Finance Meeting Minutes for March 25, 2008
Finance Committee Minutes
Tuesday March 25, 2008
Committee members present: Paul Berry, James Martell, Bruce Tedtsen, Ken Klawunder
Committee members absent: Becky King
Others Present:
Meeting started: 7:03 PM
Meeting Agenda:
● Finance Committee Work Plan
● Finance Committee Budget
● April Meeting Dates
Agenda Item: Finance Committee Work Plan
The committee discussed the procedure for distributing the Endowment Fund Grant (EFG). Ken emphasized the need for accountability because the City has a fiduciary responsibility to make certain the grant funds are used as proposed by the recipients of the grant.
The procedure discussed during the meeting 1) Council would approve award to EFG recipients, 2) grant funds would be moved directly to the Finance Committee budget from the Smith Barney Account as an Income Item, 3) grant funds would be expensed from the Finance Committee budget to the grant recipients who would post that amount as income in their budgets.
There was further discussion regarding accountability and Bruce suggested Kapryce would provide financial accounting for the committees because she would be cutting the checks for their expenditures and these expenditures could be tracked in QB.
The committee proposed a letter or form to accompany the EFG award which would request the recipients keep a record of expenses and their expenses should not deviate from the expenses proposed in their grant proposal to the city. The funds that are disbursed to the committee are for the sole purpose of what was proposed to the City in the grant application. Also, should the grant proposal require purchase of an item for which the expenditure would normally require City approval, the committee will not have to come before the City Council for the purchase of that item. The expenditure would have already been approved with the award of the EFG. Endowment Fund monies not spent by the committee will be returned to the Endowment Fund. This is what is expected from the City with respect to the award of the grant funds.
The recipients of the grant should be made aware that any public account is subject to random audits.
Finance Committee Meeting
Tuesday March 25, 2008
Page 2 of 3
Ken was strongly in favor of the committee writing the procedure for the EFG as part of the committees annual work plan.
Work plan goals were discussed and the committee determined the following goals for FY 2009.
1) In conjunction with the Planning Committee, compose a white paper describing the purpose of our committees and how both Finance and Planning fit together.
2) Develop a budget definition manual for the City.
Revenue sharing – how and when the committees may apply for those funds (supplemental or amended budget)
Chart of Accounts
Revisit Budget Calendar
Endowment Fund Grant
Fixed Asset Policy
Procedure for Encumbering Funds
3) Coordinate with Planning Committee the Budget Workshop
Agenda Item: Finance Committee Budget
The budget for FY 2009 was discussed. Since the committee did not have the EFG monies for the budget the committee apportioned the $500 the committee will receive from City Funds.
Agenda Item: April Meeting Dates
The committee discussed meeting dates for April and decided we needed a block of 3 days, April 22, April 23 and April 24. We will need to speak with both Kapryce and Becky to confirm the dates and the times.
Finance Committee Meeting
Tuesday March 25, 2008
Page 3 of 3
Bruce made a motion to adopt the Finance Committee Annual Work Plan for FY 2009 as presented.
The motion was seconded by Paul
Motion passed unanimously
Bruce made a motion to submit the Finance Committee budget for FY 2009, as presented, to the City Council for adoption.
The motion was seconded by Paul
The Motion passed unanimously
Meeting Adjourned at 8:16 PM
Approved this _____ day of ________________________, _________
by _____________________________________________, committee member.
