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City Council Finance Committee <br />Meeting Minutes <br />04/18/16 <br />Page 6 of 8 <br />The reports and corresponding narrative can be located in the packet of the April <br />18, 2016 Finance Committee Meeting. <br />STANDARDIZED DEFINITIONS PROJECT, SALES TAX MODEL ORDINANCE <br />INTRODUCTION AND UPDATE <br />Tax Manager, Penney Bolte, presented to the Finance Committee Members an <br />introduction to Standard Definitions Project currently underway statewide. Ms. <br />Bolte summarized the Senate Resolution 14 -038 which initiated the project in <br />2014 and updated the Committee on the efforts and progress made by home -rule <br />jurisdictions facilitated by CML. <br />Manager Bolte stated that she is working to redline the City's existing ordinance <br />to reflect the new standard definitions and that the next step will be a review of <br />the draft ordinance by the City Attorney prior to bringing the document back to <br />the Finance Committee. The desired timeline is to obtain full City Council <br />approval in August 2016. <br />The background documents along with the corresponding narrative can be <br />located in the packet of the April 18, 2016 Finance Committee Meeting. <br />FINANCIAL STATEMENTS FOR THE MONTH ENDED MARCH 31, 2016 <br />Senior Accountant, Graham Clark presented to the Finance Committee the <br />financial statements for the first three months ending March 31, 2016. Mr. Clark <br />reminded the Committee Members that the 2015 amounts reported are <br />preliminary and will be audited by the City auditors beginning April 18, 2016, and <br />that the budget numbers provided in the reports are those originally adopted in <br />November 2015. <br />Senior Accountant Clark stated that the spike in Tap Fees in the Water Fund is <br />due to the payment of fees for the Kestral development. <br />Councilmember Maloney asked about the review of the City's mill levy. Members <br />and staff discussed the timing in receiving the assessed valuation, and <br />commented that this topic can be discussed during the upcoming budget <br />process. <br />The reports and corresponding narrative can be located in the packet of the April <br />18, 2016 Finance Committee Meeting. <br />CASH & INVESTMENT REPORT AS OF MARCH 31, 2016 <br />7 <br />