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City Council Finance Committee <br />Meeting Minutes <br />02/20/12 <br />Page 2 of 4 <br />DEBT SERVICE FUND <br />Finance Director, Kevin Watson summarized the status of the Debt Service Fund <br />and reviewed for the new Committee member’s issues that had been discussed <br />by previous Committee members. The Director presented the three options that <br />had been discussed for the Debt Service Fund and indicated that decisions <br />would need to be made during 2012 to incorporate into the 2013 budget. <br />The options outlined included the lowering of the mill levy to approximately 1.200 <br />mills, maintaining the current mill levy and paying down the debt earlier, and <br />maintaining the current mill levy but asking voters to approve the allocation of a <br />portion of the revenue to library operations. <br />Council member Keany asked staff to provide the Committee an estimate of the <br />interest savings if the debt was paid off five years early. Keany also stated that <br />the matter should be discussed during a Study Session with full Council and that <br />a question related to the issue be incorporated into the Citizen survey. <br />The corresponding narrative can be located in the packet of the February 20, <br />2012 Finance Committee Meeting. <br />UTILITY BILLING ISSUES <br />Accounting Manager Kelley provided the Committee with background on the <br />utility billing issues and explained the cause of several different types of account <br />errors. Kelley stated that as accounts continue to be reviewed, additional <br />corrections may need to be made. <br />The corresponding narrative can be located in the packet of the February 20, <br />2012 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED DECEMBER 31, 2011 <br />The Tax Manager presented the monthly, quarterly and year-end December 31, <br />2011 Sales Tax Reports. <br />Council member Keany requested staff to include the inflation rate as an <br />additional tool for the Committee when analyzing City revenues. <br />The reports and the corresponding narrative can be located in the packet of the <br />February 20, 2012 Finance Committee Meeting. <br />3 <br /> <br />