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02/08/2011 Finance Committee MinutesFINANCE COMMITTEE MEETING MINUTES February 8, 2011 7:47 PM Present: Councilmember Petso Councilmember Bernheim Staff: Lorenzo Hines Jr., Director, Finance and Information Services Debi Humann, Director, Human Resources Rob Chave, Manager, Planning Department Public: Finis Tupper Ron Wambolt Al Rutledge Roger Hertrich Councilmember Petso called the meeting to order at 7:47 PM. A. General Fund update for December 2010 Mr. Hines, presented revenue and expenditure trends for the General Fund and current forecasts for the City's major revenue sources. Both committee members asked questions regarding the report. Mr. Hines answered questions or requested additional time for research questions that were raised. Mr. Hines stated that he would return to the committee with responses to any outstanding questions. For information only, no further action required. B. Review and approval of Professional Services Agreement for Land Use Hearin Examiner Services Ms. Humann and Mr. Chave presented the results of the procurement for the city Hearing Examiner. After completing the RFQ process and interviews with the finalists, the Mayor has selected the firm of Olbrechts & Associates PLLC to serve as the City's Hearing Examiner. The appointment requires Council confirmation. Councilmember Petso voiced concerns she had after reading internet articles on issues in Monroe, where Mr. Olbrechts had served as City Attorney. Councilmember Bernheim expressed concern that so few firms had applied, and staff responded that the RFQ had been widely distributed but there appeared to be a limited number of qualified firms and that it can be difficult to recruit firms for a variety of reasons. The Committee recommended forwarding the Mayor's appointment to the full council for consideration with no recommendation. C. Proposed 2011 equipment rental hourly rates for external agencies and the Transportation Benefit District Mr. Hines presented the issue and answered questions on same. The committee voted to move the item to the council consent calendar. D. Cash Flow/WorkingCCapital Mr. Hines discussed the city's current and historical use of the working capital approach in its financial statements. He also answered questions from both committee members regarding this issue. For information only, no further action required. Finance Committee Minutes, Page 2 E. Re -formatting City Financial Reports Councilmember Bernheim and Mr. Hines discussed reformatting the monthly reports to include more information. Mr. Hines indicated that the Mayor's committee on reviewing the format of the city's interim financials is the forum for such a discussion. Mr. Hines also mentioned that Councilmember Bernheim is a member of the Mayor's committee and the first meeting is Wednesday, February 9, 2011. For information only, no further action required. F. Revisions to Financial Reporting Ordinance Councilmember Bernheim and Mr. Hines briefly discussed the issue. For information only, no further action required. G. Timeliness of Financial Reporting and Compliance with City Code Councilmember Bernheim and Mr. Hines discussed the issue. Councilmember Bernheim asked Mr. Hines about the current 30-day timeline for submitting reports to Council. Mr. Hines indicated that given the limited staffing in the city's Finance office, 45 days would be more reasonable, however he would work within the current timeline as requested. For information only, no further action required. H. 2010 Fourth Quarter Budget Update Mr. Hines presented the report. He explained that this report is preliminary, due to the fact that the Finance office is still closing the 2010 fiscal year and unformatted due to the timeframe given to produce the report. He further explained that the information provided consists of system reports which provide the basis for the formatted reports. Mr. Hines also indicated that a final and formatted report would be developed when the 2010 fiscal year is closed, as time permits. For information only, no further action required. I Public Comments (3-minute limit per person) • Roger Hertrich asked about the city's cash accounting and investment policies. Mr. Hines responded to his questions. • Ron Wambolt commented that the city's reporting systems are not meeting expectations. Mr. Hines responded to his comments. • Al Rutledge asked about the Hearing Examiner. • Finis Tupper spoke about the Hearing Examiner. Adjournment - The meeting adjourned at approximately 9:15 PM.