2017-06-06 Finance Minutes - Laserfiche WebLink

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FINANCE COMMITTEE Meeting Minutes City Council Finance Committee June 6,2017- 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod Staff: David Cline, Peggy McCarthy, Chris Flores, Andrew Quinn, Jay Wittwer, Jeff Nichols, Ben Hayman, Vicky Carlsen, Laurel Humphrey Guest: Duncan Brown, Public Financial Management, Inc. CALL TO ORDER: Chair Seal called the meeting to order at 5:34 p.m. I. PRESENTATIONS II. BUSINESSAGENDA A. Replacement of Fire Department Breathing Equipment Fit Testing System Staff is seeking Council approval to purchase an OHD Quantifit respirator fit testing machine and five -year factory service agreement in the amount of $13,991.4. The current fit testing equipment has outlived its useful service life and becoming unreliable. Replacement of this equipment was included in the Public Safety Bond with a cost estimate of $20,000. The OHD system was selected due to accuracy, ease of use, price, and customer service. The purchase price includes a $1,500.00 trade -in credit for the old equipment. UNANIMOUS APPROVAL. FORWARD TO JUNE 19, 2017 REGULAR CONSENT AGENDA. B. Ordinance: 2017 LTGO Bond Sale for Residential Street Projects Staff is seeking Council approval of an ordinance that would authorize the sale of up to $8.8 million in limited tax general obligation bonds for the 42nd Avenue South Phase III and the 53rd Avenue South projects. The annual debt services for this bond issue has been budgeted at $672k beginning in 2018. The projects, the associated bond sale, and the debt service costs were approved in the 2017 -2018 Biennial Budget and 2017 -2022 Capital Improvement Program. Staff and the PFM representative provided the Committee with an overview of the City's outstanding debt as well as debt capacity. UNANIMOUS APPROVAL. FORWARD TO JUNE 12, 2017 COMMITTEE OF THE WHOLE. C. 2017 1st Quarter Financial Report Staff presented the Committee with the City's 20171st Quarter Financial Report which captures the general state of financial affairs and highlights significant items and trends. For the period ending March 31, 2017 revenues are below allocated budget by $541 thousand and expenditures are below budget by $1.01 million. DISCUSSION ONLY.