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City Council Finance Committee <br />Meeting Minutes <br />09/14/15 <br />Page 7 of 8 <br />Finance Committee Member Keany asked if there is a cutover date. City <br />Manager Fleming stated they hope to transition on September 21, if it is possible <br />to hire by then. Finance Director Watson stated the City tax staff would conduct <br />an audit of the restaurant equipment, food and beverage. <br />Finance Committee Member Keany stated he had heard feedback that the golf <br />rounds and golf carts were too expensive, and that he hoped the City would be <br />reviewing revenues, expenses, etc., during the winter months and make sure the <br />golf course is competitive come Spring 2016. <br />The communication and graphs can be located in the packet of the September, <br />14, 2015 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED JULY 31, 2015 <br />Tax Manager Bolte presented the monthly and quarterly sales tax reports for the <br />period ended July 31, 2015. <br />The reports and the corresponding narrative can be located in the packet of the <br />September 14, 2015 Finance Committee Meeting. <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDING JULY 31, 2015 <br />Graham Clark, Senior Accountant presented to the Committee the financial <br />statements for the months ending August 31, 2015. <br />Senior Accountant Clark noted for the Committee Members the lower than <br />expected revenues for Water Utility Fund and for Tap Fees but stated that while <br />the tap fees are trending in the right direction, they are still $536K lower than <br />budget. <br />Councilmember Stolzmann asked if the financials for the Golf Course had been <br />reconciled to the revenue and expenses presented by David Baril at the last <br />Finance Committee meeting. Accountant Clark stated they had not, that <br />processes were still being fine - tuned, and that the audit by Eide Bailly should <br />help isolate any remaining issues. <br />Resident, John Leary asked where the funding for the Water Fund's operating <br />deficit would come from. Finance Director Watson stated that any deficits would <br />be funded out of the reserves in the enterprise fund. Member Stolzmann stated <br />that the fund must maintain the required debt to revenue ratios, and that <br />basically, the shortfall will need to be built into the rates for 2016, which may <br />need to be raised more than anticipated. <br />8 <br />