Finance Committee Agenda and Packet 2010 04 19

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City Council Finance Committee Meeting Minutes 03/15/2010 Page 2 of 3 UPDATE ON BANKING SERVICES PROCUREMENT PROCESS The Finance Director reviewed the status of the Evaluation Committee review of the banking proposals and interviews. Based on the findings, the Committee recommended that staff begin negotiation with First National Bank but continue the process of evaluating the Cost of Services with the other banks to determine a "second best" should negotiations with First National Bank prove unsuccessful. The Finance Committee unanimously approved the Evaluation Committee's recommendations. A summary of the Committee's findings can be located on the City's website at www.louisvilleco.Qov. USE TAX ADMINISTRATION DISCUSSION Per the request of the City Manager, the Tax Manager prepared some general information regarding the administration of certain use tax exemptions. The Tax Manager also provided information on the sales and use tax rates of other jurisdictions and outlined various code and regulation modifications that could be made to effect the desired use tax intent and revenue. The Finance Committee unanimously agreed not to pursue the idea of providing use tax exemptions. Additionally, the Finance Committee unanimously requested that the discovery process continue and include additional resident survey and feedback and directed the City Manager to explore the use of a firm to help with the marketing aspects. A copy of the discussion document can be located on the City's website at www.louisvilleco.Qov. SALES TAX REPORT FOR THE PERIOD ENDED JANUARY 31,2010 The Tax Manager presented the January 31, 2010 Sales Tax Report. The report and the corresponding narrative can be located on the City's website at www.louisvilleco.Qov. FINANCIAL STATEMENTS FOR TWO MONTHS ENDING FEBRUARY 28, 2010 3