09/29/09 Special Meeting - Laserfiche WebLink

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Councilmember Elvig stated he liked the idea - more liquid. in tough times and now it's at a 42-year low rate. Motion by Councilmember Elvig, seconded by Councilmember Wise to recommend that the City Council adopt the resolution establishing procedures relating to compliance with reimbursement bond regulations under the Internal Revenue Code. Motion carried. V oting Yes: Chairperson Dehen, Councilmembers Elvig and Wise. Voting No: None. Ms. Lund stated this will come back to the Council before anything is done on it. She inquired if Council would like to see that sooner or later to which Councilmember Elvig advised that Ms. Lund should "keep an eye" on the percentage rate. #3: Review of Year 2009 Amended General Fund Budget Finance Officer Lund stated this case is to present an update of where the budget is currently for 2009. There is an estimated shortfall of $176,000 in revenue at year-end. Based on the City's required fund balance policy, and estimated revenue reduction, the City would have an excess of approximately $173,000 in its fund balance for year ending 2009. This would leave a shortfall of approximately $3,000. This amount is fairly insignificant and is an estimate that will most likely be offset with a combination of line items coming in below budget. She stated there is no action necessary - this is an update only. This information will be communicated to the full Council through the Weekly Update. ADJOURNMENT Motion by Councilmember Elvig, seconded by Councilmember Wise to adjourn the meeting of the Finance Committee. Motion carried. V oting Yes: Chairperson Dehen, Councilmembers Elvig and Wise. Voting No: None The special meeting of the Finance Committee adjourned at 5:43 p.m. Respectfully submitted, ~~ -LA. Diana Lund Finance Officer Finance Committee - September 29,2009 Page 4 of5