Finance Committee Agenda and Packet 2009 10 19

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City Council Finance Committee Meeting Minutes 09/14/09 Page 2 of 3 RECOMMENDATION ON FINANCIAL MANAGEMENT SYSTEM The Finance Director presented the Review Committee’s recommendation for the purchase of financial management software. A review of the entire procurement process along with the final recommendation can be located on the City’s website at www.louisvilleco.gov. The Committee unanimously approved the recommendation and directed staff to move forward negotiating a purchase and support agreement. SALES TAX REPORT FOR THE PERIOD ENDED JULY 31, 2009 The Tax Manager presented the July 31, 2009 Sales Tax Report. The report and the corresponding narrative can be located on the City’s website at www.louisvilleco.gov. DISCUSSION – SALES TAX ON CIGARETTES At the August 17 meeting, the Committee requested that staff research the process for removing the sales tax exemption on cigarettes. The Tax Manager presented a report outlining the revenue implications and the legal issues of applying the City sales tax to cigarette purchases. The report can be located on the City’s website at www.louisvilleco.gov. The Mayor stated that he would present this issue to the Colorado Municipal League. REVENUE TREND DASHBOARD – SEPTEMBER 10, 2009 PROJECTIONS The Finance Director presented current trend analysis and projections for various revenue sources summarized in a revenue trend “dashboard” report. This report can be located on the City’s website at www.louisvilleco.gov. FINANCIAL STATEMENTS FOR THE PERIOD ENDING AUGUST 31, 2009 The Accounting Manager presented the Financial Statements for the period ending August 31, 2009. The statements and corresponding narrative can be located on the City’s website at www.louisvilleco.gov. In addition to reviewing and discussing the report, the Committee discussed that the Public Access Television Fund be renamed the PEG Fee Fund. The Committee also discussed the level of maintenance costs within the Conservation Trust – Land Acquisition Fund and indicated that the remaining balance of the Library Construction Fund would be used in 2010 as a grant match.