HomeMy Public PortalAbout20150819 Finance Committee Notes.docx
Notes were approved from the previous meeting.
Audit Committee. A member of the current audit committee, John Branigan, feels that there is no need for this committee. He spoke with Monty about possibly having a committee that would
form just to hire the auditors when the time came. Angela informed the finance committee that Best Practices recommends an audit committee be comprised of elected officials. It was
decided that the finance committtee would review and future RFPs for auditing services. Wanda made a motion to disband the audit committee and Monty seconded. Mayor Buelterman will
put it on the agenda and notify the current members.
Economic Stabilization. The current economic stabilization balance is $3,598,535.05. Fund balance as of 6-30-15 was 6,459,251.84 which constitutes 6-7 months of the budget, and Angela
expects the City to continue to have positive earnings. Mayor Buelterman restates that there still needs to be a trip to another coastal city to get a handle on how much is really needed,
and how best to handle a disaster. Melissa will ask Jimmy Brown to arrange CEMA training for Council members that includes the financial and reimbursement aspects.
Community Service Donation. Side discussion about what these funds are to be used for. Wanda would like to use some for a larger Christmas tree. It was decided that they will use Palms
Up funds for the tree, and donations can be used for lights and tree stablizer.
DOL White Collar Law. Law would increase the salary minumum for exempt employees. Angela suggested that this law may have a slight impact on the upcoming budget as there are a few employees
that could fall under the new guidelines.
Elected Official Credit Card/Purchasing Law Angela explained the purpose of the law. Bubba has written a policy for Council’s approval, but the City generally doesn’t have an issue with
this.
Members Discussion.
Wanda is still waiting for an expenses spreadsheet for the DPW scale.
There was discussion about the minimum number of miles one has to travel to be reimbursed for mileage. There is no minimum, but if employees choose not to be reimbursed for business
mileage, they cannot claim the expenses on their personal tax returns.
The next Finance Committee Meeting is scheduled for 11-18-15 at 3:30