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CHUCK ENGELKEN, CHAIR <br />Councilmember District 2 <br />Committee Member <br />DARYL LEONARD <br />Councilmember District 3 <br />Committee Member <br />TOMMY MOSER <br />Councilmember District 4 <br />Committee Member <br />JAY MARTIN <br />Councilmember District 5 <br />Alternate Member 1 <br />DOTTIE KAMINSKI <br />Councilmember At Large B <br />Alternate Member 2 <br />MINUTES OF MEETING OF FISCAL AFFAIRS COMMITTEE <br />MARCH 10, 2014 <br />The Fiscal Affairs Committee met on March 10, 2014, at 5:00 p.m., in the La Porte City Hall Council <br />Chambers, 604 West Fairmont Parkway, La Porte, Texas, to consider the following items of business: <br />1. Call to Order <br />Chairman Chuck Engelken called the meeting to order at 5:00 p.m. Present were: Committee <br />Member Tommy Moser, Alternate Member 1 Jay Martin, and Alternate Member 2 Dottie Kaminski. <br />Absent: Committee Member Daryl Leonard. Also present were City Secretary Patrice Fogarty, City <br />Manager Corby Alexander, Finance Director Michael Dolby, Controller Phyllis Rinehart and <br />Treasurer Shelley Wolny. <br />2. Consider approval of Minutes of the January 27, 2014, meeting of the Fiscal Affairs <br />Committee — P. Fogarty <br />Committee member Moser moved to approve the minutes of the January 27, 2014, meeting. <br />Alternate Member 1 Martin seconded. MOTION PASSED. <br />Ayes: Chairman Engelken, Committee Member Moser and Alternate <br />Member 1 Martin <br />Nays: None <br />Absent: Committee Member Leonard <br />3. Receive presentation of the 2013 Comprehensive Annual Financial (CAFR) Report — M. <br />Dolby <br />Finance Director Michael Dolby introduced Tom Pederson from Whitley Penn, and he presented <br />the 2013 Comprehensive Annual Financial (CAFR) Report. <br />Mr. Pederson reported the Financial Statements were issued an Unmodified Opinion, and it is the <br />highest level of assurance an auditor can place on Financial Statements. <br />Alternate Member 1 Martin questioned the 250 days of Working Capital. Finance Director Michael <br />Dolby responded the City has to subtract 120 days of Working Capital and $2.6 million dollars in the <br />budgeted draw down Fund Balance. <br />Alternate Member 1 Martin asked how many years has Whitley Penn conducted the City audit. Mr. <br />Pederson responded three years. <br />Committee Member Moser questioned the total Portfolio amount. Finance Director Michael Dolby <br />and Tom Pederson advised a $51.6 million total. <br />Alternate Member 1 Martin questioned if there was an anticipated increase in property values. Mr. <br />Dolby advised the City usually budgets about a three percent increase based on historical trends. <br />Page 1 of 2 <br />March 10, 2014, Fiscal Affairs Committee Minutes <br />