Finance Committee Minutes 2006 08 14

Home Browse Search

City Council Finance Committee Meeting Minutes 8/14/2006 Page 2 of 4 five core cities (Arvada, Boulder, Broomfield, Lakewood and Thornton) that have participated in a feasibility study have invested up to $25,000 each. The Cities being asked to participate in the phase II activities will not be required to be reimbursed for the phase I activities. The phase II activities which include, an RFP and an asset inventory, may cost the City of Louisville $10,000-$15,000. The City of Boulder states that this effort will not conflict with Senate Bill 152 which requires voter approval. The five core cities are in the process of developing a memorandum of understanding that will eventually lead to an intergovernmental agreement with all cities included in the phase II process. Chris Puccio is seeking a commitment from the City of Louisville to move forward with participation in phase II. The Finance Committee moved to bring the issue forward to the September 5,2006 City Council meeting. The Finance Director will discuss possible funding of the phase II costs at the September 5, 2006 Finance Committee meeting. The arbitrage rebate analysis report on the Limited Tax Obligation Library Bonds was presented to the Finance Committee. The City of Louisville has no positive arbitrage that would require a refund of bond proceeds to the federal government. The Finance Director forwarded a copy of the report to Wendy Swanhorst, the City's external auditors. The ordinance enacting Chapter 3.07 of the Louisville Municipal Code, pertaining to the procurement of goods and services and the associated resolution and purchasing policy were presented to the Finance Committee. The 1st reading of the ordinance took place on August 15, 2006 and the public hearing is scheduled for September 5, 2005. Staff is recommending approval of the ordinance and resolution in order to move forward with the updated purchasing policy. Staff presented an ordinance repealing and reenacting Chapter 3.27 of the Louisville Municipal Code regarding telephone utilities tax. City Council asked that a memo be issued from the City's attorney regarding TABOR law. The ordinance will be presented to City Council for 1 st reading at the September 5, 2006 meeting with a public hearing date of September 19, 2006. There was a CCTV budget discussion. The City Manager informed the Finance Committee that the 2007 budget from CCTV is due in October of 2006. The Finance Director is requesting that an updated 2006 budget be submitted to City Council for supplemental appropriation of all expenditures expected in the fund for 2006. There were no outstanding questions regarding the list of bills. AGENDA ITEMS FOR THE NEXT MEETING