Finance Committee Agenda and Packet 2012 08 20

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City Council Finance Committee Meeting Minutes 07/16/12 Page 2 of 3 SALES TAX REPORTS FOR THE MONTH ENDED MAY 31, 2012 The Tax Manager presented the monthly sales tax reports for the period ended May 31, 2012. The reports and the corresponding narrative can be located in the packet of the July 16, 2012 Finance Committee Meeting. REVENUE TREND DASHBOARD – PROJECTIONS OF JULY 12, 2012 The Finance Director presented the preliminary projections for all City funds based on the actual amount received during the first six months of the year. The reports and the corresponding narrative can be located in the packet of the July 16, 2012 Finance Committee Meeting. FINANCIAL STATEMENTS FOR THE PERIOD ENDING JUNE 30, 2012 The Accounting Manager presented the Financial Statements for the first six months of 2012. The corresponding narrative can be located in the packet of the July 16, 2012 Finance Committee Meeting. Mayor Muckle asked staff to provide annual revenue and expenditure estimates for the Urban Revitalization District Fund. This should include estimates of payment to the City for the South Street underpass. Mayor Muckle also asked staff if the Open Space & Parks Fund was able to sustain ongoing operations. City Manager Fleming and Finance Director Watson stated that they anticipate a sustainable fund balance of approximately $4M which would cover current maintenance costs and modest CIP expenditures. CASH & INVESTMENT REPORT AS OF JUNE 30, 2012 The Finance Director presented the cash and investment distribution reports as of June 30, 2012. The corresponding narrative can be located in the packet of the July 16, 2012 Finance Committee Meeting. Finance Director Watson stated that Scott Prickett from Davidson Fixed Income Management is scheduled to meet with the Finance Committee at the September meeting. 3