Finance Committee Agenda and Packet 2010 10 18

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City Council Finance Committee Meeting Minutes 09/20/2010 Page 3 of 4 Manager Fleming for his guidance and all City staff for their efforts in cutting costs and increasing efficiency. Mayor Sisk asked about the revenues related to the Golf Course. Director Watson stated that the final financials are pending the final equipment purchase by Western. It is anticipated that the loan payback may begin in 2011. Mayor Sisk asked for information on the Library Bonds and both he and Council Member Marsella asked about prepayment options and penalties. CASH & INVESTMENTS REPORT AS OF AUGUST 31, 2010 The Finance Director presented the Schedule of Cash & Investments as of August 31, 2010. The schedule and corresponding narrative can be located on the City’s website at www.louisvilleco.gov. The Finance Director stated that the City is currently carrying additional cash reserves and will continue to do so in anticipation of large street improvement expenditures and at the advice of the City’s investment firm, Davidson Fixed Income Management. Director Watson stated that additional funds will be placed in cash investment pools for at least the next six months to one year to avoid locking in funds at current rates. LIST OF BILLS The Committee reviewed the List of Bills scheduled for approval at the September 21, 2010 Council Meeting. The list can be located on the City’s website at www.louisvilleco.gov. The Committee requested additional information on invoices for: CCTV $3,367.00 Council Member Marsella asked if a detailed accounting of the fees paid had been provided by CCTV. Satellite Electric $ 795.35 Wal-Mart (Broomfield) $ 6.00 Wal-Mart (Lafayette) $ 358.00 Mayor Sisk asked if Satellite Electric is a local business and also reiterated that purchases should be made from local businesses whenever possible. The Committee requested additional information on the following invoices: