HomeMy WebLinkAboutBudget/Finance Committee Minutes 06.19.2007 MINUTES
BUDGET/FINANCE COMMITTEE
JUNE 19, 2007 $:30 P.M.
COUNCIL CONFERENCE ROOM
MEMBERS PRESENT:
Chairman Mark Mace
Gay Easton
Mayor Olson (6:10)
Doug Poehls
Kate Hart
OTHERS PRESENT:
Mary Embleton
Chairman Mark Mace called the regular meeting oftha Budget/Finance Committee to order at 5:40 p.m.
There was no public in attendance.
The minutes of the June 5, 2007 Budget/Finance regular meeting were presented and approved via
motion by Kate, seconded by Doug, and passed unenimously.
May Journal Vouchers #654-658 were reviewed by the committee. Mayor Olson reviewed them
yesterday. Mary stated that the entries are all typical, with one unusual transaction to correct a posting
error which affected cash, but was eventually found and therefore the cash balanced. Utility Billing
adjustments for May 2007 were reviewed by the committee. There were 11 adjustments involving the
new AMR system. The documents were approved via motion by Doug, seconded by Kate, and passed
unanimously.
The May 2007 Financial Statements were reviewed by the committee. Mary stated that the General Fund
expenditures were at 95% of budget with only 91% of the year expired, so that is cause for some concern~
This means that the General Fund is into Reserves by $655,000. Prior years will be reviewed to determine
the highest usage of the reserves for budgeting purposes. The second-half tax check was received today, so
any negative cash balances should be replenished on the June report. The Street Maintenance Fund shows a
cash balance of only $30,000, so the transfer to the Special Projects Fund (g4001) to close it out will occur in
June when the second half of the maintenance revenue is received. Motion by Doug, seconded by Kate, to
recoa'-l~end approval of the May Financial Statements to the council. Motion passed unanimously.
The following purchase requisition was approved:
CAPITAL PROJECTS FUND:
New copy machine - Court
$ 5,000.00
The committee reviewed the Comp/eT reports for PPE 6/3/07. There was discussion regarding the
extra time paid to those attending the sexual harassment classes.
The Payroll Register for PPE 6/3/07 totaling $143,070.87 was reviewed by the committee. Motion by
Doug, seconded by Kate, to recommend council approval of the payroll register. Motion passed
unanimously.
BudgettFinaaee Committee
June 19, 2007
Clerk/Treasurer's Comments:
Budget process - The Street and Ent~e~p~ ~rise fund budgets will be reviewed tomorrow night. There will be one
more Wednesday meeting on June 27 to finish up the remaining funds. Mary will then make the requested
revisions, finish preparing the revenues, and have the majority of the preliminary budget completed by July
1 lth. Mayor Olson, Mark and Mary will meet that day to review and determine the next step. Final budget
adoption is still scheduled for August 21~t.
Mary also reported that the audit preparations begin with yenr-end entries, which are tied to the budget
process. The city has requested that the audit be scheduled for October. Mary will try to get a "preparation
meeting" with the auditors scheduled prior to the actual audit.
GARVEE bonds - Mary stated there was nothing new to report.
Mayor's enmments:
Mayor Olson was not in attendance, so Mary reported the following:
Main Street Water Line Replacement - The reconciliation change order is on the council agenda for
tonight, and final payment will follow. This project is complete.
Sewer Trunk Line Renlaeement - This project is complete, except for the paving at the CHS parking lot.
Skye Hatton of the DEQ will schedule the walk-through in early July.
8th Avenue Project funding - The mayor arrived and reported that he had spoken to Sandy Straehl of the
MDT this afternoon. The project total cost is $3.4 million and the city has $1.7 million in their gas tax
account. That account receives $202,000/year in revenues, so there would be enough money in the
account in 2011 to let the bid. She will send more information tomorrow. Discussion followed. The city
may need to examine other funding options to complete this project sooner than later. Traffic volume is
increasing, and the new subdivisions have an impact on this street. Mary suggested looking into USDA
Rural Development loans as an alternative for gap financing. The committee also discussed the newly
released STIP report fxom MDT, which lists Laural's projects, as well as projects state-wide.
Impaet Fees - No report.
CIP - Mary reported that the department heads arc willing to meet and rate the current requests, which are
few.
The next regular Budget/Financo meeting will be held on Tuesday, July 3rd, 2007 at 5:30 p.m.
The next agenda: Add Audit to the Clerk/Treasurer's comments; move GARVEE, Impact Fees, and CIP
to the Future Meetings list; Add chip seal project (interchange, underpass, East Main), SE 4' turn lane,
and West Main overlay to the Mayor's project list.
The meeting adjourned at 6:13 p.m.
Respectfully Submitted,
Clerk/Treasurer
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