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City Council Finance Committee <br />Meeting Minutes <br />04/16/12 <br />Page 2 of 3 <br />UPDATE FROM JIM MANIRE, BLX GROUP, LLC, CITY FINANCIAL ADVISOR <br />Mr. Manire reviewed a summary of the City’s outstanding debt as of December <br />31, 2011. Five (5) major debts were reviewed, Sales Tax Revenue Refunding <br />Bonds Series 2003, Limited Tax General Obligation Library Bonds Series 2004, <br />Colorado Water Revenue Loan Series 1992, Colorado Revenue Loan Series <br />2003 and NCWCD Windy Gap Assessments. <br />Mr. Manier informed the committee that only two of the debts could be refinanced <br />or paid down early, the Library Bonds and the Colorado Water Revenue Loan <br />Series 2003. Both debts have call dates of 12/1/2013. Mr. Manier and the <br />Committee discussed various options including early prepayment, refinancing <br />with a shorter term, requesting expansion of eligible uses of revenue from voters, <br />and issuing new debt at the current low rate for long range CIP projects. The <br />pros and cons for each scenario were discussed. <br />Council member Keany stated his preference to pay down the debt since interest <br />earnings are so low. City Manager Fleming stated that debt payment options <br />would be incorporated into the long range financial plan and presented to Council <br />at the June budget retreat meeting. <br />The corresponding narrative can be located in the packet of the April 16, 2012 <br />Finance Committee Meeting. <br />PRELIMINARY DRAFT OF BUDGET AMENDMENT SCHEDULED FOR MAY 1, <br />2012 <br />Kevin Watson, Finance Director, reviewed a draft resolution for 2012 budget <br />amendments with the Committee.The Finance Committee requested the <br />Council Communication document for the upcoming budget amendment provide <br />some additional information. For the “new” projects (not the carryovers) the <br />Finance Committee would like the narrative to state if, and when, the Council has <br />previously discussed and approved the new project. <br />SALES TAX REPORTS FOR THE MONTH ENDED FEBRUARY 29, 2012 <br />The Tax Manager presented the monthly sales tax reports for the period ended <br />February 29, 2012. <br />The reports and the corresponding narrative can be located in the packet of the <br />April 16, 2012 Finance Committee Meeting. <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDING MARCH 31, 2012 <br />3 <br />