HomeMy WebLinkAbout2002 06-17 FCMFinancial Commission
Meeting Minutes
June 17, 2002
Joint Meeting with the City Council
1. Call to Order
The meeting was called to order by Chair Escher at 6:00 PM
2. Roll Call
Members Present: Chair Escher, Commissioners Elftman, Blarney, Nemec, Peterson,
Hruska and Wilkinson
Others Present: City Manager Michael McCauley and Fiscal and Support Services
Director Douglas Sell.
3. Meeting Minutes of April 4. 2002
There was not a quorum for the April 4, 2002 meeting. Therefore, the meeting minutes
are advisory only.
4. Audit and Financial Statement Discussion
Mr. Clifford Hoffinan from the City's auditing firm, Deloitte and Touche, presented the
audit findings, recommendations and insight relating to the financial statements for the
City for the year ending December 31, 2001.
• Mr. Hoffinan found that the financial statements for the year ending December 31, 2001
fairly represented the City's financial position. He recognized the efforts of the City
Council and staff in their efforts to maintain and provide adequate controls over
expenditures and asset safeguards.
5. Preliminarv Budaet Review
City Manager McCauley provided updated information regarding the 2003 budget.
Generally, revenues will be in the same range as those projected for fiscal year 2002.
While the full impact of the recently ended legislative session have yet to be determined,
it is our best estimate that levy limitations will remain in place and that local government
aid payments will be nearly the same as 2002 in 2003.
Issues facing the City for 2003 include increasing pressure on wages and health insurance
costs. Continued increases in City insurance costs for liability and property damage in
response to events of September 11, 2001 and general insurance claim activity in the
region over the past two years. Sustainability of neighborhood projects with shrinking
revenues and other sources. And, uncertainty of the impact of future legislative actions
regarding property tax levies and state aids
As additional data becomes available such as 2003 LGA payments, levy limits and
related aid payments, such information will be provided.
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• 6. Citv Council Compensation
Chair Escher suggested that a sub-committee review the options related to Council
compensation and report back to the Commission at its next meeting. The Chair asked
and received confirmation that Commissioner Peterson and Commissioner Elftmann
serve as the sub-committee.
7. Next Meeting
The next meeting has been scheduled for Thursday, August 15, 2002 at 7:00 PM to
discuss salary options for City Council members.
8. Meeting End
Motion by Commissioner Wilkinson, Second by Commissioner Hruska to adjourn the
meeting at 8:30 PM. Motion carried.
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