Finance Meeting Minute for June 26, 2009
Finance Committee Meeting Minutes
Friday, June 26, 2009
Committee members present: Becky King, James Martell, Bruce Tedtsen,
Paul Berry
Committee members absent: Bill Unkel, Eric Hart
Others Present: Kapryce Manchester
Meeting started: 9:05 AM
Meeting Agenda
- Compile List of Budget Suggestions for Next Fiscal Year
Roll Call
Minutes for May 26, 2009 meeting were read.
Bruce made a motion to accept the minutes as changed.
The motion was seconded by Jim
The motion passed unanimously
Compile List of Budget Suggestions for Next Fiscal Year
The committee discussed the issue of automatically carrying over of funds from one fiscal year to the next fiscal year for capital projects. Because the capital project has already been approved by the council and the capital project is not an operational budget item, why should it not be allowed to transcend the FY operational budget restrictions? One counter point was there may be a new council and it may have a different prospective on the project. A suggestion was made to use the airport triangle as a hypothetical model to determine how the process might be implemented.
The committee discussed the admin budget and whether the Finance Committee should be involved in the process. Members of the committee did not want to be involved in the process, but wanted to see the admin budget numbers when the committee is given the funding amount for city committees.
The committee discussed the need to define capital budget and capital expense. Jim agreed to contact other members of the AGFOA regarding this discussion.
The committee decided to have its meeting day and time, during the summer, on the last Friday of the month at 9:00 AM.
The committee discussed other future committee projects and decided the committee members will email suggestions to Becky.
The committee discussed projects that will trigger a Federal and/or State Single Audit. These projects included Tank Farm, Float, Dock and Power House. Along with these projects, all of the city’s fixed assets need to be cataloged. This inventory should
Finance Committee Meeting Minutes
Friday, June 26, 2009
Page 2 of 2
be the responsibility of the Finance Committee. Paul agreed to scope project criteria for the inventory.
The clinic sent a letter to the council requesting $750 not spent from their current Endowment Fund grant to be carried over to the next fiscal year. The committee decided this was an issue for the council and since the letter was not timely it did not have a recommendation for the council.
The committee discussed receiving a periodic P&L for the city committees prior to its monthly meeting. We also discussed the benefit of committees presenting their budget as part of its tri annual report.
Meeting adjourned: 10:15 AM
Approved this _____ day of ________________________, _________
by _____________________________________________, committee member.
