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City Council Finance Committee <br />Meeting Minutes <br />11/15/2010 <br />Page 2 of 3 <br />The Finance Director provided some general information on the City’s <br />outstanding debt. Jim Manire, the City’s Financial Advisor, discussed various <br />issues including analysis of future refunding options on the City’s General <br />Obligation Library Bonds.The general debt information can be located in the <br />packet for the November 15, 2010 Finance Committee Meeting. <br />UTILITY BILLING ISSUES <br />The Accounting Manager presented two issues related to utility billing: <br />1. Accounts that have been billed using incorrect rate tables. <br />2. The City’s red tag policy and the disposition of old, outstanding balances. <br />The Committee approved the issuance of credits and payments for accounts that <br />have been overbilled. The Committee requested that staff send an explanatory <br />letter with the issuance of checks. <br />The Committee also indicated aversion to writing off any utility bills that could be <br />reverted back to landowners and requested that staff present a process for billing <br />just landowners at the time they present possible write-offs. <br />The information presented can be located in the packet for the November 15, <br />2010 Finance Committee Meeting. <br />UTILITY RATES FOR 2011 <br />The Finance Director presented a draft of the resolution scheduled for the <br />December 7, 2010 Council Meeting to increase water and wastewater rates by <br />5%. The Committee did not request a change prior to Council presentation. The <br />information presented can be located in the packet for the November 15, 2010 <br />Finance Committee Meeting. <br />LETTER FROM EIDE BAILLY – STATEMENTS ON AUDITING STANDARDS <br />NO. 114. <br />The Finance Director presented a communication from Eide Bailly per <br />requirements of SAS 114. The letter can be located in the packet for the <br />November 15, 2010 Finance Committee Meeting. <br />SALES TAX REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2010 <br />The Finance Director presented the September 30, 2010 Sales Tax Reports. <br />The reports and the corresponding narrative can be located in the packet for the <br />November 15, 2010 Finance Committee Meeting. <br />í <br /> <br />