Ad Hoc Committee on Financial Policies

COLUMBUS AD HOC COMMITTEE ON FINANCIAL POLICIES COLUMBUS CITY HALL March 22, 2016 Committee Chairman Thom called the meeting at 7:40 p.m. Roll Call: Rule, Thom, Melotte, Clark, Reid and Royem. Also present: City Administrator Vander Sanden. Motion made by Melotte, second by Royem to approve the minutes of February 11, 2016 as amended. Motion carried. New Business The Committee reviewed the process for acting on Reimbursement Resolution as a potential for an upcoming borrowing for the 2017 James Street project. There were questions about the Capital Projects Fund and some confusion about why the City would have a potential deficit in the fund. The James Street project has drawn expenses over time, but where have revenues for the project come from? The discussion continued as the Committee asked Administrator Vander Sanden to review the following questions before the next meeting. Why is there a balance in the Capital Projects Fund? What would be the causes of having a shortfall in the fund, and why the fund would be in a negative? Where do revenues relative to the James Street project come from? How did the City gather funds for James Street over the past few years? What is the mechanism for moving funds from one to another? This led to discussion and consideration of a policy needed to manage borrowed funds for the future. Financial policies. The committee reviewed the information provided by staff of various policies and ordinances that are on the books. The document laying out a budget timeline under Ordinance Section 2-396 is outdated and references a process that included work from committees that no longer exist. Chairman Thom expressed an interest in reviewing this timeline and updating it to the current parameters relative to the City structures. This could be reviewed further in future meetings. The committee then talked about the proposal for a Budget Line-Item Policy and portions that reference emergency situations for line-items to go over budget. This policy will continue to be reviewed going forward. In discussing the agenda for the next meeting, the committee wanted Budget Policies to return, as well as continuing the discussion on the questions relative to the Capital Projects Fund and the Reimbursement Resolutions. The purchasing policy and the investment policy will also be reviewed. Next scheduled meeting –Thursday, April 14 at 6 pm at City Hall (2nd Ward Room). Motion by Clark, second by Melotte to adjourn at 9:04 pm Respectfully Submitted, Patrick Vander Sanden, Secretary