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01/08/2013 Finance Committee��U�N�� "��~�� COMMITTEE � �� ""�� MINUTES ��~ January 8, 2013 Councilmembers Present Staff Present CoUnci|member Yamamoto Shawn Hunstock, Finance Director COUOCi|OO8OOb8rFral9y-&4OOiU8S j88DDiH [}iD8S. R9COPdH[ Public Present RODVVR0bO|t Witenberg COunCi|membgr Yamamoto called the meeting tO order 81G:5Gp.m.He we|COmedCOunCi|member F[8|8y-K8ODiU8StO the Finance Committee. A. November 2012 Monthly Financial Report K8[. HVDGtOCK presented the NOV80be[ 2012 K8ODiNy FiD8DCi8| Report. For COUDCi|0e0b8[ F[8|ey- K8OniU8S, he explained 8 lot Of changes have been made to the report over the past year and changes will continue tObe made inaneffort to make the report 8S meaningful and 8S useful 8S possible for the public and the COUDCii COUOCi|OleOOb8r F[8|8V-K8OOiU8S asked LO meet with &4C HVO8tOCk in the next week lO discuss the past 1-2 years and plans for the future. Mr. HUOStOChhigh|ight8d the following: • YTD fund balance through November in the General Fund Of$744,0O0.The 2O13 budget projects 2012 will end with 8$30O,0OO surplus due tO 8Xp9DS8S in D9C80bH[. Some cities have aCUk}ff for expenses in early/mid-December in order to have a better idea of the year-end balance. He plans iO propose iD future years, the cutoff be the end Of the first week OfDecember. • Negative balance iD the Combined Street COOSt[VCt/|0p[OV Fund iS due iO grant related expenses for which the granting agency will be billed. • C)v8ra|| General Fund revenue is slightly over budget through November; expects to end the year slightly over budget. • REET revenue iG$715.000through November; 2012 budget was $59O,0OO. REET revenue in the 2O13 budget was increased tO$850,O0O. • Expenditures through November are 1.5% be|Uvv budget; none Of the departments are Over budget. • Expenditures by department are Gi8Oq6Of budget, November iSS2q6 through the year. Action: Schedule on the Consent Agenda B. Public Comments Bruce Witemberg, Edmonds, n3C8||8d 8 few weeks 8AO the Council approved 8 settlement agreement and asked vvhgrg that payment was reflected. Mr. HunStOCk explained the payment was made in December from the Risk &1RD8g808Di ReS8[V8 Fund 011 and will be r8f|8Ci8d in the December 2012 K8OOth|y RDaDCia| Report. The settlement approved tonight will be paid out of the same fund in j@nV8p/ 2O13. The balance in the Risk Management Reserve Fund through November iS$244,O0O;8nadditional $44S'000 was budgeted iD the 2013 budget 1O pay claims and litigation. Ron WamboUt, Edmonds, observed government accounting dOHS not have 8CC(U@|S. K8[. HUnSLOCk explained it i8 modified aCC[U8| 8CCUUDtiDg; certain limited items can be 8CC[Ugd. The liability was not C[H8tHd until the agreement was 8X8CUL8d which was in 2013. If the 8g[HH0HDt had been signed in the last week of 2012, and the check issued in 2013, it would have been accrued back to 2012. Adjournment — The meeting adjourned 817:28p.m.