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City Council Finance Committee <br />Meeting Minutes <br />08/20/12 <br />Page 3 of 4 <br />Finance Director Watson stated that projections have been increased for <br />consumer use tax, building-related revenue (except construction permits), certain <br />recreation center revenue, court fines and water and wastewater utility revenue. <br />Finance Director Watson stated that these projections will provide the starting <br />point for the 2013 budget process but will continue to be refined throughout the <br />year. <br />Councilmember Keany stated his opinion that revenue generated from the <br />accelerated build-out of Steel Ranch not be included in General Fund revenues <br />during the 2013 budget process. <br />City Manager Fleming stated that while some of the building-related revenue is <br />allocated to the general fund, that the anticipated decline of such revenue has <br />been included as part of the City’s 5-year fiscal plan. <br />Councilmember Keany asked if the City has planned for the potential water <br />usage spike that would result from Conoco Phillips. City Manager Fleming stated <br />that they had received preliminary estimates from Conoco Phillips and have <br />explored several options to address the initial heavy usage when any such <br />activities begin. <br />The reports and the corresponding narrative can be located in the packet of the <br />August 20, 2012 Finance Committee Meeting. <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDING JULY 31, 2012 <br />The Finance Director presented the Financial Statements for the first seven <br />months of 2012. <br />The corresponding narrative can be located in the packet of the August 20, 2012 <br />Finance Committee Meeting. <br />CASH & INVESTMENT REPORT AS OF JULY 31, 2012 <br />The Finance Director presented the cash and investment distribution reports as <br />of July 31, 2012. <br />The corresponding narrative can be located in the packet of the August 20, 2012 <br />Finance Committee Meeting. <br />Finance Director Watson stated that the City’s cash increased in July due to the <br />collection of property taxes and the general increase in overall City revenues. He <br />stated that the cash level will decrease as the expenses for summer City <br />construction projects are paid. <br />4 <br />