HomeMy WebLinkAboutBudget/Finance Committee Minutes 08.02.2004 MINUTES
BUDGET/FINANCE COMMITTEE
AUGUST 2, 2004 5:00 P.M.
COUNCIL CHAMBERS
MEMBERS PRESENT: Chairman Mark Mace Gay Easton
Kate Stevenson Mayor Ken Olson
OTHERS PRESENT: Mary Embleton
The Budget/Finance Committee meeting was called to order at 5:05 p.m., by Chairman
Mark Mace. There was no public in attendance.
The minutes of the July 19, 2004 regular meeting were approved via motion by Gay,
seconded by Kate, and passed unanimously.
The Journal Vouchers had not been previously reviewed by the mayor, so they will be
moved to the next meeting (August 16th).
July claims totaling $520,107.33 were reviewed and the committee unanimously
recommends approval by the council. Mary stated that over $286,000.00 was for CDBG
Sewer Project payments, and the remainder was for regular claims.
The following purchase requisitions were reviewed and approved:
GENERAL FUND:
2 Digital MDPI cameras for patrol cars - police $ 3,840.00
(to be reimbursed by MT DOT Grant)
WATER FUND:
*Valve turner - system $ 2,500.00
*Line locater - system $ 8,000.00
Fire hydrant for Alder & E 4t~ - system $ 1,879.66
SEWER FUND:
*2 Manhole lifters - system $ 8,000.00
*To replace items stolen in the city shop break-in. An estimated additional $5,000 worth
of tools is needed to replace stolen tools and equipment.
The Comp/OT reports were reviewed for pay period ending 7/18/04.
The Payroll Register for PPE 7/18/04 totaling $127,087.61 was reviewed. The
committee recommends council approval.
Budget/Finance Committee
August 2, 2004
Page 2.
Budget Timeline - Mary reported that the Department of Revenue issued the certified
mill values today: one mill equals $5,696. Previously the DOR had estimated the value
to be $5,695. The resolution to set the number of mills will be ready for the 8/10
workshop. Mary will work with Nathan to begin drafting a timeline for '05-'06.
Year-end Adjustments - The journal vouchers for reconciling taxes receivable with the
county balances, and long-term debt adjustments were reviewed. Mary explained that
one of the long-term debt adjustments is to book the an-funded liability of compensated
absences. That is when the city accounts for the paid leave and associated payroll taxes
for all employees, in the event that they would all be paid out at the same time, the pay-
out would be un-funded, and therefore is a liability to the city.
Audit - The 2004 audit is scheduled for December. The auditors had set this date prior
to the city contacting them to try to schedule for mid-October. The auditor's schedule
cannot be changed. However, this will allow more time for preparation of the GASB 34
requirements. Norm Klein has sent a disc with worksheets to be used to prepare this
year's annual reports, etc. Mary was instructed to call Norm and schedule a meeting with
him some time this month, to assist with preparations.
Accounting Policies and Procedures - Mary and sta~will continue working on these to
have them completed by the December audit.
Mission Statement - The council will adopt the city mission statement tomorrow night.
The committees can then pattern their mission statements alter the city's. The committee
will work on this at the next meeting.
Under other issues, Mary told the committee she would be on vacation the week of the
16t~. Cathy will attend the next meeting. The mayor reminded the committee of the
special meeting on September 15t~ with Nathan presenting the money saving/revenue
producing ideas that were forwarded bom department heads.
The next meeting will be on Monday, August 16~ at 5:00 p.m. On the agenda will be:
the Budget Timeline, Year-end adjustments, Accounting Policies and Procedures, GASB
34 updates, and Mission Statement.
The meeting adjourned at 5:35 p.n'~
Respectfully Submitted,
Clerk/Treasurer