Finance Committee Agenda and Packet 2016 03 14

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City Council Finance Committee Meeting Minutes 02/15/16 Page 4 of 7 quarter. Mr. Leary stated that the Committee will not have performed the necessary reasonableness checks in the model prior to using it for the Small Area Plans. Mr. Leary stated that the Impact Model only works when expenses and revenues match, but that generally it is not the case, and the Model is then unrealistic. Mr. Leary wondered if pushing out the Small Areas Plans would be prudent, allowing the Finance Committee time to hold a special meeting to discuss both the Small Area Plans and the Fiscal Impact Model. Mayor Muckle stated that the approval of the South Boulder Road Small Area Plan is most important and should not be delayed. Resident Leary stated that the City Council would need to understand that it would be using a separate process for its determination than the Planning Commission. Chairperson Stolzmann stated that the proposed 2016 Work Plan for the Finance Committee is a starting point and identifies the critical items to be addressed in the 1st and 2nd quarters of 2016. Member Stolzmann stated that many of the items will be tied together. The Finance Committee agreed to schedule a special meeting, Friday, February 19, 2016 from 11:30 a.m. — 2:30 p.m., to discuss the key indicators and, if time permits, the dashboard or reporting information required in the new ERP system. Councilmember Stolzmann requested Director Watson include a previously distributed description of key indicators and workload measures in the packet of the special meeting as a starting point. A copy of the Finance Committee Draft Work Plan is included with the minutes of the February 15, 2016 Finance Committee Meeting. ACCOUNTS PAYABLE DISBURSEMENT PROCEDURES DURING COUNCIL VACATION Finance Director, Kevin Watson reviewed with the Finance Committee the current process for payment of the City's bills, noting that with the exception of hand -type check requests, of which a list is provided to City Council, all checks are held until approval by City Council. Finance Committee Members discussed that this can be a burden for some smaller vendors when City Council takes vacation. City Manager Fleming stated that there is no ordinance, rule, or regulation requiring City Council approval of the bills before payment is made. Manager Fleming stated the process has been one of tradition and transparency. Councilmember Maloney asked Director Watson what sort of process he would feel is appropriate and whether or not City Council has ever denied a payment. 5