HomeMy WebLinkAbout2017-06-20 Finance MinutesFINANCE 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.
Finance Committee Minutes ........................................................................................................ ............................... June 20, 2017
D. 2017 1st Quarter Miscellaneous Revenue Report
Staff presented the 2017 1st Quarter Sales Tax and Miscellaneous Revenue Report, including
details on retail sales tax, gambling tax, and admissions tax revenues with sale tax broken out
by industry classifications. Total sales tax collections for the 1st quarterwere $127K above those
for the same period in 2016. DISCUSSION ONLY.
III. MISCELLANEOUS
Adjourned at 6:15 p.m.
(* Committee Chair Approval
Minutes by LH