Finance Committee Agenda and Packet 2021 03 15

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City Council Finance Committee Meeting Minutes 02/15/21 Page 4 of 5 PRELIMINARY FINANCIAL STATEMENTS FOR THE QUARTER ENDED DECEMBER 31, 2020 Kevin Watson, Finance Director, presented preliminary Statements of Revenue, Expenditures, and Changes to Fund Balances (or Working Capital for Enterprise Funds) for the fourth quarter ended December 31, 2020 for the City's major operating funds. Director Watson reminded the Committee that these are very preliminary statements and are presented on mostly a cash basis — many of the year-end accruals and other year-end adjustments have not yet been made. The purpose of the presentations was to give the Committee a very preliminary look at revenue, expenditures, and ending reserves for the main operating funds and to get feedback from the Committee as to the format and content of the statements. The Committee approved the format and content of the statements and requested that the final 2020 statements be presented in April. The reports and corresponding narrative can be located in the packet of the February 15, 2021 Finance Committee Meeting. STAFF REPORTS/UPDATES/DISCUSSIONS Update on Windy Gap Firming Project Financing Mayor Pro Tern Maloney and Kurt Kowar, Public Works Director updated the Committee on the Windy Gap Firming Project. The project has been delayed for six to eighteen months to due continued litigation. 2021 Work Plan Kevin Watson, Finance Director, presented an udpated 2021 Committee Work Plan for review. The latest work plan can be located in the packet of the February 15, 2021 Finance Committee Meeting. DISCUSSION ITEMS FOR THE NEXT REGULAR MEETING The March regular Finance Committee Meeting is scheduled for Monday, March 15, 2021 at 4:00 p.m. Items scheduled for discussion at the next meeting include: • Bag Tax Implementation • 2022 Budget Development Calendar 5