Finance Meeting Minutes for May 27, 2008
Committee Meeting Minutes
May 27, 2008 Finance
Meeting started at 7 pm
Roll Call: Ken Klawunder, Jim Martell, Paul Berry and Becky King were in attendance. Bruce Tedtsen was absent.
Discussion was made on Bruce Tedtsen’s Endowment Fund award letter with some additions and corrections made.
Motion by Ken Klawunder: I move to accept the Endowment Fund award letter as a recommendation to City Council.
Paul Berry seconded the motion.
The motion received a unanimous vote.
See attachment of letter:
Endowment Fund Award Letter
Date
Endowment Fund Recipients
Congratulations on being chosen to receive funding
for your fiscal 2009 grant award. If you are a city entity you
will request purchase orders from the city clerk and no further council
approval is needed. The clerk will write the checks and track the
proper accounting for the endowment part of your project. If you
are not a city entity you will purchase your own needs and pay out of
the funds given to your group. All purchases must be for the
grant award approved by the city council and documentation for expenses
must be made available upon request from the City Council.
It is expected that you will complete the
expenditure of the funds within the fiscal year given. Any left
over funds are to be returned to the city to be placed back into the
Endowment Fund for future grant needs. By the end of the
fiscal year please submit an Endowment Fund completion report to the
Finance Committee.
All of the grant awards are subject to random audit by either the City of Gustavus, or State of Alaska.
.
____________________________
Mayor
Committee Meeting Minutes
May 27, 2008 Finance
Page 2 of 5
____________________________
Grant Recipient
It was also recommended to send a cover letter along with the award letter for the council to look at and that Jim Martell would produce the cover letter. The cover letter would explain: the enclosed Endowment Fund Completion Report Form, and that both copies of the award letter would need to be signed by the mayor and the recipient, one kept by the recipient and one returned to the City Hall in the enclosed stamped and addressed envelope.
Discussion was made on Becky King’s Endowment Fund Grant Completion Report with some additions and corrections made.
Motion by Jim Martell: I move that the Finance Committee accept the Endowment Fund Grant Completion Report as written.
Ken Klawunder seconded the motion.
The motion received a unanimous vote.
See attachment of report:
Endowment Fund Grant Final Report
1) The amount of your grant.
2) Please list all the costs of your grant project and what they were for.
3) The amount, if any, of remaining grant money to be returned to city.
4) Please write a descriptive paragraph of what the Endowment Fund Grant accomplished.
●City entities that received EFG’s do not need to fill out #1-3.
Discussion was made on the existing Policy and Procedure for the Distribution of Endowment Fund Earnings with some additions and corrections made.
Committee Meeting Minutes
May 27, 2008 Finance
Page 3 of 5
Motion by Ken Klawunder: I move that we recommend the Policy and Procedure for the Distribution of Endowment Fund Earnings to the City Council for their approval.
Jim Martell seconded the motion.
The motion received a unanimous vote.
See attachment of Policy and Procedure:
Policy & Procedure For The Distribution Of Endowment Fund Earnings
Reference Ordinance 04.13.010, 04.13.090
Policy:
The City of Gustavus shall provide for the solicitation and distribution of proceeds from earnings gained on Endowment fund investments each year in which funds are available for community/city projects and purchases.
Procedure:
The amount of the Endowment Fund proceeds will be recommended by the Endowment Fund Committee at the end of each fiscal year and presented to the City Council at the first work session in July. The city will announce the amount of the grant proceeds available at the July general meeting.
These grant funds will be kept in the Endowment Fund in a one year Certificate of Deposit (CD) while awaiting transfer to the city account. Interest gained from the CD before transfer will be kept in the Endowment Fund.
These funds will be made available for use by committees of the city and non-city groups, but all funds will be designated and dedicated to community use.
A Request for Endowment Fund Grant Proposals, (EFGPs), will be posted at a minimum of three locations within the community for a period of at least 20 days prior to January 15th, 4 pm EFGP submission deadline.
Proposals must contain the following headings:
1. Title of the project
Committee Meeting Minutes
May 27, 2008 Finance
Page 4 of 5
2. Purpose and need – include reference to the Strategic Plan if applicable
3. Specific amount of funds requested
4. Location of the project
5. Business Plan – Ownership, Maintenance and Operation responsibility
6. Budget for the project with timelines
7. Number of times this project has been requested
8. Contact person responsible for grant administration, including phone number
and email address
The winning proposal(s) will be based upon community need, clarity & accuracy of proposal, appropriateness of the project and its feasibility and useful life. (Proposals should be limited to 2 typed pages).
All EFGPs will be given to the Planning Committee for review and recommendation.
All EFGPs and recommendations will be given to the Council at the first work session in February.
During the March council meeting EFGPs will be awarded. The grant funds will be distributed through the Finance Committee as part of the annual budgeting process.
Grant money will be made available in July, the start of the new fiscal year. Entities outside the city will be given their total grant award; city committees will be able to access their grant money through purchase orders.
All un-appropriated grant money will remain encumbered in the EFGP account to be available for future grants. All grant money awarded but not expended during the fiscal year will be encumbered and used for future EFGPs unless the city council, by a non code ordinance, extends the EFGP another fiscal year.
A completion report will be required of each EFGP recipient.
Committee Meeting Minutes
May 27, 2008 Finance
Page 5 of 5
Discussion was made on the existing Gustavus Budget Calendar with some additions and corrections made.
Motion by Jim Martell: I move that the Finance Committee approve amending the Gustavus Budget Calendar.
Paul seconded the motion.
The motion received a unanimous vote.
The Finance Committee closed at 10 p.m.
Approved this _____ day of ________________________, _________
by _____________________________________________, committee member.
