Finance Committee

Finance Committee Attendees: Mayor Jenkins, Council Member Hampton, Council Member Allen, CAO Golden, City Attorney Buttrum, Finance Director Clark October Members Mayor Burney 7, and 2024Council Jenkins Special Called Member Finance Alonzo Allen Committee notes 1. Approved minutes from August 19, 2024 meeting. 2. Discussed First Budget Amendment – FY24-25 a. Finance Director Clark reviewed a partially completed 2024-2025 Budget Amendment #1 Summary Report that included several categories including: New Request, Previously Approved Transactions, Carry Forward Items, Etc. b. This report will be completed and come before full Council on October 28, 2024. 3. Fund Balance Reserve Policy Discussion a. Fund Balance Policies were collected from other communities to compile a draft for Georgetown. Basic thinking is to maintain an adequate fund balance to: i. Provide sufficient cash flow for operations. ii. Provide for fluctuations in expenditures from capital and project spending. iii. Secure and maintain investment-grade bond ratings. iv. Ensure long-term fiscal sustainability. b. Establish a minimum fund balance amount to cover operations for a designated time. c. Draft plan for fund balance spending. d. Plan to review with full Council on October 28, 2024 4. Discussed City Hall Draw Schedule a. Draws have occurred on schedule with a total amount around $12,499,566.50. b. Historical tax credits of approximately $1.8M will be adjusted after the project. 5. Discussed investments. a. Current fund balance of $43,256,450.88 b. Continuing to work on diversifying funds locally c. StockYards Bank CD totaling $697,456.28 will mature on November12, 2024. Council will receive input on continued investment options. 6. Meeting adjourned.