City of O'Fallon Finance & Administration Committee met June 24
City of O'Fallon Finance & Administration Committee met June 24.
Here is the minutes provided by the committee:
CALL TO ORDER: 5:30 pm
ROLL CALL: COMMITTEE MEMBERS: Morton-Chair, Parchman- Vice-Chair, Witt, Lotz, Holden, Monroe-Absent
NON-COMMITTEE ALDERMEN: Hagarty, Muyleart, Vorce
STAFF: Evans, Denton, Litteken, Mayor Roach, Van Hook, Mitchell
GUESTS/RESIDENTS: Scharven, Stoffel, Pitts
Approval Minutes: March 25, 2019 Motion Witt Second Lotz All Ayes.
Items Requiring Council Action:
Resolution authorizing the Director of Finance to secure a lease/purchase agreement for equipment/vehicles for FY 2019-2020. - Director of Finance explained this is the annual resolution authorizing the Director of Finance to secure/continue lease purchase agreements for vehicles and equipment approved in the budget. This action allows the Director of Finance to enter into agreements with local banks that spread the cost of vehicles/equipment over a specific period of time, not to exceed 5 years. Police vehicles are usually 3 years and some special use vehicles/equipment are for longer periods depending on the projected useful life. Motion by Witt, Second by Lotz, All Ayes
Discussion on reporting of park programs – Chairman Morton requested this discussion to ensure that the City wasn’t exposing itself to any additional risks should programs such as KIXX and STYXX be strictly pass-through programs. Andrew Dallner, Parks and Rec explained that these programs were City programs and that the city had over-sight of these programs. He explained that all programs cover direct costs. Chairman Morton felt that since these were City programs, there was not additional risk. After additional discussion, Chairman Morton asked that at the next Finance and Administration the profit and loss statements for the major park programs be included in the agenda packet. Director of Finance stated that she will work with parks to provide such reports.
3.2 Budget to Actual Report: Director of Finance reminded the Committee that although this report was through the end of the fiscal year, April 30, that there are still variances due to timing of journal entries. There are still accrual entries that still need to be posted.
3.3 Investment Report: Director of Finance explained that the investment report reflected all investments accounts held by the City. CD’s whose term has expired are held in the money markets until decisions are made as to how to invest based on liquidity needs.
3.4 Treasurer’s Report: Director of Finance explained that the Treasurer’s Report also includes the investments for each of the funds.
Motion to Adjourn: Lotz Second Witt All Ayes
ADJOURNMENT: 5:53 pm