Finance Committee Agenda and Packet 2020 02 18

Home Browse Search

City Council Finance Committee Meeting Minutes 01 /21 /20 Page 7 of 8 Finance Committee Member Lipton asked if the turn -back projections are current. Director Watson stated they are, and that pretty large turn -backs are anticipated. Finance Committee Members asked about the low percentage of budget expenditures used for General Administration Service. Director Watson stated he would look into it and email the Committee. Director Watson asked the Committee to consider the reports, and whether the revenue dashboard reports that can be created by Analyst Nat Ahrens would be more useful and reduce redundancy. The reports and corresponding narrative can be located in the packet of the January 21, 2020 Finance Committee Meeting. CASH & INVESTMENTS REPORT FOR THE QUARTER ENDED DECEMBER 31, 2019 Finance Director Kevin Watson presented the reports to the Finance Committee for the period ending December 31, 2019. The Committee had no questions. The reports and corresponding narrative can be located in the packet of the January 21, 2020 Finance Committee Meeting. STAFF REPORTS/UPDATES/DISCUSSIONS New Procedures for Adding/Changing Vendor Information Finance Director Kevin Watson presented to the Finance Committee a summary of the internal controls used by the City of Louisville Finance staff related to vendor changes, and how the City's processes differ from those recently exploited in the Town of Erie. Director Watson stated that the event in Erie appeared to be a result of an internal control failure where and employee did not verify a change in electronic funds transfer (EFT) information for a vendor, and an unauthorized transfer occurred. Director Watson stated that the City of Louisville does not pay vendors through electronic funds transfer, and that the City's internal controls are strong and mimic that of a paper process. 2020 Work Plan Update 8