Finance Meeting Minutes for September 30, 2009

Finance Committee Meeting Minutes

Wednesday, September 30, 2009

Committee members present: Bill Unkel, James Martell, Paul Berry

Committee members absent: Becky King, Bruce Tedtsen, Eric Hart

Others Present: Kapryce Manchester

Meeting started:  4:37 PM

Meeting Agenda

-          Last  meeting minutes

-          Paul and Jim will present scoping form templates.  Discussion will follow as to what a Gustavus scoping template should look like and include.

-          Will look at what assets the City has already compiled and how they can fit into the scoping template.

-          Any unfinished business

Roll Call

Minutes for August 25, 2009 were read.

Paul made a motion to accept the minutes for August 25, 2009 as read.

The motion was seconded by Bill

The motion passed unanimously

Paul and Jim will present scoping form templates

            The committee reviewed a sample capital asset policy which could be modified to fulfill the need for a capital asset policy for the city of Gustavus.  We discussed the reasons why a capitalization threshold of $5,000 would be a reasonable threshold for city policy.

            The committee discussed considerations for a capital assets database.  The database should fulfill local government’s needs such as Accounting and Financial Reporting, Budgeting, Public Works/Engineering and Risk Financing.  The immediate concern is Accounting and Financial Reporting because we will have a state single audit in the near future and capital assets policy is one of the issues we will need to have in place at the time of the audit.

            We discussed who should maintain the capital assets database and if it should be a web based database that is part of the city’s content management system.  EXCEL was also discussed for this application.

            The committee reviewed sample fixed asset inventory forms and discussed what a form for Gustavus should look like.  We do not want to collect too much data on the form and it should only be a one page form.

Finance Committee Meeting Minutes

Wednesday, September 30, 2009

Page 2 of 2

            The committee members will review the forms and policy information presented at the meeting and give comments regarding the capital asset policy and the inventory forms at our next meeting.

Meeting adjourned: 5:41 PM

Approved this _____ day of ________________________, _________

by _____________________________________________, committee member.