Manual, information regarding Revolving
Fund transfers.
The meeting adjourned at 5:55 p.m.
Respectfully Submitted,
Clerk/Treasurer