Finance Committee Agenda and Packet 2016 01 19

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City Council Finance Committee Meeting Minutes 12/14/15 Page 6 of 7 Senior Accountant, Graham Clark presented the financial statements to the Finance Committee for the eleven months through November 2015. Finance Director Watson stated that the estimates provided by the Planning Department for 2015 would probably not be met for this year and will impact several funds, including the Open Space and Parks Fund. Accountant Clark added that the Davidson Mesa project had not yet started and that there will still be a payment to CDOT of approximately $500K. City Manager Fleming stated that there will also be a payment for the Hoyle Property land dedication of approximately $1M and that there will be a separate fund jointly managed with Boulder County. Council Member Stolzmann asked if that revenue will go into the Open Space and Parks Fund or another fund. The Committee and staff discussed that a Resolution may be needed. Senior Accountant Clark also pointed out that the Grant Revenue in the Capital Projects Fund and Wastewater Utility Fund will not meet budget estimates due to FEMA grant delays. Finance Committee Member Stolzmann stated that the City's utility rates must be set to sustain operations and not dependent on building related taxes and fees. The reports and the corresponding narrative can be located in the packet of the December 14, 2015 Finance Committee Meeting. CASH & INVESTMENT REPORT AS OF NOVEMBER 30, 2015 The Finance Director presented the cash and investment reports and stated that the investments are more liquid and cash balances are declining as anticipated. The reports and the corresponding narrative can be located in the packet of the December 14, 2015 Finance Committee Meeting. LIST OF BILLS SCHEDULED FOR COUNCIL APPROVAL ON DECEMBER 15, 2015 The Finance Director provided the Finance Committee with a list of bills scheduled for Council approval at the December 15, 2015 regular Council meeting. The list of bills can be located in the packet of the December 14, 2015 Finance Committee Meeting. DISCUSSION ITEMS FOR THE NEXT MEETING & MEETING SCHEDULE