Finance Committee Agenda and Packet 2012 02 20

Home Browse Search

City Council Finance Committee Meeting Minutes 01/17/12 Page 4 of 5 The Finance Director stated that the City auditors would begin their fieldwork in late April. The Committee was informed that Western Golf Properties’ lease payments had not yet been brought current and that the payments are due by January 31, 2012. The Committee discussed various options for the future operation and management of the golf course. The reports and the corresponding narrative can be located in the packet of the January 17, 2012 Finance Committee Meeting. CASH & INVESTMENTS REPORT AS OF DECEMBER 31, 2011 The Finance Director presented the Schedule of Cash & Investments as of December 31, 2011. The schedule and corresponding narrative can be located in the packet of the January 17, 2012 Finance Committee Meeting. The Finance Director informed the Committee that the City is holding off on reinvesting in US Government Securities until the State legislature amends statute 24-75-601.1, which is expected soon. Director Watson stated that the delay may be of benefit since it is anticipated that interest rates will begin to increase. LIST OF BILLS The Committee was provided a List of Bills scheduled for approval at the January 17, 2012 Council Meeting. Councilor Keany requested additional information on the following invoices: Blitz Paintball $261.00 Krav Maga Worldwide Inc $700.00 Krav Maga Worldwide Inc $700.00 Zucca Ristorante $999.00 Rhode Island Novelty $326.60 In addition Council Member Keany asked what the Running Group LLC is, under what circumstances are utility refunds issued, and what the City policy is on restaurant and food charges. Accounting Manager Kelley indicated that a majority of refunds are due to final utility bills being paid by both the former property owner and by the title company at closing. Other refunds can be due to documented leaks on which any excess charged for tier premiums is refunded. 5