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City Council Finance Committee <br />Meeting Minutes <br />09/19/2011 <br />Page 2 of 4 <br />The Committee approved the minutes from the August 22, 2011 meeting as <br />presented, with the correction of the spelling of Mayor Pro Tem Marsella’s name. <br />PROPOSED BUDGET AMENDMENT <br />The Finance Director presented a draft of a resolution for budget amendment to <br />the Committee. The resolution will be presented to Council on September 20, <br />2011. <br />The resolution can be located in the packet of the August 22, 2011 Finance <br />Committee Meeting. <br />UPDATES TO INVESTMENT POLICY (DRAFT) <br />Finance Director, Kevin Watson presented to the Finance Committee a <br />preliminary draft of the City’s Investment Policy.Watson stated that additional <br />changes would likely be made as the policy is reviewed by the Government <br />Finance Officers Association, the Association of Public Treasurers of the United <br />States & Canada and City Attorney, Sam Light. Also, the downgrading of U.S. <br />Securities by Standard and Poor’s will require amendments to the State statutes, <br />a matter that CML is working on with the State of Colorado, which may also <br />require future policy revisions. <br />The Finance Director stated that he anticipates the policy being brought forward <br />to Council in November or December 2011. <br />The Investment Policy draft and corresponding narrative can be located in the <br />packet of the August 22, 2011 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED JULY 31, 2011 <br />The Tax Manager presented the July 31, 2011 Sales Tax Reports. <br />The Committee stated its pleasure with the revenue numbers to this point. <br />The Mayor noted it is very positive to see local businesses large and small <br />making capital improvements in the City. He also stated that the City needs to <br />remain diligent in bringing in new businesses and filling the vacant Safeway and <br />Sam’s Club sites. <br />The reports and the corresponding narrative can be located in the packet of the <br />September 19, 2011 Finance Committee Meeting. <br />REVENUE TREND ANALYSIS – PROJECTIONS DATED SEPTEMBER 15, <br />2011 <br />í <br /> <br />