Ad Hoc Committee on Financial Policies

COLUMBUS AD HOC COMMITTEE OF FINANCIAL POLICIES THURSDAY OCTOBER 13, 2016 – 6:00 PM 2nd WARD MEETING ROOM, CITY HALL The Columbus Common Council Ad Hoc Committee on Financial Policies held a meeting on Thursday October 13, 2016 at 6:00 pm at Columbus City Hall. The meeting was called to order by Council President Thom and notice of open meeting was noted as posted. Present: Mayor Crombie, Council members Hendrickson, Melotte, Reid, Rule, Thom and Traxler, City Administrator Vander Sanden and Finance Director Manley. It was determined the quorum was met. The minutes of September 29, 2016 were approved on a motion by Traxler second by Melotte. The agenda was approved. The Committee reviewed and discussed the status of the Undesignated Fund Balance and the Undesignated Fund Balance Policy. Manley explained the definition of the balance and explained the intricacies of it. The Committee talked about what appropriate levels should be set for the balance and how an official policy should be written. The topic was then deferred to a future meeting. There was discussion about the city debt limits and types of limits. The committee discussed whether a measuring limit should be a percentage of total spending, or shown as an actual number in terms of the mill rate. Manley then went over the Capital Improvement Plan, how it is constituted. The committee talked about regular reviews of the plan and how it should be further developed for greater understanding by all. This is also a topic for a future meeting. Vander Sanden then noted that the next few meetings of the Council would be budget workshops. The meeting adjourned at 7:50 pm on a motion by Rule second by Traxler. Motion carried voice vote. Patrick B. Vander Sanden City Administrator