HomeMy WebLinkAbout2014 01-16 FCM
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Financial Commission
Regular Meeting Minutes
January 16, 2014
1. Call to Order
The meeting was called to order by Mr. Newman at 6:35 PM
Members Present: Commissioners Newman, Landis, Kragness, Van Der Werf and
Schueller.
Members Absent: Council Liaison Lawrence-Anderson (excused).
Staff present was Finance Director Reinhardt.
2. Introductions
For the benefit of the members of the Commission, new Finance Director Mr.
Reinhardt introduced himself and gave a brief background.
3. Adoption of the Agenda
Without objection, Mr. Newman declared the agenda adopted.
4. Minutes
Mr. Landis moved adoption of the minutes from the March 21, 2013 meeting. Ms.
Kragness seconded the motion. With all voting in favor, the motion was adopted.
5. Election of Commission Chairperson
Ms. Kragness nominated Mr. Newman as Chairperson for 2014. Nominations were
closed. By unanimous consent Mr. Newman was affirmed Chairperson of the
Financial Commission for 2014.
6. Appointment of Commission Vice Chairperson
As required by the enabling resolution, Mr. Newman appointed Mr. Landis as the
Vice Chairperson for 2014.
7. RFP for Audit Services
Mr. Reinhardt reviewed the City Council Policy requiring that the Request for
Proposal (RFP) process be followed for securing financial statement audit services
every six years. Mr. Reinhardt then reviewed the RFP for Auditing Services that was
distributed with the meeting packet. Direction was provided to update the
dates/names of the RFP and to move forward with the process following completion
of the 2013 audit.
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8. Capital Project Funding Policy
Mr. Reinhardt reviewed City Council resolutions approved on January 13, 2014 that
transferred uncommitted balances to the Capital Project fund and established a
Capital Project Funding Policy. The Policy specifically identifies three main funding
sources that will provide an estimated $1.1 million in annual funding as follows:
1. Audited year-end General Fund unassigned fund balance above 52% of
the next year’s General Fund operating budget.
2. Audited year-end Liquor Fund unrestricted cash balance that exceeds 3.5
months of the next year’s operating budget and one year of budgeted
capital equipment needs of the liquor operations.
3. Local Government Aid (LGA) received in the amount of $650,000 or half
of the amount received by the City (whichever is greater).
There was discussion on the Capital Projects, policy and funding sources. Mr.
Newman noted the importance of identifying projects in advance of the year they
are to be completed to make the public aware and to be able to plan for these
projects. The Commission discussed the possibility of adding a discussion on the
Capital Improvement Plan and Equipment Replacement as a future agenda item.
9. Future Meeting Dates
Commissioners were made aware that the City Council will host an Open
House/Forum session with all City Commissions on Wednesday, April 9, 2014
beginning at 6:00 PM in Constitution Hall at the Community Center.
Commissioners were made aware that the City Council will host a work session with
the Financial Commission and Auditor on Monday, June 2, 2014 beginning at 6:30
PM in the Council Chambers to discuss the result of the 2013 audit.
Adjournment
With no other business to transact, Mr. Newman adjourned the meeting at 7:36 PM.