Finance Committee

DRAFT Finance Committee Atendees: Mayor Jenkins, Council Member Allen, CAO Golden, Finance Director Clark August 19, 2024 Finance Committee notes 1. Approved minutes from June 17, 2024 mee�ng. 2. Investment Update a. Due to end of year revenue, the General Bank Account has grown to $7.5M. Finance Director Clark will move approximately $5M to the Money Market Account to draw beter interest results (1.65% versus 3.60%) b. Finance Director Clark will inves�gate restric�ons of Wesbanco CD $27,456.48 c. Discussed City Hall Renova�on - Codell draw schedule 3. FY2024 End of Year Update a. Revenues exceeded budget ~ $5.3M i. Property taxes $45,422.84 ii. Empl. withholding $1,504,845.33 iii. Net Profits $4,118,865.28 iv. Ins. Premium Tax $307,947.58 b. Expenses were under budget ~$1,643,394.96 4. FY2025 Finance Goals & Objec�ves a. Con�nue to monitor and evaluate investment opportuni�es b. Adopt a Fund Balance Reserve c. Approve Coopera�ve Purchasing sources d. Adopt an update Procurement Manual e. Purchasing card implementa�on to replace Visa cards f. Strand Storm Water management fee development contract g. Development impact Fee ordinance h. Review ARPA fund balance and commit remaining funds by 12/31/2024 i. Review Capital Priori�es i. City Hall Project ii. Lanes Run Business Park Phase III iii. Regional IDA iv. Lexus Way land acquisi�ons v. Future Fire Department loca�ons vi. Marshall Park updates 5. Mee�ng adjourned