HomeMy WebLinkAboutMinutes - Finance Committee - 06/18/2012 -C.Finance AdministrationI0a•~t’FloorI-Ort CoLLins Fort Collins CO 80522
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Council Audit ft Finance Committee
Minutes
6/18/12
10:00 to 12:00
Council Attendees:Mayor Karen Weitkunat,Kelly Ohlson
City Staff Attendees:Darin Atteberry,John Voss,Mike Beckstead,Bruce
Hendee,Josh Birks,Seonah Kendall,Jessica Ping
SmaLl,Mindy PfLeiger,Heather Shepherd
Others:David May,Chamber of Commerce
Approval of the minutes from the April 16,2012 meeting
KeLLy Ohlson moved to approve the minutes and Mayor Weitkunat seconded the
motion.The April minutes were approved unanimously.
Fund Balance Status 2011
In response to the question of what funding is avaiLable to support 2013 and 2014
initiatives,Finance staff reviewed the fund balances as of year-end 2011.
Mike Beckstead summarized availability by each fund in the City Budget.The
balance within each Fund was categorized into Minimum Policy,Non-spendable,
Restricted,Committed and Assigned.Within each of these categories,funds were
further broken down by Appropriated or Scheduled,Available but with some
constraints,and Available for nearly any purpose.
Kelly Ohlson asked about using the term available for ‘nearly any’purpose,and
suggested using more definitive wording on future reports.
The full summary of fund balances can be viewed online at:
http://www.fcgov.com/councit/finance.php
Project Beta -Avago Technologies
Josh Birks presented information on a financial assistance package for Avago
Technologies which would help fund their expansion in Fort Collins.
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F&t CoLLins
The Public Benefits:
Job Creation
135 jobs with the company
344 jobs created during construction
135 spill-over jobs
•Increased tax revenue
•Retention of a Local company
•Supply chain overarching impact
•Positive Fort CoLLins brand message
There wiLL be increased tax revenue to the City,and Fort ColLins wilL be abLe to retain
this knowledge base and technology.
The Assistance Package Totals (including assistance from State and County
programs):
One Time Investments $4,347,180
On-Going Investments $3,041,353
ALL Investments $7,388,533
Darin Atteberry enquired about the other potential costs to the City such as water
consumption,etc.Josh Birks will add data on any other costs before the topic goes
before the City Council.
Kelly Ohlson suggested that a provision or clause be added which would require some
follow up or proof showing the number of jobs added,and if possible,whether the
jobs filled were from a local or national recruiting pool.
Mike Beckstead said that there will also be some financial checks in place.The
Sales/Use Tax department will do an annual audit to verify that any equipment is
bought,etc.
Kelly Ohlson suggested that members of Avago’s team be in attendance at the
upcoming City Council meeting as well.
Based on the Committee’s feedback,Josh Birks will compile more data on the
specifics of the package,which will be included in the information presented to the
City Council at the July ~2012 Council Meeting.
r r City ofFortCollins
Investment Policy
This topic will be rescheduled for the August 2012 Council Finance Committee.
July 2012 Meeting topics:
Annual Auditor’s report.
Compensation philosophy.
August 2012 Topics:
Investment Policy
Revenue Diversification