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City Council Finance Committee <br />Meeting Minutes <br />10/19/15 <br />Page 2 of 5 <br />Councilmember Stolzmann stated that she appreciates the ERP updates and <br />summaries. She complimented staff on their decision to delay the go -live date to <br />July 2016 to ensure the accuracy and integrity of the new system. <br />PURCHASING POLICY DISCUSSION <br />Meredyth Much, Public Relations Manager, presented the revised Purchasing <br />Policy Limits which included several additional conditions which would require <br />City Council approval. <br />Finance Committee members discussed the additional approval considerations <br />and unanimously recommended the proposed changes to the Purchasing Policy, <br />Ordinance No. 1701, Series 2015, be brought forward to the full City Council. <br />The communication, Purchasing Policy Limits, and Ordinance 1701, Series 1701, <br />can be located in the packet of the October 19, 2015 Finance Committee <br />Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED AUGUST 31, 2015 <br />Tax Manager Bolte presented the monthly sales tax reports for the period ended <br />August 31, 2015. <br />The reports and the corresponding narrative can be located in the packet of the <br />October 19, 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 September 30, 2015. <br />Senior Accountant Clark stated that the Golf Course Fund expenditures currently <br />exceed revenues by $841K. City Manager Fleming stated that that the golf <br />course had a strong September and that October also is strong and that he <br />anticipates revenues will meet the revised budget projection of $598K. <br />Finance Director Watson stated that staff continues to work towards reconciling <br />the POS system to the General Ledger and that it is believed that items such as <br />gift cards and rainchecks may be part of the variance. <br />Director Watson also informed the Finance Committee members that Eide Bailly <br />has conducted its review of cash handling for the Library, Recreation Center and <br />Golf Course and will present the results of their review and recommendations at <br />an upcoming Finance Committee meeting. <br />5 <br />