Finance Meeting Minutes for November 27, 2009

Finance Committee Meeting Minutes

Friday, November 27, 2009

Committee members present: Becky King, James Martell, Paul Berry

Committee members absent: Bruce Tedtsen

Others Present: Richard Sirstad, Nate Borson

Meeting started:  9:15 AM

Meeting Agenda

-          Reading of October minutes

-          Approval of minutes

-          Review and approval of asset log and inventory forms

-          Review and approval of Policy & Procedure for annual budget

-          Work on a policy for capital assets

-          Any unfinished business

Roll Call

Review and approval of Policy & Procedure for annual budget

The draft Policy & Procedure for the city operating budget was reviewed and modified with input both from committee members and non committee members present at the meeting.  The amended draft will be forwarded to the Planning Committee and to the City Clerk for their input.

Jim moved to approve the annual planning policy annual budget call, third round (city budget) as amended by the committee.

Paul seconds the motion.

The motion passes unanimously.

The minutes from the October 30 meeting were read.

Jim moves to approve the minutes as read.

Paul seconds the motion.

The motion passes unanimously.

The committee reviewed the fixed asset log format and there was discussion regarding column widths.  There need to be more data entered before we attempt to adjust any of the columns.  The inventory process was discussed and how the process would work beginning with the actual inventory through the data entry into the log.  Fixed asset tags were discussed and Richard suggested we have both the equipment serial number and the asset number on the asset tag.

The committee discussed the fixed asset policy draft and based on Paul’s suggestion, we decided to strip out all language not relevant to Gustavus.  Formatting was discussed and also to what title section this policy would belong.  We decided to defer this discussion until our next meeting when Kapryce would be present.

Finance Committee Meeting Minutes

Friday, November 27, 2009

Page 2 of 2

Jim will strip some of the unnecessary language from the fixed asset policy draft and everyone will review the draft for comments at our next meeting.

Meeting adjourned: 11:05 AM

Approved this _____ day of ________________________, _________

by _____________________________________________, committee member.