Finance Committee Agenda and Packet 2013 05 20

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City Council Finance Committee Meeting Minutes 04/15/13 Page 2 of 3 At the March 18, 2013 meeting, the Finance Committee approved the negotiation of an additional two years of audit services with the City’s current auditors Eide Bailly. Finance Director Watson presented the contract extension proposal for Audit Services to the Committee, stating that if approved, separate engagement letters will be brought forward to the full Council for approval. The Committee approved the contract extension. The full report and corresponding narrative can be located in the packet of the April 15, 2013 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED FEBRUARY 28, 2013 The Tax Manager presented the monthly sales tax reports for the period ended February 28, 2013. Manager Bolte stated that there was a large increase in Building Use Tax due to the impact of ongoing development within the City. The reports and the corresponding narrative can be located in the packet of the April 15, 2013 Finance Committee Meeting. FINANCIAL STATEMENTS FOR THE PERIOD ENDING MARCH 31, 2013 The Accounting Manager presented the financial statements for the first three months of 2013. Graham Clark, Accounting Manager, pointed out that revenues exceed expenditures in the Conservation Trust Fund, a correction to the Finance Committee communiqué. Manager Clark stated that increases in revenue in the Water Utility Fund are due to the increase of building permits for continued development within the City and the related tap fees. The reports and the corresponding narrative can be located in the packet of the April 15, 2013 Finance Committee Meeting. CASH & INVESTMENT REPORT AS OF MARCH 31, 2013 The Finance Director presented the cash and investment distribution reports as of March 31, 2013. Director Watson pointed out in increase in the City’s cash of over $3 million due to building related revenue and property tax receipts. 3