2017-06-20 Finance Minutes - Laserfiche WebLink

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FINANCE COMMITTEE Meeting Minutes City Council Finance Committee June 20,2017- 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: Thomas McLeod, Acting Chair; Joe Duffie, Dennis Robertson (Absent: Verna Seal, Kathy Hougardy) Staff: Jay Wittwer, Nora Gierloff, Vicky Carlsen, Laurel Humphrey CALL TO ORDER: Acting Chair McLeod called the meeting to order at 5:30 p.m. I. PRESENTATIONS II. BUSINESSAGENDA A. Resolution: Credit Card Surcharge Requirements Staff is seeking Council approval of a resolution that would adopt a revised consolidated permit fee schedule to remove a waiver of the credit card surcharge fee for online permit applications. The City began charging a 3% surcharge on permit fees paid by credit card to offset the costs to the City. It was thought that waiving this fee for online applications would incentivize use of the system, but in reality staff has discovered it takes significant staff time to manually waive the fee. This has caused a delay to the rollout of the online permit application system. The resolution proposes to update the consolidated permit fee schedule to remove the waiver and allow the launch of eTra kit online permitting within the next month. UNANIMOUS APPROVAL. FORWARD TO JUNE 26, 2017 REGULAR CONSENT AGENDA. B. April 2017 Year -to -Date Financial Update Staff presented a summary of the April 2017 year -to -date departmental expenditures. General fund expenditures totaled $18.9 million, below the allocated budget of $20.0 million. Variances include the Recreation, Fire, and Park departments due to spending changes or staffing and overtime levels. Councilmember Robertson requested additional analysis of under - expenditures to identify those that may recur. Staff will follow up at the next Finance Committee meeting. DISCUSSION ONLY. C. 2017 1st Quarter Cash and Investment Report Staff presented the 1st Quarter Cash and Investment Report for 2017, including information on the City's portfolio components, performance, policy compliance and liquidity analysis, fund cash and investment balances, and investment environment. At March 31, 2017, the portfolio totaled $93.266 million comprising $78.660 million in cash and cash equivalents and $14.606 million in longer term investments. DISCUSSION ONLY.