Finance Committee Agenda and Packet 2015 11 23

Home Browse Search

City Council Finance Committee Meeting Minutes 10/19/15 Page 3 of 5 The reports and the corresponding narrative can be located in the packet of the October 19, 2015 Finance Committee Meeting. CIP BUDGET TO ACTUAL FOR PERIOD ENDING SEPTEMBER 30, 2015 Accountant Graham Clark presented the Committee a summary of the actual expenditures YTD for the 2015 Capital Projects. The report also indicates whether the projects were a carry-over from 2014, an original request, or has been amended. Member Stolzmann stated that she liked the report, and that the notations of "carry- over ", "original" and "amended" were very helpful. Councilmember Stolzmann stated that several items stood out to her such as "Emergency Tree Work" noted as a carry-over from 2014. She stated that the budget for this line item perhaps should be moved to "New Trees ", as it appears the original request was not an "emergency ". Also, that the Police Department has not used its 2015 budget for furniture but that funding for furniture is being proposed for the 2016 budget. Lastly Stolzmann noted that there was a 2014 carry-over for "Median Improvements" which she stated are needed but which funds have still not been used in 2015. The Finance Committee members discussed that the CIP requests need to be more realistic in terms of the ability and the resources needed to complete the proposed projects. Member Stolzmann stated that the City is tying up funds for projects that are not able to be completed due to constrained resources. City Manager Fleming stated that the status of City projects are reviewed with Directors quarterly. Finance Director Watson stated that Manager Fleming authorized the addition of a Project Accounting module to the new ERP system which will allow for real -time detailed access to the budget. Finance Committee members stated that they would like the full City Council to receive this CIP Budget to Actual report on a quarterly basis as part of the City Manager's Update. The report and the corresponding narrative can be located in the packet of the October 19, 2015 Finance Committee Meeting. CASH & INVESTMENTS AT SEPTEMBER 30, 2015 Finance Director, Kevin Watson, presented to the Finance Committee the monthly report from Chandler Asset Management of the City's cash and investments. Director Watson stated that the reserves have been drawn down, and slightly reallocated, to pay for projects being completed late Summer and into the Fall. 6