Finance Committee Agenda and Packet 2012 03 19

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City Council Finance Committee Meeting Minutes 02/20/12 Page 3 of 4 REQUEST TO WRITE-OFF UNCOLLECTABLE ACCOUNTS RECEIVABLE FOR THE PERIOD ENDED JANUARY 31, 2012 The Tax Manager presented the background of how accounts receivable balances are handled and how taxpayers are notified. The Tax Manager reviewed the amounts requested for write-off and provided the Committee information on the remaining active balances. The corresponding narrative can be located in the packet of the February 20, 2012 Finance Committee Meeting. CASH & INVESTMENTS REPORT AS OF JANUARY 31, 2012 The Finance Director presented the Schedule of Cash & Investments as of January 31, 2012. The schedule and corresponding narrative can be located in the packet of the February 20, 2012 Finance Committee Meeting. The Finance Director informed the Committee that the Investment Policy which the City had been holding off on will be coming forward to Council for approval. While the State legislature has not yet amended statute 24-75-601.1, the language has been approved and incorporated into the Policy. This will mean that a large portion of City cash currently in Investment Pools will be reinvested in US Government Securities. INVESTMENT ADVISORS ACT DISCLOSURE The Finance Director presented the Committee with the disclosure document from Davidson Fixed Income Management as required by the Securities and Exchange Commission (SEC) and Rule 204-3(a) under the Investment Advisers Act of 1940. The disclosure and corresponding narrative can be located in the packet of the February 20, 2012 Finance Committee Meeting. LIST OF BILLS The Committee was provided a List of Bills scheduled for approval at the February 21, 2012 Council Meeting. Councilor Keany requested the Master Card Purchasing Summary to include the department of the employee making the purchase. Member Keany asked if there was a policy regarding maintenance expenditures for fleet vehicles. 4