HomeMy WebLinkAboutBudget/Finance Committee Minutes 12.18.2007 MINUTES
BUDGET/FINANCE COMMITTEE
DECEMBER 18, 2007 5:30 P.M.
COUNCIL CONFERENCE ROOM
MEMBERS PRESENT:
Chairman Mark Mace
Doug Poehls
Mayor Ken Olson
Kate Stevenson
Gay Easton
OTHERS PRESENT: Cathy Gabrian
Chairman Mark Mace called the regular meeting of the Budget/Finance Committee to order.
There wasno pubhc' m' attendance.
The minutes of the December 4, 2007 meeting were approved as presented, via motion by
Doug, seconded by Kate, and passed unardmously.
November Journal Vouchers #719-722 were reviewed and approved by the mayor. Utility
Billing adjustments for November 2007 were reviewed by the committee. Year-end
Journal Vouchers YEA 616 and YEA617 for FY 2006 were reviewed and approved by the
mayor. Year-end Journal Vouchers YEA700-YEA702 were reviewed and approved by the
mayor. The documents were approved via motion by Doug, seconded by Kate, and passed
unanimously.
The November Financial Statements were reviewed and approved by the committee.
The following purchase requisition was reviewed and approved:
GENERAL FUND
22 flow test BCBA air bottles/repair 2 SCBA masks
$ 1,650.00
The Comp/OT reports were reviewed for PPE 12-2-2007.
The Payroll Register for PPE 12/2/07 totaling $164,571.86. Motion by Kate, seconded by
Doug, to recommend council approval of the payroll register. Motion passed unanimously.
This payroll included the comp time payout for all union employees.
Clerk/Treasurer's Comments:
Audit preparations: Mary met with Norm Klein all day on Thursday, December 6th and a,,ain
on Friday, December 14th. Information was sent to Olness & Associates on Fridayl She Will
continue working on year-end adjustments and compiling the Annual Financial Report up
through and until the auditors arrive on January 14th
Resolution to transfer Riverside Park revenues to CIP: Mary will compile cost figures for the
January 2nd Budget/Finance meeting.
Discussion of STIP investment: The committee reviewed the December 12th article from the
Gazette, especially the fact that $66 million was invested in STIP during the same period that
Budgetffinance Committee
December 18, 2007
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the $425 million was withdrawn. The average interest yield for November was 4.9%. Mary
recommended going forward as instructed at the November 6th meeting, and transfer
$991,936.14 to STIP by the end of December. Discussion followed and the committee and
Mayor agree with the Clerk's decision to invest the funds in STIP.
Mayor's Comments:
Impact Fees: Mayor Olson said he is waiting to hear from Carson Bise from TischlerBise for
his recommendation.
CIP progress: Some department heads are having trouble determining CIP, so the mayor
may need to have Miral Gammdt meet with them again.
Urban renewal - TIF District: The city needs to contact the DOR so we know how to
proceed and are ready for any demands required of us.
Other - Kate asked if the challenge over our change of government has any merit and is there
anything we have to do. The mayor stated the person challenging it would have to pay for a
judicial review and present ten signatures to the judge.
The next regular Budget/Finance meeting will be Wednesday, January 2nd at 5:30 p.m.
The meeting adjourned at 5:50 p.m.
Respectfully Submitted,
Cathy Gabrian
Deputy Clerk