Finance Committee Agenda and Packet 2012 04 16 (2)

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City Council Finance Committee Meeting Minutes 03/19/12 Page 3 of 4 The corresponding narrative can be located in the packet of the March 19, 2012 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED JANUARY 31, 2012 The Tax Manager presented the monthly sales tax reports for the period ended January 31, 2012. The reports and the corresponding narrative can be located in the packet of the March 19, 2012 Finance Committee Meeting. DRAFT ORDINANCE – SALES/USE TAX The Tax Manager presented the four different elements contained in the proposed ordinance amendment. The draft ordinance proposes expense reimbursement of staff time and travel expenses related to audit, refund and seizure expenses; firming the requirements of out-of-city deliveries eligible for exemption; amending the filing requirement for use tax returns to include the annual filing by non-retailers; and the implementation of municipal summons in tax delinquency situations prior to certification of taxes to Boulder County for collection. The Finance Committee recommended the draft ordinance be brought forward to a Council Study Session. The corresponding narrative can be located in the packet of the March 19, 2012 Finance Committee Meeting. FINANCIAL STATEMENTS FOR THE PERIOD ENDING DECEMBER 31, 2011 The Finance Director presented the Financial Statements stating that they are a good representation of where the year ended although the amounts are unaudited at present. The Finance Director stated that the Finance Committee needed to consider carryovers to the 2012 budget when reviewing any surpluses in the major operating funds. The corresponding narrative can be located in the packet of the March 19, 2012 Finance Committee Meeting. LIST OF BILLS The Committee was provided a List of Bills scheduled for approval at the March 20, 2012 Council Meeting. 4