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City Council Finance Committee <br />Meeting Minutes <br />07/19/21 <br />Page 2 of 4 <br />APPROVAL OF THE MINUTES FROM THE JUNE 14, 2021 MEETING <br />The Finance Committee approved the May 17, 2021 minutes as presented. <br />PRESENTATION FROM CHANDLER ASSET MANAGEMENT <br />Scott Prickett and Julie Hughes, representatives from Chandler Asset <br />Management, the City's Investment Advisor, presented information on the latest <br />economic conditions and the current status of the City's investment portfolio. <br />The quarterly economic and investment report can be located in the packet of the <br />July 19, 2021 Finance Committee Meeting. <br />PRESENTATION FROM EIDE BAILLY LLP <br />Paul Kane, partner with Eide Bailly, LLP, the City's independent auditor, presented <br />highlights from the City's Annual Comprehensive Financial Report (ACFR), <br />reviewed the auditor's opinion letter, and reviewed the AU-C 260 Communication. <br />Mayor Pro Tern Maloney asked Mr. Kane about ideas or recommendations for <br />process audits or internal control audits. Mr. Kane discussed the possibility of <br />beginning with a comprehensive risk assessment and then deciding on additional <br />process / internal control audits. <br />The ACFR and the AU-C 260 Communication can be located in the packet of the <br />July 19, 2021 Finance Committee Meeting. <br />REVENUE PROJECTION DASHBOARD <br />Kevin Watson, Director of Finance, presented two revenue projection dashboards <br />for the Committee's review and discussion. <br />The first dashboard contained City-wide revenue sources totaling $100,000 or <br />more per year. For each revenue source, a 2021 annual projection was compared <br />to the 2021 amended annual budget and to the 2020 actual annual amount. <br />The second dashboard was similar to the first, but contained only General Fund <br />revenue sources totaling $100,000 or more per year. This dashboard also <br />included the latest projection of total General Fund revenue at the bottom. <br />Director Watson explained how the projections were based on a simple trend <br />analysis using actual collections during the first six (6) months of the year and <br />comparing those to the actual collections in 2019, the actual collections in 2020, <br />and the weighted average monthly budgets for 2021. For some revenue sources, <br />El <br />