Finance Committee

AGENDA FINANCE COMMITTEE MEETING CITY OF DOUGLAS COUNCIL CHAMBERS 425 TENTH STREET DOUGLAS, AZ 85607 WEDNESDAY, DECEMBER 4, 2019 5:30 PM 1. CALL TO ORDER/ROLL CALL CALL TO ORDER AT 6:00 P.M. PRESENT ABSENT CHAIRPERSON, MARGARET MORALES X MEMBER, MICHAEL GUTIERREZ X MEMBER, ANEL LOPEZ X MEMBER, ADAM BRAKE X(NOT EXCUSED) LIAISON, JOSE GRIJALVA X(EXCUSED) CITY MANAGER, JERENE WATSON X(EXCUSED) CITY TREASURER, LUIS PEDROZA X FINANCE MANAGER, MONICA FLORES X ACCOUNT CLERK III, MARI DANIEL X DEPUTY CITY MANAGER, DAWN PRICE X 2. PERSONS WISHING TO ADDRESS THE COMMITTEE IN WRITING OR VERBALLY ON ANY ITEM NOT ON THE AGENDA Chairperson opened up the floor, anyone wishing to address the Committee; no persons were present to address item. Not an action item – no action taken 3. PRESENTATION/DISCUSSION OF 1ST QUARTER FROM JULY THROUGH SEPTEMBER 2019 FINANCIAL UPDATE FOR FY YEAR 2019-2020 Finance Manager, Monica Garnica presented the Financial Update FY Year 2019- 2020. Cash position as of 2nd of December 2019 was $6,121,223 in the black. The General Fund Reserve to date is $496,741 in the red, Per Luis Pedroza funds were used from the reserves to pay for radios for the Fire Department- which are attempting to apply for grants. Unrestricted Funds was shown as an overall because on a month to month basis can change due to expenses, contracts, etc. being paid out at the beginning of the month. A discussion was held between Anel Lopez, Michael Gutierrez and Luis.  Sales Tax slide was presented showing a better detail showing that revenue was higher this year than last fiscal year. A discussion was held between Margaret Morales, Anel, Michael, Monica, and Luis. 1st Quarter FY 2019-2020 presentation for Revenue and Expenditures showing all the funds in the City of Douglas for and overall funds in the red. Discussion between Margaret, Anel, Michael, Monica, and Luis. Gf Budget Balance Shortfall /Overage is $107,473 in the red, but this is expected at the beginning of the Fiscal Year. Not an action item – no action taken 5. ADJOURNMENT Motion made by Michael Gutierrez and second by Anel Lopez, motion passed unanimously. Motion to ADJOURN at 6:02 P.M. Passed 3 - 0 Posted at City Hall on Monday December 4, 2019 @ 6:30 p.m. by Mari Daniel, Account Clerk III