City Council - Finance Committee

Finance Committee Minutes March 12, 2025 Members present: Chair Tom Peake, Councilor Koni Denham, Councilor Peg Conniff Members absent: None Also in Attendance: Hetal Patel - City Auditor Meeting called to order by Councilor Peake at 5:30 pm 1. Public Speak Time: No one from the public chose to speak 2. Approval of the Prior Meeting Minutes: None to approve 3. Mayor Communications: Mayor not present 4. Reorganization of Finance Committee: A new member has been added to the Finance Committee so a reorganization is necessary. 4.1. Councilor Peake expressed an interest in remaining as Chair of Finance. Motion by Councilor Conniff to select Tom Peake as Chair of the Finance Committee. Second by Councilor Denham. Vote 3-0 APPROVED. 4.2. Councilor Conniff volunteered to be Clerk of the Finance Committee. Motion by Councilor Denham to select Councilor Conniff as Clerk of the Finance Committee. Second by Tom Peake. Vote 3-0 APPROVED 5. New Business: Interdepartmental Transfer: $46,120.34 to the PEG Access Account 5.1. Councilor Peake explained that these funds are based on the number of Spectrum subscribers and is part of the contract with Spectrum. As the number of cable subscribers has fallen due to alternative internet/ streaming services, we see these funds drop as well. Hetal Patel presented a document showing YOY drop in PEG Access receipts. Quarterly Average: FY 2022 $51,511.09 (3 qtrs) FY 2023 $53, 403.02 FY 2024 $50,315.27 FY 2025 $47,509.99 (3 qtrs) Motion by Tom Peake to approve the interdepartmental transfer of $46,120.34 from PEG Access Account 027.21.439.2833 to PEG Access  Account 027.1210.5400.2833. Second by Councilor Denham. Vote 3-0 APPROVED 6. Continuing Business: Quarterly fiscal reports from the City Auditor 6.1. Hetal Patel reported that the City Audit is underway by external auditors. Once completed, Hetal will be able to prepare 2024 final report as of 12/31/2024. Likely will be presented to Finance Committee in 2 more meetings No additional business to discuss. Councilor Denham made motion to adjourn, Councilor Conniff seconded. Vote: 3-0. Meeting adjourned at 5:39pm. Respectfully submitted, Councilor Peg Conniff