Finance Committee Agenda and Packet 2014 07 15

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City Council Finance Committee Meeting Minutes 04/21/14 Page 2 of 3 CASH & INVESTMENT REPORT AS OF MARCH 31, 2014 Scott Pricket of Davidson Fixed Income Management, the City's Investment Advisor, was present to give the Committee an economic and investment update. The report can be located in the packet of the April 21, 2014 Finance Committee Meeting. NOTIFICATION OF RATINGS UPGRADE FROM STANDARD & POOR'S RATING SERVICES The Finance Director provided the Finance Committee with a copy of a letter and ratings report from Standard & Poor's. Standard & Poor's has increased their rating on the City's General Obligation Library Bonds from AA to AA +. The letter and report can be located in the packet of the April 21, 2014 Finance Committee Meeting. BUDGET AMENDMENT — PRELIMINARY REVIEW The Finance Director provided the Finance Committee with a preliminary draft of the budget amendment schedule for Council action on May 6. The Committee reviewed and discussed various elements of the amendment. The Committee requested the following: • The purpose of the Building Maintenance Fund be discussed at an upcoming Council Study Session. • The reasons for removing the Joe Carnival Park Renovation project, which is funded be lottery proceeds, from the 2014 budget. • Remove the proposed budget increase to Lodging Tax revenue. • Consolidate all expenditure narratives (from Resolution Appendices A and B) in the Council Communication. The proposed budget amendment and the corresponding narrative can be located in the packet of the April 21, 2014 Finance Committee Meeting. REQUEST FOR PROPOSALS FOR MARGINAL COST FISCAL IMPACT MODEL The Finance Director and Scott Robertson, Planner provided the Finance Committee with a copy of the Marginal Cost Fiscal Impact Model RFP that was issued on April 10, 2014. The Committee reviewed and discussed the RFP and requested that the proposals be brought forward to the full Council for discussion at an upcoming Study Session. 3