Finance Committee Agenda and Packet 2015 12 14

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City Council Finance Committee Meeting Minutes 11/23/15 Page 4 of 6 City Manager Fleming stated that there are many issues including boundary issues, weed control, and habitat restoration that need to be looked at along with other programs. Fleming stated that there also needed to be more discussions with the Open Space Advisory Board. Finance Director Watson stated that the Water Committee was presented a separate policy for utility cash reserves at a recent meeting to review the Financial Model used to develop the water rates. Their policy used 33% OEM, as the reserves level, which all Finance Committee Members agreed seemed too high. The Finance Committee voted unanimously to approve the Financial Policies as presented, which included the reserve level for the Open Space and Parks Fund as presented. The Finance Committee requested staff to schedule and facilitate further discussion and planning with City Council, residents, and related Boards and Commissions regarding Reserve Policies throughout 2016. The Financial Policies and corresponding narrative can be located in the packet of the November 23, 2015 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED SEPTEMBER 30, 2015 The Tax Manager presented the monthly and quarterly sales tax reports for the period ended September 30, 2015. The reports and the corresponding narrative can be located in the packet of the November 23, 2015 Finance Committee Meeting. FINANCIAL STATEMENTS FOR PERIOD ENDING OCTOBER 31, 2015 Senior Accountant, Graham Clark presented the financial statements to the Finance Committee for the ten months through October 2015. Accountant Clark stated that the sale of the Lucky Pie property is reflected in the General Fund line item for Sale of Asset Revenue. Mr. Clark also stated that the 2015 Grant Revenue budgeted for the Wastewater Utility Fund and Golf Course Fund would not be met this year, but rather throughout 2016 and into 2017 due to FEMA grant delays. Mayor Muckle asked when the last DDI (Diverging Diamond Interchange) payment would be made. Finance Director Watson stated the final payment would be the end of December 2015. 5