Finance Committee Agenda and Packet 2016 02 15

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City Council Finance Committee Meeting Minutes 01/19/16 Page 4 of 5 PRELIMINARY BUDGET CALENDAR FOR 2017 -2018 BUDGET PROCESS Finance Director, Kevin Watson presented a draft of the 2017 budget calendar to the Finance Committee. City Manager, Malcolm Fleming and Committee Members discussed that it might be more appropriate for the City Council Study Session scheduled for January 26, 2016 to be for discussion of the 2016 work program and to schedule a special study session to discuss the 2017 budget. Finance Committee Members and staff agreed that the special meeting would need to be before March 18, 2016 when the CIP forms and instructions are issued to departments. The communication and preliminary 2017 -2018 budget calendar can be located in the packet of the January 19, 2016 Finance Committee Meeting. FINANCIAL STATEMENTS FOR THE MONTH ENDED DECEMBER 31, 2015 Senior Accountant, Graham Clark presented the financial statements for the twelve months ending December 31, 2015. Mr. Clark stated that the reports are preliminary and do not include any 2015 accruals. Finance Director Watson stated that the year -end accruals and inter -fund transfers are generally not complete until mid - March. In April, the final statements are presented to the City Auditor, Eide Bailly, and to the Finance Committee. Council Member Maloney stated that he would like some assurances that the 2015 actuals will be ending as anticipated, especially entering into the next budget year. Members discussed and agreed that there is no value in continuing to receive preliminary statements and that they will review the final financial statements in April. The communication and financial statements can be located in the packet of the January 19, 2016 Finance Committee Meeting. C -I -P BUDGET -TO- ACTUAL AT DECEMBER 31, 2015 Senior Accountant, Graham Clark presented an updated report of the budget -to- actuals for Capital Projects budgeted for 2015. Accountant Clark stated that the report includes comments from the project manager and project status. Committee Chairperson Stolzmann thanked staff for the report and stated it was very helpful. Member Stolzmann informally requested the name for the project 5