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City Council Finance Committee <br />Meeting Minutes <br />02/18/19 <br />Page 7 of 9 <br />FINANCIAL STATEMENTS FOR THE QUARTER AND YEAR ENDED <br />DECEMBER 31, 2018 <br />Finance Director Kevin Watson presented the financial statements to the Finance <br />Committee Members. Director Watson informed the Committee that the <br />statements are preliminary, and that the General Fund currently reflects a large <br />turn -back of approximately $2.7M that will be added to the reserves. <br />Director Watson stated that 2018 was part of the City's first bi-annual budget <br />process, and that it was not looked at or revised. Director Watson and City <br />Manager Balser stated that now that staff has gained experience with the new <br />process, projections should be more accurate. <br />Finance Committee Member Lipton stated that he doesn't mind have larger <br />reserves for a couple of years. Finance Committee Chairperson Maloney stated <br />that, based on weakening revenues in the City, the City should be cautious. <br />The reports and corresponding narrative can be located in the packet of the <br />February 18, 2019 Finance Committee Meeting. <br />CAPITAL IMPROVEMENT PROGRAM REPORT FOR THE YEAR ENDED <br />DECEMBER 31, 2018 <br />Accounting Manager Cara Golden presented the 2018 year-end C-I-P Report to <br />the Finance Committee. <br />Chairperson Maloney stated that good information is provided in the report. The <br />Finance Committee and staff discussed the carry forward amounts and projects. <br />Member Lipton asked if there are "bandwidth" issues for staff. City Manager Balser <br />stated that some of the delayed projects are centered on transportation issues and <br />turnover at the Police Department. <br />The Finance Committee and staff discussed that every project has a story, and <br />every story is different. <br />The reports and corresponding narrative can be located in the packet of the <br />February 18, 2019 Finance Committee Meeting. <br />CONTINUED DISCUSSION ON FINANCE COMMITTEE 2019 WORK PLAN <br />REVIEW <br />There was no Finance Committee discussion for this agenda item. <br />The reports and corresponding narrative can be located in the packet of the <br />February 18, 2019 Finance Committee Meeting. <br />8 <br />