Finance Committee Agenda and Packet 2018 01 19

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City Council Finance Committee Meeting Minutes 12/19/17 Page 3 of 6 the City's fees, rates and charges should be added to the 2018 Finance Committee Work Plan. Mayor Muckle moved to approve the recommended Resolution to City Council as presented. Finance Committee Chairperson Maloney seconded the motion. All Committee Members were in favor. The reports and corresponding narrative can be located in the packet of the December 19, 2017 Finance Committee Meeting. FINANCIAL STATEMENTS FOR THE MONTH ENDED NOVEMBER 30, 2017 Senior Accountant Graham Clark presented the financial statements for the period ending November 30, 2017. Mr. Clark highlighted that the General Fund revenues for Cultural Services, has exceeded budget due to Special Events and the securing of additional sponsors. Mr. Clark also informed the Finance Committee that the Transportation Program, specifically Repairs and Maintenance and Supplies, which includes gas and oil expenses, will end lower than budget. Finance Committee Member Lipton stated that the City is over -budgeting for gas and oil and should look ahead to continue to adjust the budget downward. City Manager Balser stated she would discuss this matter with Public Works and have the amounts budgeted for gas and oil in the 2019/2020 budget reviewed and, if necessary, revised. Committee Member Lipton continued the same discussion for the Open Space Fund, stating that the costs for Personnel, Supplies and Service expenses are 20% below budget at this point. Member Lipton questioned why these funds are not being spent when there are still unmet needs. Committee Chairperson Maloney asked City Manager Balser if the City is allocating money for more projects than can be completed or that exceeds staffing capacity. City Manager Balser stated in some instances, maybe yes, but for other instances the lack of spending, or delay in spending is due to changes in priorities. Finance Director Watson stated that there will be additional cash payments in January and February 2018 that will be accrued back to 2017, and that the unspent budget for Capital Projects is from the postponement of the trails project. Finance Committee Members discussed the amount of annual "turn -back". Finance Committee Chairperson Maloney asked if an average 10% turn -back was too much. Member Lipton stated his opinion that it should be between 3-5%. Finance Committee Members also discussed the amount of unspent funds. The 4