|FISCAL YEAR REVIEWED|
FINANCE COMMITTEE OVERVIEW 11-2-11 LMS
The city’s Finance Committee has been reviewing fiscal year 2010-11 and year end closeout details according to the committee’s chairman, Salmon City Councilman Jim Baker.
He told the council’s November 2nd meeting that a summarized, unaudited fund overview of revenues and expenditures has been reviewed by the committee. The final official City Audit details will be available after the annual audit is completed and released in January of 2012. Baker said the committee recommends that in order to facilitate further council awareness of fiscal year 2010-11, City Finance Director Amy Fealko should prepare supplemental information for each functional area of the budget. It was the Finance Committee’s recommendation that discussion of the information be placed on the November 16th City Council meeting agenda. Baker added, “This would allow us adequate time to review budget concerns versus any recommendation for operational adjustments.”
Another recommendation is that an annual fee review should be conducted at the same time upcoming yearly budgets are being finalized for public hearing in August. Baker said that would aid the budget planning as well as save the cost of having to advertise for a separate public hearing. The ‘fees’ to which the committee is referring are the rental rates charged for the use of various city facilities.
After review, the Finance Committee recommended that a Professional Services Agreement contract, which was awarded to Wendy Koons prior to her employment at the Sacajawea Center, be approved. The Bureau of Land Management is currently holding $8,777 which has been committed to development of an environmental education curriculum to be used at the Sacajawea Interpretive Center for students in first through eighth grades.
After a thorough discussion later in the meeting the council voted five to one to approve the contract. The dissenting vote came from Councilman Jim Kluesner.
Whether city investment funds can be reinvested by way of a motion from the City Council or through making a change to city codes is being researched. Presently the city has $1,324,404 invested in the state’s Local Government Investment Pool (LGIP) at .25 percent interest. City Finance Director Amy Fealko has been investigating other investment options. The next step is ascertaining the correct legal process required if it is decided to move city funds to another investment option.
The council approved the Finance Committee’s recommendations about placing discussions of supplemental budget information and the legal process related to investment funds on the next council agenda.
The next meeting of the Salmon City Council will take place on November 16th beginning at 6PM in the Salmon Valley Center meeting room.
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