Finance Committee Minutes 2008 04 14

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City Council Finance Committee Meeting Minutes 04/14/08 Page 2 of 3 PRESENTATION ON THE 2007 AUDIT MANAGEMENT LETTER Wendy Swanhorst of Swanhorst & Company, LLC, the City's independent auditors, presented a draft of the 2007 Audit Management Letter. The Finance Director presented a draft of management's responses. The management letter and management's responses can be located on the City's website at www.cLlouisville.co.us. In addition to this presentation, the following issues were brought forward and discussed: . Implementation of radio-frequency meter reading and the impacts on the year-end utility receivable balance. . Investments and compliance with investment policy. . Current level of reserves. FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2008 The Accounting Manager presented the March 31, 2008 Financial Statements to the Finance Committee. The statements and corresponding narrative can be located on the City's website at www.ci.louisville.co.us. The Accounting Manager also distributed the March 31, 2008 financial report on the Golf Course Fund. In addition to this presentation, the following issues were brought forward and discussed: . Property tax payment dates of February 28 and June 15. . Future revenue sources of the Public Access Television Fund. . The fund balance deficit in the Parking Improvement Fund. . The new information presented on the financial statements for the Golf Course Fund. SALES TAX REPORT FOR THE PERIOD ENDED FEBRUARY 29,2008 The Sales Tax Administrator presented the February 29, 2008 Sales Tax Report to the Finance Committee. The report and the corresponding narrative can be located on the City's website at www.cLlouisville.co.us. SCHEDULE OF CASH & INVESTMENTS AS OF MARCH 31, 2008 The Finance Director presented the Schedule of Cash & Investment as of March 31, 2008 to the Finance Committee. The schedule and corresponding narrative can be located on the City's website at www.ci.louisville.co.us. 3