HomeMy WebLinkAboutBudget/Finance Committee Minutes 12.04.2007 CITY OF LAUREL
BUDGET/FINANCE COMMITTEE MINUTES
DECEMBER 4, 2007 5:30 P.M.
COUNCIL CONFERENCE ROOM
MEMBERS PRESENT:
Chairman Mark Mace
Gay Easton
Mayor Ken Olson
Kate Hart
Doug Poehls
OTHERS PRESENT:
Mary Embleton
The Budget/Finance Committee meeting was called to order at 5:35 p. rr~, by Chairman
Mark Mace. There was no public in attendance.
The mln~ltes of the November 20, 2007 meeting were reviewed and approved via motion
by Doug, seconded by Kate, and passed unanimously.
November claims totaling $158,423.47 were reviewed. Motion by Doug, seconded by
Kate, to recommend approval of the claims by the council. Motion passed unanimously.
The following purchase requisitions were approved by the committee:
GENERAL FUND:
Special assessments for city-owned propeay- general $17,700.00
Repairs to Car g6 - police $ 1,719.71
WATER FUND:
6" double check valve for MRL new meter install - system $ 2,108.40
The Comp/OT reports were reviewed for pay period ending 11/18/07. These reports
included the Veterans' Day holiday.
The Payroll Register for PPE 11/18/07 totaling $137,252.23 was reviewed. Motion by
Kate, seconded by Doug, to recommend council approval of the payroll registers. Motion
passed unanimously.
Clerk/Trensurer Comments:
Audit ~_..~arations - Mary heard from the auditors recently, and they would like the Trial
Balance sent to them by Friday, December 8~. Norm Klein will be here on Thursday,
December 7t~ to assist with some of the year-end closing prep work, so the auditors may
have to wait a bit for the Trial Balance.
Riverside Park revenues transfer to CIP. Mary stated that she bad recommended earlier
the use of a percentage of the revenues generated by Riverside Park for transfer to the
CIP for improvements. Discussion followed, including the various revenue streams to be
l~dget/Fin~mce Committee
Deoea~ber 4, 200?
considered: leases from the structures at the park, and camping fees. Also discussed
were other options to the CIP, such as an coterprise fund or a park maintenance district.
The Park Board would like to have a source of matching monies for grants. More
discussion will be held at the January 3r~ meeting. Mary was instructed to get cost
figures and do more research on options.
Discussion ofSTIP investment~ - Mary explained how STIP worked, and distributed
information fromthe Moutarm Board oflnvestments chairmar~ Several local
governments withdrew their money from STIP last week when they learned that some of
the investment vehicles were losing their investment ratings. Discussion followed. The
committee would like to delay the transfers of monies they approved last month for a
couple of weeks, until more research can be done on the issue.
Mayor's Comments:
Impact fees: Carson Bise was here on November 14t~ and met with department heads to
begin the fact-findings for the feasl~oility study. His verbal comments were not
encouraging, but a report will be issued in a ~v weeks.
Urban renewalFFIF District: Mayor Olson reported that there has been no reply from the
Department of Revenue to the city ulerk/treasurer's request for a list of documents the
DOR will need to review our Urban Renewal Plan/TIF District. This will be moved to
"Future Meetings" until we receive a response.
CIP: Mayor Olson stated that Miral Gamradt was here today to conduet the "kickoff'
meeting with department heads. He explained the process, the first step of which is to
conduct a "needs assessment". He gathered contact information from the department
heads, and financial information ~om Mary to begin his financial analysis. Mr. Garnmdt
recommends going out five years only at this time. He also recommended that the city
continue to extend the plan as we go.
Lip. bring district for South Laurel Business District - Since there are other funding
options to consider, now that the TIF District has been adopted, this item will be moved
to "Future Meetings".
Other issues: None.
The next regular meeting will be on Tuesday, December 18' at 5:30 p.m.
For next agenda: move Urban Renewal/TIF District and the Lighting District for South
Laurel Business Distriet to Future Meetings.
The meeting adjourned at 6:18 p.m.
Respectfully Submitted,
Clerk/Treasurer