HomeMy WebLinkAboutBudget/Finance Committee Minutes 10.19.2004 MINUTES
BUDGET/FINANCE COMMITTEE
OCTOBER 19, 2004 5:00 P.M.
COUNCIL CHAMBERS
MEIvIBERS PRESENT:
Chairman Mark Mace
Kate Stevenson
Gay Easton
Mayor Ken Olson (5:15)
OTHERS PRESENT:
Mary Embleton
Chairman Mark Mace called the regular meeting of the Budget/Finance Committee to
order at 5:07 p.m.
There was no public in attendance.
The minutes of the October 5, 2004 Budget/Finance regular meeting were approved as
presented, via motion by Kate, seconded by Gay, and passed unanimously.
September Journal Vouchers ~411-415 were reviewed by the mayor. Utility Billing
adjustments for September 2004 were reviewed by the committee and approved.
The September 2004 Financial Statements were reviewed by the committee. Mary
explained the $174,000 shortfall in Street Maintenance is due to the Alder Project. The first
half of revenues showing the increased assessment will be in December for approximately
$250,000. The Comp Insurance Fund typically shows a negative cash balance at this time of
year as the total annual premium is paid in August. The Street Maintenance District cash is
also a negative, but should be OK after December. The committee recommends approval of
the financial report information by the council.
There were no purchase requisitions for approval.
The committee reviewed the Comp/OT reports for PPE 10/10/04.
The Payroll Register for PPE 10/10/04 totaling $131,870.87 was reviewed by the
committee. Mary explained that this figure is the correct one, and that the one on the council
agenda was not correet. An error caused by misprinted check forms was caught and
corrected after the Council Agenda was posted. Mark will puli it from the consent agenda at
the council meeting later tonight, and the correct dollar amount will be approved by council.
Motion by Gay, seconded by Kate to recommend council approval of the register. Motion
passed unanimously.
The Budget Timeline final draft was presented to the comnfittee and approved via
motion by Gay, seconded by Kate, and passed unanimously. It will be distributed to
council and department heads.
There was nothing to report on the progress of the Accounting Policies and Procedures, or
GASB 34.
Budget/Finance Committee
October 19, 2004
Page 2
Mary and Mayor Olson reported on the League Conference in Kalispcll. Issues
discussed were: Legislative issues; Local Government Study Commission; Bonding
options; and the Rob Quist/Jack Gladstone presentation, which the city would like to
consider scheduling a performance here as part of the Lewis and Clark Bicentennial
celebration.
Mary informed the committee that she is going to be busy with the following projects:
Park Maintenance District, SID#111, Sewer Rate Increase, Solid Waste Rate Increase.
She will be working on all of these, plus the Annual Report for the state (new GASB34
requirements) and the Budget.
Under Other issues, Mayor Oison pointed out the need to do a better job with the city's
investraems. Mary stated that an Investment Policy had been presented and approved to
the Budget Finance Committee in 2001, but it was never approved by the cotmcil, so she
has been reluctant to implement any changes in the current investment practices. She has
asked Nathan to review the policy. Discussion followed. The matter will be brought
before the committee at the next meeting.
Chairman Mark Mace suggested that a letter of appreciation be written to the Insurance
Committee. A dral~ will be prepared for the mayor's review, and brought forward f~om
The next regular Budget/Finance meeting will be held on Monday, November 1st at 5:00
p.m~ due to the Election Holiday on Tuesday.
For Next Agenda: Accounting Policies and Procedures, GASB 34 update, Investment
Policy, and Upcoming Projects: Park Maintenance District., SID, Sewer Rate Increase,
Solid Waste Rate Increase.
The meeting adjourned at 5:52 p.m~
Respectfully Submitted,
Mary K. Embleton
Clerk/Treasurer