09-09-13 Fiscal Affairs Committee Meeting minutes

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CHUCK ENGELKEN, CHAIR Councilmember District 2 Committee Member DARYL LEONARD Councilmember District 3 Committee Member TOMMY MOSER Councilmember District 4 Committee Member JAY MARTIN Councilmember District 5 Alternate Member 1 DOTTIE KAMINSKI Councilmember At Large B Alternate Member 2 MINUTES OF MEETING OF FISCAL AFFAIRS COMMITTEE SEPTEMBER 9, 2013 The Fiscal Affairs Committee met on September 9, 2013, at 6:00 p.m., in the La Porte City Hall Council Chambers, 604 West Fairmont Parkway, La Porte, Texas, to consider the following items of business: 1. Call to Order Chairman Chuck Engelken called the meeting to order at 5:00 p.m. Committee Members Tommy Moser, Daryl Leonard. Dottie Kaminski and Jay Martin were present. Also present were City Secretary Patrice Fogarty, City Manager Corby Alexander, Assistant City Manager Traci Leach, Finance Director Michael Dolby, Controller Phyllis Rinehart and Treasurer Shelley Wolny. 2. Consider approval of Minutes of the July 22, 2013, meeting of the Fiscal Affairs Committee — P. Fogarty Committee member Leonard moved to approve the minutes of the May 13, 2013, meeting. Committee member Moser seconded. MOTION PASSED. Ayes: Chairman Engelken, Committee Members Moser and Leonard Nays: None Absent: None 3. Review and discuss a proposed Resolution of the City of La Porte approving General Fund commitments of Fund Balance — M. Dolby Finance Director Michael Dolby presented a summary explaining the GASB 54 requirement that must be completed prior to the end of the fiscal year to commit fund balance of the General Fund. The General Fund balance can only be committed for a specific purpose by formal action of the City Council. Committed fund balance does not lapse at year-end. The formal action required to commit fund balance shall be by resolution. A recommendation has been made to commit $1,500,000 for health insurance and $2,000,000 for Utility capital projects. The Fiscal Affairs Committee did not adopt the Resolution; it will be brought to Council for adoption. 4. Set date for next meeting — M. Dolby The Committee set October 28, 2013, at 5:00 p.m., as the date and time for the next meeting. 5. Administrative Reports — C. Alexander There were no Administrative Reports. Page 1 of 2 September 9, 2013, Fiscal Affairs Committee Minutes