Laserfiche WebLink
City Council Finance Committee <br />Meeting Minutes <br />03/18/13 <br />Page 2 of 3 <br />Finance Director Watson presented a draft of the RFP for Audit Services to the <br />Committee. Director Watson explained that the current services contract was for <br />a 5-year period and due to expire, and that a new RFP would normally be issued <br />in July 2013. <br />Director Watson requested approval from the Committee to negotiate with the <br />City’s current auditor, Eide Bailly, for an additional one to two-year period after <br />which a new RFP would be issued. The Director explained that the continuity in <br />working with the existing auditors would be beneficial during the transition of new <br />staff and through upcoming budget changes and large City projects. <br />The Committee approved the request with the understanding that the Finance <br />Director Watson would try to keep the audit fees consistent with the prior years’ <br />costs. <br />SALES TAX REPORTS FOR THE MONTH ENDED JANUARY 31, 2013 <br />The Tax Manager presented the monthly sales tax reports for the period ended <br />January 31, 2013. <br />Council Member Keany and Mayor Muckle asked about the upswing in sales tax <br />revenue for the month. Tax Manager Bolte stated that one of the grocery stores <br />remitted an additional two weeks of sales tax to satisfy their 4-4-5 accounting <br />system and that this anomaly occurs every 4-5 years. Bolte stated that without <br />this payment, sales tax revenues would still have increased by approximately <br />7%. <br />The reports and the corresponding narrative can be located in the packet of the <br />March 18, 2013 Finance Committee Meeting. <br />FINANCIAL STATEMENTS FOR THE MONTH ENDED DECEMBER 31, 2012 <br />The Finance Director and Accounting Manager presented the preliminary <br />financial statements ending 2012. The Director stated that the reports pretty <br />closely represent those that will be provided to the auditors. <br />Finance Director Watson stated that the budget rollover amounts would be <br />presented to Council at an upcoming City Council Meeting for capital projects not <br />completed in 2012. <br />CASH & INVESTMENT REPORT AS OF FEBRUARY 28, 2013 <br />The Finance Director presented the cash and investment distribution reports as <br />of February 28, 2013. <br />3 <br />