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City Council Finance Committee <br />Meeting Minutes <br />08/19/13 <br />Page 3 of 4 <br /> <br />The Accounting Manager, Graham Clark presented the financial statements for <br />the month ending July 31, 2013. <br /> <br />Manager Clark stated that all funds remain in good shape. Of note, the <br />Conservation Trust fund will see an increase in revenue when the early August <br />sale of two additional parcels of land along US Highway 36 to CDOT is recorded. <br />Also noted was that only 14.4% of the annual budgeted expenditures have been <br />spent from the Capital Projects Fund. <br /> <br />City Manager Fleming stated that the proposed purchase of land in CTC for the <br />building of the City Shops facilities will be accomplished within the existing <br />budget and no budget amendment will be necessary. <br /> <br />The Accounting Manager stated that he investigated a State bid list for office <br />supplies but discovered that the purchasing of paper was the only commodity <br />currently procured under bid by the State. The City currently utilizes Staples, <br />Office Max, and Source for many purchases which offer competitive pricing to a <br />local consortium of cities. <br /> <br />Council Member Keany stated that he would like to have the City consider <br />establishing a restriction/reservation for water tap fees to address future capital <br />outlay. Finance Director Watson stated that this could be done but that the <br />results of the current utility rate study may also need to be considered by <br />Council. <br /> <br />Mayor Muckle questioned the revenue and expenditures stated for the Solid <br />Waste & Recycling Utility Fund. Staff indicated this may be due to a timing <br />difference in payment of the fees to Western. <br /> <br />The reports and the corresponding narrative can be located in the packet of the <br />August 19, 2013 Finance Committee Meeting. <br /> <br />CASH & INVESTMENT REPORT AS OF JUNE 30, 2013 <br /> <br />The Finance Director presented the cash and investment distribution reports as <br />of July 31, 2013. Director Watson stated that cash increased by approximately <br />$2M, due partially to the delay in capital projects expenditures. <br /> <br />The corresponding narrative can be located in the packet of the August 19, 2013 <br />Finance Committee Meeting. <br /> <br />LIST OF BILLS <br /> <br /> <br />4