Finance Committee Agenda and Packet 2019 02 18

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City Council Finance Committee Meeting Minutes 01/14/19 Page 3 of 5 redlines reflect general housekeeping changes, while others represent changes requested by the Finance Committee in previous discussions. Committee Members reviewed the policies and stated they had no questions pertaining to Section 1 General Policies, Section 3 Debt Policies, Section 5 Operating Budget Policies, Section 6 Investment Policies, or Section 7 Capital Asset Investment & Management Policies. Chairperson Maloney stated that he wanted to discuss Section 2 Reserve Policies. Finance Committee Member Lipton agreed. Finance Committee Chairperson Maloney stated that he would like the annual transfer from the General Fund to the Recreation Fund to be hard -coded into the policy language. Finance Committee Member Lipton stated that he would like language incorporated into Section 2 of the policy that conveys both the Recreation Center and Golf Course should each strive to operate in a manner that each will generate the maximum amount of reserves with as minimal General Fund support as possible. Finance Committee Members also discussed the redline language of Section 4.6 of the Revenue Policies. The Finance Committee requested firmer language and reasonableness reviews be incorporated into the policy language with regard to the use of an annual fee inflator for certain City fees. The Committee requested City Manager Balser and Director Watson modify the language and bring the revised redline back to the Finance Committee in February. Chairperson Maloney stated that he and Director Watson would work together to draft language for Sections 2.1, 2.5 and 2.6 of the Reserve Policy that supports the guiding principles discussed by the Finance Committee Members. The last policy discussed was Section 8.6 of the Accounting, Auditing & Financial Reporting Policy. Director Watson stated that he is recommending the capitalization threshold of each item be increased from $5K to $10K. Director Watson stated that this would simplify the process and have minimal impact on the City's financial reporting. Finance Committee Members discussed and approved this change. The reports and corresponding narrative can be located in the packet of the January 14, 2019 Finance Committee Meeting. FINANCE COMMITTEE 2019 WORK PLAN Finance Committee Chairperson Maloney outlined the latest draft of the 2019 Finance Committee Work Plan. Committee Member Lipton requested the word "operational" be added to the 2nd Quarter review of the Recreation Center and Golf 4