HomeMy WebLinkAboutBudget/Finance Committee Minutes 07.19.2005 MINUTES
BUDGET/FINANCE COMMITTEE
JIILY 19, 2005 5:00 P.M.
COUNCIL CONFERENCE ROOM
MEMBERS PRESENT:
Chairman Mark Mace
Kate Stevenson
Mayor Ken Olson
Gay Easton
Doug Poehls
OTHERS PRESENT:
Mary Embleton
Chairman Mark Mace called the regular meeting of the Budget/Finance Committee to
order at 5:05 p.m.
There was no public in attendance.
The minutes of the July 5, 2005 Budget/Finance regular meeting were approved as
presented, via motion by Doug, seconded by Gay, and passed unanimously.
June Journal Vouchers #458-463 will be reviewed by the mayor tomorrow. Utility
Billing adjustments for June 2005 were reviewed by the committee and approved.
The June 2005 Financial Statements were reviewed by the committee. Mary explained that
the reports are "pre-year-end closing". The special projects fund #4001 shows a negative
cash balance until Nathan can give the percentages for transferring the cash from the Water,
Sewer, and Street funds to cover the engineering costs. The General Fund ended up with
$40,000 more revenues than expenditures as of these reports. Discussion followed regarding
the budgeted reserve balances for the General Fund, ranging from 22% to 28% of
appropriations. Mayor Olson also mentioned the use of"trends" cash flows from a workshop
he attended some years ago sponsored by the Local Government Center. He would like to
bring this tool forward again. The committee recommends approval of the financial
statements to council, via motion by Doug, seconded by Kate, and passed unanimously.
There were no purchase requisitions presented for approval. Mayor Olson told the
committee that Mary has proposed adding language to the Purchasing Policy to set June
25th as a cut-offdate for purchases for each year. The department heads were agreeable
to this change, so it will be incorporated into the current draft of the policy.
The committee reviewed the Comp/OT reports for PPE 7/3/05. Mayor Olson asked for
overtime figures for the July 4th activities, so that he can inform the members of that
committee on Thursday.
The Payroll Register for PPE 7/3/05 totaling $131,322.37 was reviewed by the committee.
Motion by Kate, seconded by Doug to recommend council approval of the register. Motion
passed unanimously.
Budget/Finance Committee
June 21, 2005
Page 2
Mary reported there was little progress on the Accounting Policies and Procedures. They
will be worked on as time allows, and a product will be ready for the auditors in November.
Mary updated the committee on the following projects: Park Maintenance District -
there is about $7,500 left of CDBG Rehab money for the information kiosk. SID
gill/East First Street - the bids came in lower than the engineer's estimate, and lower
than the budget, but it is recommended to keep the budget as is in case of contingency.
Budget Calendar - The public heatings for the preliminary budget are scheduled to
close tonight. Since the council rules state that action should be taken at the next meeting
after a public hearing, the mayor will ask if the council wishes to waive the rule and
adopt the budgets tonight. The resolutions on tonight's agenda include the overall budget
resolution required by law, and all of the special assessment resolutions. However, the
mill levy resolution will have to wait until the second meeting in August, since the
certified mill won't be issued by the Department of Revenue until August 1st. A list of
the proposed changes to the preliminary budget will be distributed at the council meeting,
and reviewed by Nathan and Mary during the meeting.
Year-end dosing - Mary told the committee that she would have the Budget Transfers and
Budget Amendments ready for the next council workshop.
Under Other issues, Mayor Olson told the committee that there was a change to the
Thursday schedule for Administrative Assistant candidates' interviews and meeting with
the department heads: the first candidate of the day will meet with DH's at 9:30, and the
second one at 1:00. Mayor Olson also told the committee about Technical Edge
representatives Bart and Mike Haskell meeting with DH's regarding networking and
internet issues. It was suggested to analyze the pros and cons of SummitNet vs. a
different intemet and e-mail provider.
The next regular Budget/Finance meeting will be held on Tuesday, August 2na at 5:00
p.m.
For Next Agenda: Accounting Policies and Procedures; Upcoming Projects: Park
Maintenance District, SID #111/East First Street project; Budget Calendar; Budget
Transfers and Amendments.
The meeting adjourned at 5:43 p.m.
Respectfully Submitted,
Clerk/Treasurer