Finance Committee Minutes 2008 08 18

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City Council Finance Committee Meeting Minutes 08!18!08 Page 2 of 3 FINANCIAL STATEMENTS FOR THE PERIOD ENDED JULY 31, 2008 The Accounting Manager presented the July 31, 2008 Financial Statements to the Finance Committee. The statements and corresponding narrative can be located on the City's website at wtivw.ci lo~_ns~~ille.co.us. In addition to the presentation, the following issues were brought forward and discussed: • The budget for the Urban Revitalization District Fund will be included in future presentations. • The future of the Public Access Television Fund. • Restrictions on reserves within the Northwest Parkway Fund. • Court settlement estimates for the Northwest Parkway Fund. • Fees and purchases of the Parking Improvement Fund. • McCaslin Interchange Project. • Using the remaining reserve in the Library Construction Fund for solar project. • Reclassifying street sweeping costs to the Stormwater Utility Fund. SALES TAX REPORT FOR THE PERIOD ENDED JUNE 30, 2008 The Sales Tax Administrator presented the June 30, 2008 Sales Tax Report to the Finance Committee. The report and the corresponding narrative can be located on the City's website at ww~v.ci.louisville.co.us. SCHEDULE OF CASH & INVESTMENTS AS OF JULY 31, 2008 The Finance Director presented the Schedule of Cash & Investment as of July 31, 2008 to the Finance Committee. The schedule and corresponding narrative can be located on the City's website at tivww.ci_.louisvill~.co.us. In addition to the presentation, the Committee recommended an automatic sweep from the Golf Course Revenue Account in order to keep total cash balances at First National Bank under $100,000 REVIEW OF PROFESSIONAL SERVICES PROPOSALS AND RECOMMENDATIONS FOR PROFESSIONAL AUDITING SERVICES FOR 2008 THROUGH 2012 The Committee reviewed professional service proposals from the following audit firms: • Bondi & Company • BKD, LLP • McGladrey & Pullen • Gordon, Hughes, & Banks. LLP 3