FINANCE TEAM MONTHLY REPORT 5-16-12 LMS
Part of each month’s meeting of the City Finance Team is a full review of city finances by City Finance Director Amy Fealko. The team reviews the reports and has the opportunity to ask any questions members may have. Quarterly financial reports are available on-line at
At the May 16 meeting of the Salmon City Council, Finance Team Chairman Jim Bockelman said Fealko presented the team with an investment summary that listed three investments totaling $300,000 with US Bank for a return of up to 6.75 percent. Investments broken into three increments at Wells Fargo Bank total $500,000 at returns of up to 8 percent.
East Central Idaho Planning and Development Association professional services contracts are being reviewed by Fealko in terms of what services are needed for management of the recently awarded $500,000 Idaho Community Development Block Grant. Bockelman said the Finance team will be kept apprised. He said Fealko is also working on some issues regarding ‘on-call’ pay and will be reporting her findings.
Bockelman said that at the team’s May 8th meeting City Administrator George Ambrose reported on preliminary steps taken for upgrading lighting in City Hall. At the May 16th council meeting Ambrose said there will be an $1800 credit for the upgrade from an Idaho Power Standard Lighting Incentive Program. He said that as of July, replacements for the ninety-six T-12 fluorescent light fixtures presently in place will no longer be available and that upgrades must meet Consortium for Energy Efficiency (CEE) high performance T8 specifications.
Rocky Mountain Electric submitted the low bid of $5,760 for the City Hall project and the council unanimously accepted the contract agreement. The lighting system replacement work will begin by June 1st. It is expected that savings realized from energy cost savings will equal the investment in less than a year.
Bockelman said a newly worded Fitness 7 agreement for facility use by a city sponsored exercise class was presented to the Finance Team. The wording changes were approved during the May 2nd City Council meeting and the agreement is now in effect.
The team discussed the possibility of the city selling the land occupied by the Salmon Public Library to the Library District. The land is owned by the city and leased to the Library at $1 per year. The team suggested further discussion by the full council. During its May 16th meeting the council decided the city will request an official letter of inquiry from the Library Board and then consider holding a public hearing to obtain local opinions on the possible transaction.
Finance Team Chairman Bockelman told the council Administrator Ambrose is working on some complex details of an approved $150,000 Davis-Bacon grant to create a Scenic Byways path from the area of Arnold’s Auto to City Park. Included in the details is a required $1,000 buy-in from the city. At the conclusion of Bockelman’s report Councilman Jim Kluesner asked why the city is being asked for money when it has already agreed to provide labor, materials and equipment valued at $30,000. Ambrose told him the $1,000 buy-in is a requirement of the Idaho Transportation Department and that the Finance Team will be discussing it further.
Weekly budget work sessions for fiscal year 2013-14 are scheduled to begin June 5th at 4PM and continue as long as needed.
The next meeting of the Finance Team will be June 12th at 11AM in the Salmon Valley Center meeting room.
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