Finance Committee Minutes 2007 12 03

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City Gouncit Finance Committee Meeting Minutes 12/03/07 Page 2 of 3 GITY HALL REMODEL UPC-ATE Scott Robson, Parks & Recreation Director, presented an update of the City Hall Remodel Project. There is approximately $52,000 of work remaining. The project is projected to come in at $77,500 under-budget. FINANCIAL STATEMENTS FOR THE MONTH ENDED OCTOBER 31, 2007 The September Financial St<~tements were presented to the Finance Committee. The narrative prepared by ti-ie Accounting Manager can be located on the City's website at www.ci.louisville.t;o.us. in addition to this presentation, the following issues were brought forward and discussed: • The committee was reminded that the financial statements were on a cash basis and no monthly accruals were made. • Capital project expenditures appear significantly under-budget. Staff issued a report showing the budget and actual expenditures to-date for all capital projects in the Conservation Trust -Land Fund, the Capital Projects Fund, and the Water Utility Fund. The City Manager relayed information on his discussions with the Public Works Director regarding these issues. The Committee requested that staff provide more explanatory detail on the status of capital projects when they are "rolled forward" during the supplemental budget process. Council Member Marsella asked for a review of $1,000 expended to line item #0~I:2-499-55200.11 Louisville Housing Authority. • Finance staff presented a listing of approved capital project appropriations that were not approved in the budget resolutions. This represents an error in the adopted budget and was the result of miscommunications among all who helped prepare the budget. Finance staff stated that they would implement certain control processes that would help prevent this type of error from happening again. • Finance staff discussed the restricted fund balance in the Impact Fee Fund and discussed haw the different impact fees are segregated based on restricted use. • Council Member Marsella questioned the amount of Miscellaneous Revenue in the General Fund. This revenue is mainly interest earnings and it was agreed that interest earnings have not been accurately budgeted in the past. • The Committee discussed future plans for a report on cash and investments. The Committee also discussed outsourcing investment services and the results of a previous request for proposals. SALES TAX REVENUE FOR THE QUARTER ENDED SEPTEMBER 30, 2007 The September Sales Tax Report was presented to the Finance Committee. The report prepared by the Sales Tax Administrator can be located on the City's website at www.ci.louisvilfe.co,~us. In addition to this presentation, the following issues were brought forward and discussed: 3