HomeMy WebLinkAboutBudget/Finance Committee Minutes 07.06.2004MEMBERS PRESENT:
MINUTES
BUDGET/FINANCE COMMITTEE
JULY 6, 2004 5:00 P.M.
COUNCIL CHAMBERS
Chairman Mark Mace Gay Easton
Kate Stevenson Doug Poehls
Mayor Ken Olson (5:20)
OTHERS PRESENT: Mary Embleton
The Budget/Finance Committee meeting was called to order at 5:07 p.m., by Chairman
Mark Mace. There was no public in attendance.
The minutes of the June 14, 2004 regular meeting were approved via motion by Gay,
seconded by Doug, and passed unanimously.
June claims totaling $532,312.09 were reviewed and the committee unanimously
recommends approval by the council. Mary stated that $282,081.91 was for water loan
payments, and the remainder of $250,230.18 was for regular claims.
The following purchase requisitions were reviewed and approved:
GENERAL FUND:
Annual dues for Montana League of Cities & Towns - council $ 1,876.50
LIBRARY AID FUND:
Montana Shared Catalog Project - library $ 4,100.00
SEWER FUND:
Discharge permit fi.om DEQ - plant $ 4,000.00
The committee discussed membership and participation in the Montana League of Cities
and Towns.
The Comp/OT reports were reviewed for pay period ending 6/20/04.
The Payroll Register for PPE 6/20/04 totaling $125,681.51 was reviewed. Mary slated
that it is a little higher than normal due to pay-out of Personal days to union members that
did not use it during the year. The committee recommends council approval.
Budget Timeline - Mary reported that the Department of Revenue won't have the
certified mill values until the first Monday in August (August 2nd), due to legislation
passed in 2003. The DOR is willing to provide an estimated value by next week.
However, the council will not be able to pass the budget resolution reflecting the number
of mills to be levied until after the certified mill is received. The committee discussed
Budget/Finance Committee
July 6, 2004
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moving forward with the adoption of the budget as scheduled, with the exception of the
resolution setting the number of mills to be levied.
Mission Statement - review of samples. Samples of how to develop a mission
statement were distributed to council last week. Mark distributed examples that he
developed for the committee's review. Some discussion followed. The issue will be
placed on the next agenda.
Year-end process timeline. Mary reported the following schedule to the committee:
July 31't - complete review of revenues and expenditure adjustments; August 31st -
complete year-end adjustments and accruals; September 30th to October 15m - complete
the GASB 34 requirements, and schedule audit for some time in October. Discussion
followed. Norm Klein has offered his assistance for GASB 34 compliance work. Mary
also told the committee that she will be bringing three resolutions to the next workshop:
Budget Transfers, Budget Amendments, and Insurance Transfers. All are part of the
year-end work that has already begun.
Under other issues, Mary asked the committee how often they wished to review the 10-
year cash flow reports. Discussion followed, regarding reporting formats and the level of
detail to provide financial information to the council. The committee would like to
review the cash flows every 6 months.
The next meeting will be on Monday, July 19th at 5:00 p.m. On the agenda will be: the
Budget Timeline, DOR estimates and how it affects the mills, and Mission Statement.
The meeting adjourned at 5:42 p.m.
Respectfully Submitted,
ClerkFrreasurer