HomeMy WebLinkAboutBudget/Finance Committee Minutes 11.16.2004 MINUTES
BUDGET/FINANCE COMMITTEE
NOVEMBER 16, 2004 5:00 P.M.
COUNCIL CHAMBERS
MEMBERS PRESENT:
Chairman Mark Mace
Kate Stevenson
Mayor Ken Olson (5:25)
Doug Pnehls
Gay Easton (5:18)
OTHERS PRESENT:
Mary Embleton
Chairman Mark Mace called the regular meeting of the Budget/Finance Committee to
order at 5:05 p.rm
There was no public in attendance.
The minutes of the November 1, 2004 Budget/Finance regular meeting were approved as
presented, via motion by Kate, seconded by Doug, and passed unanimously.
October Journal Vouchers #416-420 were reviewed by the mayor. Utility Billing
adjustments for October 2004 were reviewed by the committee and approved.
The October 2004 Financial Statements were reviewed by the committee. Mary referred to
the negative $54,356 cash balance in Street Maintenance. The first ~payment of revenues
reflecting the increased assessment will be in December for approximately $250,000. Doug
asked questions regarding the revenue/expenditures for the Library Aid Grant Fund (#2880),
the Federal Equitable Sharing Fund (#2952), and Capital Projects Fund (94000). The
committee recommends approval of the financial report information by the council.
The following purchase requisition was presented for approval:
STREET MAINTENANCE DISTRICT FUND:
40 tons winter patching material (replaces prior request)
$ 4,600.00
The committee reviewed the Comp/OT reports for PPE 11/7/04.
The Payroll Register for PPE 11/7/04 totaling $122,455.12 was reviewed by the committee.
Motion by Doug, seconded by Kate to recommend council approval of the register. Motion
passed unanimously.
A Budget Amendment Resolution draft was presemed to the committee. Mary
explained that when the General Fund Budget was adopted, it didn't include additional
appropriations for special assessments. Therefore, when the Street Maintenance
assessment was increased and adopted a~er the General Fund budget was adopted, the
increase in special assessmems was not appropriated. This budget amendment will
address this increase, and will be offset by General Fund reserves. The resolution will be
presented at the November 30th workshop.
Budget/Finance Committee
November 16, 2004
Page 2
The final draft of the Investment Policy was reviewed by the committee. Mary stated that
she would like to clarify if credit unions were insured by the FDIC or the NCUA. Discussion
followed. The adoption of this policy will allow the city to diversify their investments for
better returns. Currently, the city has investments in CD's and STIP. The adoption of this
policy will be presented at the council workshop on November 30t~.
There was nothing to report on the progress of the Accounting Policies and Procedures.
Mary hopes to update this working document prior to the audit in December.
Mary reported that she worked with Norm Klein on November 8t~ on GASB 34 and the
Annual Financial Report. Norm also gave her a copy of the City of Columbia Falls' MD&A
(IVlanagement Discussion and Analysis), which is a new requirement from the GASB 34
rules. More work needs to be done on the Annual Report. Mayor Oison and Mary will
prepare a dralt oftbe MD&A to present to the committee.
Mary updated the committee on the following projects: Park Maintenance District, SID
#111, Solid Waste Rate Increase. She will be meeting with Sam to review the process for
the Park Maintenance District this week. Letters will be sent this week to the property
owners within the SID #111 boundaries inviting them to the Neighborhood Meeting
scheduled for November 23rd at 7:00 p.m. at the CrraffGym. The Solid Waste Rate
Increase will resume al[er the ordinance process is completed to remove the commercial
rate table from ordinance.
Under Other issues, Chairman Mark Mace stated that he received a call from a Library
Board member, and they would like to address the committee. He will invite them to the
next meeting.
The next regular Budget/Finance meeting will be held on Tuesday, December 7* at 5:00
p.nl.
For Next Agenda: Accounting Policies and Procedures, GASB 34 update/MD&A, and
Upcoming Projects: Park Maintenance District, SID #111, Solid Waste Rate Increase.
The meeting adjourned at 5:33 p.m.
Respect fully Submitted,
Mary IC Embleton
Clerk/Treasurer