City Council Committee Agendas

Mount Vernon City Council Finance Committee Minutes April 22, 2014 Present: Councilmembers Fiedler, Molenaar, Quam, Hulst, Lindquist, Ragan and Mayor Boudreau Staff present: Finance Director Alicia Huschka, Police Chief Dodd, and Library Director Brian Soneda 1. March 26, 2014 committee minutes were approved. 2. Financial Update  Sales tax collection for April 2014 was 12.2% above April 2013. January through April collections for 2014 are up 10% compared to the same period in 2013.  Criminal Justice Sales Tax revenue for January through March 2014 is down 0.3% compared to the same period in 2013.  Motor Vehicle Fuel Tax collections for first quarter 2014 is up 3.3% compared to first quarter 2013.  Building permit activity for the first quarter of 2014 is 2% lower than first quarter 2013, but is in-line with the budget estimate of $505,000.  Real Estate Excise Tax for January through April 2014 is 10.3% lower than the same period in 2013. 3. 2013 Year-End Review  As of December 31, 2013 Governmental Operating Funds actual fund balances were $420,424 higher that the estimated fund balances that were estimated during the 2014 budget adoption process. This was entirely attributable to revenues coming in higher than final 2013 estimates.  Alicia reviewed the reserve fund balance goals for government operating funds. Informal city policy is to hold in reserve two months of the annual budget for the Current Expense Fund and one month of budget for the Streets, Parks and Recreation, and Library Funds. Fund balances at December 31, 2013 meet these informal reserve fund balance policy goals for all governmental operating funds.  Alicia also reviewed the history of how a portion of fund balances have been used as a revenue source for the Governmental Operating Funds. 4. Proposed Meeting Changes  Various changes to the format of weekly committee meetings and Council Study Sessions were reviewed and will be implemented in May. There will be a 90-day trial period then the new format will be assessed to see if there should be any additional modifications made. Adjourned at 6:30 p.m. Submitted by City of Mount Vernon Finance Committee March 26, 2014 Page 2 Rebecca J. Wade