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HomeMy WebLinkAboutBudget/Finance Committee Minutes 09.21.2004 MINUTES BUDGET/FINANCE COMMITTEE SEPTEMBER 21, 2004 5:00 P.M. COUNCIL CHAMBERS MEMBERS PRESENT: Chairman Mark Mace Doug Poehis Gay Easton Kate Stevenson OTHERS PRESENT: Mary Embleton Chairman Mark Mace called the regular meeting of the Budget/Finanee Committee to order at 5:07 p.m. There was no public in attendance. The minutes of the September 7, 2004 Budget/Finance regular meeting were approved as presented, via motion by Doug, seconded by Kate, and passed unanimously. August Journal Vouchers #406-410 were being reviewed by the m~ayor. Utility Billing adjustments for August 2004 were reviewed by the committee and approved. The August 2004 Financial Statements were reviewed by the committee. Mary explained the two formats that were presented for thc revenues and cxpanditures, and asked for a preference from the council as to which format they would like to use. Both formats contain the same basic information, and the cash report will remain the same. Motion by Doug, seconded by Kate to recommend approval of the financial report information by the council. Motion passed unanimously. The following purchase requisitions were reviewed and approved: SEWER FUND: Rescue equipment & Locator - system (replace stolen equip) $ 2,177.06 The committee reviewed the Comp/OT reports for PPE 9/12/04. Discussion was held regarding the amount of overtime worked during the Labor Day holiday, and reimbursement for DUI Grant shifts. The Payroll Register for PPE 9/12/04 totaling $126,819.65 was reviewed by the committee. Motion by Doug, secondedby Kate to recommend councilapproval ofthe register. Motion passed unanimously. The Budget Timeline is still being drafted, and much of it will depend on the council's decisions regarding thc various issues presented to them at the September 15th meeting. Discussion may continue through thc council retreat scheduled for October. Thc timeline will be based on direction given by council. Budget/Finance Committee September 21, 2004 Page 2 Mary presented a draft of the Year-end Financial Report for the committee to preview. The charts and graphs were briefly reviewed, and Mary asked for the committee's input as to what kinds of information would be useful and helpful to them, without being overwhelming. Discussion followed. The committee likes the pie charts, but does not think it is necessary to focus much attention on funds that do not have a lot of activity, such as the light districts and the sweeping funds. Complete copies of the draft report will be distributed to the committee for further review and comment. There was nothing to report on the progress of the Accounting Policie~ and Procedures, or GASB 34. The committee then discussed a Mission Statement. Changes were made to the original drul~ for the Budget/Finance Committee, and a final draft is attached to these minutes. Under Other issues, Mary reported that she has received positive feedback fi.om both union, and non-union employees regar.~ding the state-wide health insurance pool Bob Wortlamgton's presentation on the 15'~ of September was not as well attended as it should have been, but was well received by those who did attend. The union will make a recommendation to their Insurance Committee representatives by no later than their October 6t~ meeting. Then the Insurance Committee makes its recommendation to the council, and then the council acts. The city has until January 1, 2005 at the latest to be able to join the pool. The next regular Budget/Finance meeting will be held on Tuesday, October 5th at 5:00 p.m. For Next Agenda: Budget Timeline, Year-end Financial Report, Accounting Policies and Procedures, GASB 34 update, and Budget/Finance Committee Mission Statement. The meeting adjourned at 5:44 p.m. Respectfully Submitted, Mary K. Embleton Clerk/Treasurer City of Laurel Budget/Finance Committee Mission Statement The City of Laurel Budget/Finance Committee monitors and evaluates the condition of the City's Budget and Finances. This committee also provides Internal Control and Oversight, and assistance on Budgeting for the City Departments, and assists in the development of the Capital Improvement Plan.