City Council Minutes 2011 07 19 - Laserfiche WebLink

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City Council Meeting Minutes July 19, 2011 Page 3 of 8 David DeZutter, of Eide Bailly, summarized the 2010 audit report, which includes the City's financial statements and various other sections including management discussion and analysis; statistical tables with 10 years of history of financial and non financial information and compliance section with regard to federal funds expended by the City. The document is prepared by the City's Finance Department and an external auditor provides an opinion on the report. He outlined the major highlights of the audit; the management discussion and analysis summary; the section in the back, which has detailed individual department financial statements. He noted the City's financial state is strong. He addressed a footnote in the summary of disclosure of accounting policy; where the City's funds are invested and information on City pensions. He stated the 2010 audit went very well and did not require any adjustments. He thanked Finance Director Kevin Watson, Accounting Manager Barb Kelly and the entire Finance Department for a very successful audit. Mayor Sisk explained a very detailed presentation was made before the Finance Committee. He commended Fiinance Director Watson and the Finance Department. AMEND LOUISVILLE MUNICIPAL CODE TO PROVIDE THAT SALES AND USE TAX LICENSE FEES WILL BE ESTABLISHED BY RESOLUTION Mayor Sisk requested a City Attorney introduction. City Attorney Light read Ordinance No. 1595, Series 2011. He noted Staff's presentation will combine Ordinance No. 1596, Series 2011 and Resolution No. 41, Series 2011. Members of the public may speak to either item under public comment. Mayor Sisk opened the public hearing and requested a Staff presentation. Economic Development Director Star explained on June 6, the City Council approved an Ordinance moving many specific fees from the Code and concurrently placing them without any change in an authorizing resolution and publishing the resolution on the City's website. Just after approval, staff became aware that one fee was missed in this process: the fee charged for a sales and use tax license. As a housekeeping action, staff requests the City Council approve Ordinance No. 1596, Series 2011. Additionally, for Council action Resolution No. 41, Series 2011 resets the fee for a sales and use tax license. If authorized, this Resolution will be effective on the effective date of Ordinance 1596, or August 23, 2011. Mayor Sisk requested public comment and hearing none closed the public hearing. ORDINANCE No. 1596, SERIES 2011 AN ORDINANCE AMENDING SECTION 3.20.402 OF THE LOUISVILLE MUNICIPAL CODE TO PROVIDE THAT SALES AND USE TAX LICENSE FEES WILL BE ESTABLISHED BY RESOLUTION OF THE CITY COUNCIL Public Hearing