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City Council Finance Committee <br />Meeting Minutes <br />10/17/16 <br />Page 2 of 5 <br />FINANCIAL STATEMENTS FOR THE MONTH ENDED SEPTEMBER 30, 2016 <br />Senior Accountant, Graham Clark presented to the Finance Committee the <br />financial statements for the first nine months ending September 30, 2016. <br />Mr. Clark informed the Committee Members of a $900K transfer from the <br />General Fund to the Parking Lot Fund. Chairperson Stolzmann stated that she <br />would like to keep the fund but see the fund spent down to zero dollars. <br />Member Stolzmann asked if the General Fund transfer to the Open Space & <br />Parks Fund would be necessary at year-end. Finance Director Watson stated it <br />would not be necessary if City Council approved a lower reserve level. Finance <br />Committee Member Maloney stated that with impact fees, the transfer may not <br />be necessary. <br />Finance Committee Members discussed the Historical Preservation Fund and <br />whether the grant funds would be spent. City Manager Fleming stated they <br />would not. Member Stolzmann stated that perhaps some of the budgeted funds <br />could be used for the expansion of the museum. Ms. Stolzmann also inquired as <br />to where the funds would be recorded when the grain elevator closes. Director <br />Watson stated that the developer repayment would be recorded as the sale of an <br />asset in the Historic Preservation Fund. <br />Finance Committee Member Maloney asked why the Impact Fee Fund — <br />Business Assistance revenue account reflected a negative number. Director <br />Watson stated the account is a contra -revenue account and reflect the rebate <br />given to the Boulder County Housing Authority. <br />The reports and corresponding narrative can be located in the packet of the <br />October 17, 2016 Finance Committee Meeting. <br />CIP BUDGET TO ACTUAL FOR PERIOD ENDING SEPTEMBER 30, 2016 <br />Senior Accountant, Graham Clark presented to the Finance Committee the <br />Budget versus Actual CIP year-to-date report by fund, and by project as of <br />September 30, 2016. <br />Finance Committee Member Maloney raised discussion concerning the Golf <br />Course Fund. Member Maloney stated that, as the Golf Course Fund is an <br />Enterprise Fund, it should only be allowed to spend what it can afford based on <br />revenues it receives, and not necessarily the full amount originally budgeted. <br />Finance Director Kevin Watson and City Manager Malcolm Fleming stated that <br />the funds were appropriated and that there is legal authority for them to spend <br />3 <br />