FC012120FINANCE COMMITTEE MEETING
January 21, 2020
Elected Officials Present
Councilmember Vivian Olson
Council President Fraley-Monillas
Staff Present
Scott James, Finance Director
Dave Turley, Assistant Finance Director
Jerrie Bevington, Recorder
The meeting was called to order at 6:02 p.m. in the Jury Meeting Room.
November 2019 Monthly Financial Report
Mr. Turley described the role of the Finance Committee and the purpose and structure of the monthly
financial report. He invited input on the format and information in the report. He distributed an
overview of the City's funds and a graph of the 2020 expenditure budget by fund. He reviewed the
November 2019 Monthly Financial Report, highlighting:
• November is 92% through the year
• Most revenues are at 90%
• Not all expenditures occur monthly, some occur early in the year which alters the percentage
spent
• Overtime in Police, Public Works and Parks due to February snowstorm
• Largest revenues sources for the General Fund are sales and property taxes
• Record high sales taxes in 2019
• Sales tax analysis by category
o Retail automotive highest source
o Construction trade 2nd highest
• $67M investment portfolio
o Over $1 M YTD in investment earnings
o Plan to discuss other investment options with mayor
Mr. Turley and Mr. James responded to questions regarding why some revenues are over 100%
received, revenue estimates that are made the prior year, expenditures that occur early in the year,
fees covering costs, funds set aside for projects, reserve balances, expenditures from the Opioid
Response Fund and the Homelessness Fund, and BID revenues and expenditures.
Action: Schedule on Consent Agenda
2. Discuss 2020 Finance Committee Work Plan
Mr. James said his goal is to get information into decision -makers' hands in a timely, accurate and
complete manner. He distributed a list of potential committee projects and a policy matrix identifying
policies that have been reviewed, updated, repealed, etc. He highlighted potential projects:
• Review/update the policy purpose to state that the policy is intended to be guidelines for the
administration
• Combine all finance related policies into one document and post on the Finance Department's
website
Draft a debt policy
Solicit input from Mayor, Council and staff regarding what they would like to see in a capital
project report
01/21/20 Finance Committee Minutes, Page 2
Discussion followed regarding past changes to the purchasing policy, ensuring policies are updated
and that the City is following its policies as adopted, adopting policies via resolution versus ordinance,
and biennial budgeting.
Action: Discussion only
The meeting was adjourned at 6:51 p.m.