Finance Committee Agenda and Packet 2014 09 15

Home Browse Search

City Council Finance Committee Meeting Minutes 08/18/14 Page 2 of 4 PRESENTATION OF CAFR AND AU -C 260 COMMUNICATION — DAVE DEZUTTER, EIDE BAILLY Mr. DeZutter presented to the Finance Committee the City of Louisville Comprehensive Annual Financial Report (CAFR) for the year ended December 31, 2013. Mr. DeZutter stated to committee members that the City has received an unmodified "clean" opinion and that the CAFR has been submitted to the Government Finance Officers Association (GFOA) for award. He continued, that the financial statements revealed several improvements including a $7M cash balance increase, six months operating cost equity in the General Fund, $600K expense savings and a $1.5M improvement in the General Fund at the end of 2013. Mr. DeZutter added that the Golf Course Fund required adjustments or write -offs of approximately $2M due to the flooding and impaired assets, however, these adjustments are considered typical when storm related damage occurs. The 2013 CAFR, AU -C 260 Communication, and corresponding narrative can be located in the packet of the August 18, 2014 Finance Committee Meeting. FINANCIAL STATEMENTS FOR PERIOD ENDING JULY 31, 2014 Senior Accountant, Graham Clark presented the fund balance statements to the Finance Committee for the first seven months of 2014. Accountant Clark informed the Committee that approximately $2.275M in eligible costs will be reimbursed to the City of Louisville by FEMA in the coming months. The reports and the corresponding narrative can be located in the packet of the August 18, 2014 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED JUNE 30, 2014 The Tax Manager presented the monthly and quarterly sales tax reports for the period ended June 30, 2014. The reports and the corresponding narrative can be located in the packet of the August 18, 2014 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD 3