Finance Committee Agenda and Packet 2011 10 17

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City Council Finance Committee Meeting Minutes 09/19/2011 Page 3 of 4 The Finance Director presented the 2011 Revenue Trend Analysis with projections dated September 15, 2011. The reports and the corresponding narrative can be located in the packet of the September 19, 2011 Finance Committee Meeting. The Finance Director stated that Building Use Tax revenue was increased and that there may be additional increases based on the new building activity in the City. The projected total for all General Fund revenue indicates a 2.2% increase over budget. That may continue to grow through the end of the year. The Finance Director also stated that water user fees continue to be strong. The Mayor stated he was pleased with the usage of the pool at Memory Square and the Committee stated it would like to see the facility open earlier in the season and stay open, at least weekends, through the Labor Day weekend. Deputy City Manager Balser stated that private individuals are running and staffing the pool and that it would be up to them to see if additional lifeguards could be hired for the longer season. The Committee members remarked on the favorable results of the trend analysis report. FINANCIAL STATEMENTS FOR THE PERIOD ENDED AUGUST 31, 2011 The Accounting Manager presented the August 31, 2011 Financial Statements. The reports and the corresponding narrative can be located in the packet of the August 22, 2011 Finance Committee Meeting. Mayor Pro Tem Marsella asked about the status of the remaining revenues in the Library Construction Bond Fund. Director Watson stated that the $100K remaining would be used to partially fund the new book handling system with the remaining revenue coming from the Library Capital Improvements fund. Mayor Pro Tem Marsella also inquired about the City’s options regarding the Library Debt Service Fund. Director Watson stated there are three options for the City, 1) to lower the mill levy, 2) to keep the mill levy the same but reallocate a portion to operations, or 3) keep the same mill levy and pay down the debt. Finance Director Watson stated that he would like to bring forth an RFP for Financial Advisor Services to the Committee for approval later this year. The Director stated his desire to keep Financial Advisor services separate from Underwriter services. CASH & INVESTMENTS REPORT AS OF AUGUST 31, 2011 ì