HomeMy WebLinkAbout#13 - Finance Committee Work PlanSTAFF REPORT
DATE: January 8, 2019
REGULAR
TO: Honorable Mayor and City Council
FROM: Sue Iverson – Finance Director
AGENDA ITEM: 2019 Finance Committee Work Plan
REVIEWED BY: Kristina Handt – City Administrator
BACKGROUND:
Each year, staff and the Finance Committee prepare an annual work plan for financial related City initiatives
and goals. The Finance Committee reviewed the 2019 work plan at their October and November 2018
meetings. The City Council historically reviews the work plan and provides comments as needed about
tasks and priorities. The primary intent of the work plan is to help prioritize the initiatives and goals related
to City financial matters over the course of 2019. In addition, this plan helps keep the Finance Committee
informed about the internal planning related activities and projects that will be undertaken by the staff over
the coming year. This is a working document that provides guidance to the Finance Committee and City
Council yet has the flexibility to respond to priorities as they emerge. It will also help the Finance
Committee and staff to gauge its progress at achieving some of its goals for the year.
ISSUES BEFORE THE CITY COUNCIL:
1) Should the City Council approve the 2019 Finance Committee Work Plan?
DISCUSSION:
Prior to the approval of the 2019 work plan and adopting the revised Operating Policies &
Procedures, below are additional items for consideration:
1) Review of the Special Assessment Policy
The Finance Committee would like to review the special assessment policy in regards to the
years the assessments are levied for each type of improvement. The City Council did have
a discussion in 2016 and revised the policy at that time. The revision that was done and
adopted in 2018 was to correct inconsistencies in the policy document and reflect what the
City Council had adopted as a result of the 2016 discussions.
2) Review of the Investment Policy
The current Investment Policy was written and adopted in September of 2014 before the
City started developing was just starting to draft policies. Staff recommends that the policy
be reviewed as at that time, the City did not have large reserves, the City’s bond rating was
much lower, and the economy was much different.
FISCAL IMPACT:
Certain items on the work plan may require outside assistance and costs, such as the Utility Performa. As
items or projects materialize, staff will seek direction, as appropriate prior to utilizing such assistance.
OPTIONS:
1) Accept the 2019 Finance Committee Work Plan.
2) Amend and then approve the 2019 Finance Committee Work Plan.
RECOMMENDATION:
1) Motion to approve the 2019 Finance Committee Work Plan.
ATTACHMENTS:
1) 2019 Finance Committee Work Plan
2019 Finance Committee Plan of Work
Meeting Date Project/Task Priority
(1-5,
with 1
being
highest)
January
February
March
April Election of Officers
Review Special Assessment Policy
General Fund Long Range Plan Update
Utility Pro Forma (Long Range Plan) Update
4th Quarter Financials – 2018
1st Quarter Financials - 2019
May
June 2020-2024 CIP
Finalize Assumptions for General Fund Long Range Plan
2018 Audit
July 2020 General Fund and Utility Budgets
2nd Quarter Financials
August 2020 General Fund and Utility Budgets
2020-2024 CIP
September
October 3rd Quarter Financials
2020 Fee Schedule
2020 Work Plan
November
December