|FINANCE TEAM HEARS REPORT|
YEAR END FIGURES ARE GOOD 10-16-13 LMS
Finance Director Amy Fealko told the city’s Finance Team that the end of the fiscal year figures look very good.
Finance Team Chairman, Councilman Jim Bockelman, told the October 16 meeting the Salmon City Council that Fealko reported the General Fund shows 104 percent in revenue and 106 percent in expenditures. He quoted Fealko as saying the expenditures were high due to $107,594 in Capital expenses that were not budgeted. Fealko said she does not believe the budget needs to be reopened but she will double check.
Fealko reported the city’s top five revenues account for about 85 percent of General Fund revenues. She said there shouldn’t be any more expenses for the year and that the fourth payment of sales tax and revenue sharing, which will further increase revenues, is yet to be received.
Bockelman said the report shows expenditures by departments are basically in line with the budget and that any exceptions have explainable variances. A full year end financial report will be presented to the City Council.
The Finance Team reviewed the agreement between the Lemhi County Humane Society and the city. The current agreement was established in October of 2009. The team agreed that the agreement needs some work, needs to be reviewed on an annual basis and that the annual city contribution to the Humane Society should be included in the agreement. Bockelman said the Finance Team would also like to see an annual report from the Humane Society and requested that be a discussion item on the council’s next meeting agenda.
The Finance Team will be discussing with the current pool management whether the swimming pool is asking for all the funding to which it is entitled under the ordinance that established the Local Option Tax program.
The subject of city tax payers fronting the cost to maintain and run amenities that all county residents use was brought up. It was felt in some instances increased fees to non-city residents could work, but not in all cases. Bockelman said there is some movement towards equalizing the cost of shared services between the city and county. He said the Finance Team feels that is very important along with working out a fair and equitable process of evaluating and dividing the costs.
The team recommended that the Library Board be invited to a City Council meeting to give an update on current plans for the facility.
The next meeting of the City’s Finance Team is set for November 12 at 11AM in the Salmon Valley Center meeting room.
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