Finance Meeting Minutes for January 28, 2010

Minutes of the Finance Committee, January 28,2010, 10:40 a.m.

The Finance committee meeting opened  at 10:40 a.m.

Members present:  Bruce Tedtsen, Becky King and Paul Berry (via phone).

Members absent:  Jim Martell.

Present also:  Kapryce Manchester.

December 2009 minutes were read and approved unanimously.

There was discussion on the quarterly budget meetings with city committees.  No decision was reached but Bruce and Becky would work on suggestions and bring them to the next meeting.  An informative letter to the Council explaining how the quarterly budget meetings will be sent once the process is in place.

Discussion on what type of financial reports the committee would want was discussed, with no decision being reached.  Becky and Bruce would work on suggestions and bring them to the next meeting.

Paul presented his draft letter to the Council members about FY11 (and beyond) budget priorities.  The purpose of his draft letter is to give direction for the FY11 budget.  The finance committee commented on the letter and thought it would offer a lot of help formulating the budget.

A resolution for combining the Endowment Fund committee and the Finance committee was completed and submitted.

The Endowment Fund Ordinance change to fit the combining of the two committees was discussed.  Becky will finish the official ordinance change request and e-mail it to the committee members and Kapryce.

The Capital Asset Policy Draft was worked on and several questions were raised, which will need to be discussed with Jim Martell.  Work on the draft was stopped at Page 2, Section 3.

The meeting closed at 1:05 p.m.

Then next Finance committee meetings will be held Tuesday, Wednesday and Thursday, Feb. 23-25, 2010 at 9 a.m.  The Wednesday and Thursday meetings may or may not occur depending on how much work is accomplished on the Tuesday meeting as we will be working on the FY11 budget monies to be made available for committee use.