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HomeMy WebLinkAbout03-10-14 Fiscal Affairs Committee Meeting minutesCHUCK 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 MARCH 10, 2014 The Fiscal Affairs Committee met on March 10, 2014, at 5:00 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. Present were: Committee Member Tommy Moser, Alternate Member 1 Jay Martin, and Alternate Member 2 Dottie Kaminski. Absent: Committee Member Daryl Leonard. Also present were City Secretary Patrice Fogarty, City Manager Corby Alexander, Finance Director Michael Dolby, Controller Phyllis Rinehart and Treasurer Shelley Wolny. 2. Consider approval of Minutes of the January 27, 2014, meeting of the Fiscal Affairs Committee — P. Fogarty Committee member Moser moved to approve the minutes of the January 27, 2014, meeting. Alternate Member 1 Martin seconded. MOTION PASSED. Ayes: Chairman Engelken, Committee Member Moser and Alternate Member 1 Martin Nays: None Absent: Committee Member Leonard 3. Receive presentation of the 2013 Comprehensive Annual Financial (CAFR) Report — M. Dolby Finance Director Michael Dolby introduced Tom Pederson from Whitley Penn, and he presented the 2013 Comprehensive Annual Financial (CAFR) Report. Mr. Pederson reported the Financial Statements were issued an Unmodified Opinion, and it is the highest level of assurance an auditor can place on Financial Statements. Alternate Member 1 Martin questioned the 250 days of Working Capital. Finance Director Michael Dolby responded the City has to subtract 120 days of Working Capital and $2.6 million dollars in the budgeted draw down Fund Balance. Alternate Member 1 Martin asked how many years has Whitley Penn conducted the City audit. Mr. Pederson responded three years. Committee Member Moser questioned the total Portfolio amount. Finance Director Michael Dolby and Tom Pederson advised a $51.6 million total. Alternate Member 1 Martin questioned if there was an anticipated increase in property values. Mr. Dolby advised the City usually budgets about a three percent increase based on historical trends. Page 1 of 2 March 10, 2014, Fiscal Affairs Committee Minutes Committee Member Moser questioned the Portfolio comparison to last year. Mr. Dolby advised he will send the information at a later date. 4. Receive and review audit contract renewal — M Dolby Finance Director Michael Dolby presented the audit contract renewal and advised staff would like to continue with Whitley Penn for an additional year. Chairman Engelken commented he is fine with extending the contract for an additional year. All other members were in agreement as well. Mr. Dolby advised he will bring the contract to the full City Council for consideration. 5. Receive and review Franchise Fee Audit Contract — M. Dolby Finance Director Michael Dolby presented the Franchise Fee Audit Contract. Mr. Dolby advised staff received four proposals, and MuniServices was the best candidate to provide the Franchise Fee Audit services. The Committee Members were in favor of MuniServices providing the service. 6. Set date for next meeting — M. Dolby The Committee set April 28, 2014, at 5:00 p.m., as the date and time for the next meeting. 7. Administrative Reports — C. Alexander There were no Administrative Reports. 8. Committee Comments — Matters appearing on agenda; Recognition of community members, city employees, and upcoming events; Inquiry of staff regarding specific factual information or existing policy. There were no Committee Comments. 10. Adjourn There being no further business, the meeting was adjourned at 5:21 p.m. Respectfully submitted, Patrice Fogarty, Cit S cretary Passed and a proved on theG-�eay of49��t, 2014. Chairman Chuck E gelken Page 2 of 2 March 10, 2014, Fiscal Affairs Committee Minutes