HomeMy WebLinkAboutMinutes - Finance Committee - 11/19/2012 -Ce Finance AdministrationI0215NMason2’FloorFortCoLLins970.221.6788
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Council Audit ft Finance Committee
Minutes
11/19/12
10:00 to 12:00
CIC Room
Council Attendees:Mayor Karen Weitkunat,Mayor Pro Tern KeLLy
Ohison,Ben Manvel
Staff:Darin Atteberry,John Voss,Mike Beckstead,
Jessica Ping-Small,Mindy PfLeiger,Heather
Shepherd
Others:
Approval of the Minutes of October15 2012
Ben Manvel moved to approve the minutes and Kelly Ohlson seconded the motion.The
October 15,2012 minutes are approved unanimously.
Mike Beckstead advised the Committee of a development which has occurred since the last
meeting regarding the terms ‘interagency’and ‘interfund’loan.City Attorney Steve Roy
determined the City should continue to use ‘interagency loan’.
Monthly Sales &Use Tax Report Changes
The focus of the report has historically been on sales and use tax collections
In January 2011,KFCG tax increase made year over year receipt comparison no longer meaningful so the
report was changed to focus on ‘net taxable’as an appropriate budget performance indicator.
*Net taxable is not an accurate reflection of sales and use tax performance.Reporting from grocery
receipts is what the report will now be using.
The Droposed changes to the report are as follows:
•Focus will be on sales and use tax collections
•A collections focus will give an accurate indication of actual vs.budget
•Report will separate economic rebate receipts from use tax which will give a more accurate
picture of use tax performance
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Report will focus on month city receives revenue vs.when the transactions occur
The goal of the change in reporting is to provide better clarity of revenue vs.prior year and actuals vs.
budget for City’s primary source of revenue.
Annual Financial Policy Review
John Voss stated that Finance Department has committed to the annual review of financial
policies.Previously this was done as part of the budget process.In 2012 five policies were
updated or created.Staff has proposed a work plan for 2013 to review policies with the
greatest need for updates.
•Investment Policy —October 15,2012—Council Finance Committee
•Low-Income Rebate Programs approved by Council June 5,2012
•On-Bill Financing —Policies written prior to program launch Nov 2012
•DDA LOC —Procedures and process defined within IGA agreements
•Procurement Policies &Procedure Manual —QIV 2012
-Process maps developed and manual rewritten to ensure compliance with Federal
Funding
2012 efforts focused mainly on new programs and addressing areas of concern.Staff will
schedule quarterly policy review discussions with council finance committee per the time
below.Policies will be combined,updated,and kept in a central location.
•Define Financial Policy Framework &Sections -QI
•Debt Policy -QI
•Revenue Policy -QIl
•Budget Policy -QIll
•Reserve/Fund Balance Policy—Qill
•Additional topics and dates to be determined
Kelly Ohlson asked if Council members could get an update or summary on what was funded in
the budget to see what the final result was via email before tomorrow’s Council meeting.
GERP Follow Up Question
In response to a question about the General Employee’s Retirement Plan,Mike Beckstead
advised the Committee that there is a potential need for a special Council Finance Committee
executive session for further confidential discussion.
Darin Atteberry agreed that it may be advisable to talk with City Council members in executive
session to determine what if any action is to be taken.The target date for that meeting is
January 2013.
Ben Manvel requested that City staff prepare some information which would include various
decision scenarios before prior to the executive session to help with the discussion.