Finance Committee

Regular Meeting of the Finance Committee Held in the Conference Room at City Hall Thursday, July 3, 2018 Notice of this meeting was given to the public in compliance with Sections 10-15-1 through 10- 15-4 NMSA 1978 and Resolution 17-49. ROLL CALL The meeting convened at 8:04 a.m. with Chairman Grant presiding; Councilors Henderson and Stubbs being present and Councilor Roebuck being absent. Staff present: Monica Garcia, Chanel Rey, Joe Neeb, Juanita Jennings, Becky Hicks, Bill Morris, Kevin Dillon, Mike Mathews, Devin Graham, Louis Najar, Lupita Everett, and Mike Stanton. Guests present: Alison Penn, Larry Connolly, Juan Oropesa, and Xavier Acevedo. APPROVAL OF AGENDA Councilor Henderson moved to approve the July 3, 2018, Finance Committee meeting agenda as presented. Councilor Stubbs was the second. A voice vote was unanimous, and the motion passed 3-0 with Councilor Roebuck being absent. APPROVAL OF MINUTES Councilor Henderson moved to approve the minutes from the June 7, 2018, regular Finance Committee meeting with corrections. Councilor Stubbs was the second. A voice vote was unanimous, and the motion passed 3-0 with Councilor Roebuck being absent. NON-ACTION ITEMS Informational Reports: Reports were included in the agenda packet. FY2019 Revenue Discussion: The FY2019 Revenue report was included in the agenda packet. Staff was present to answer questions. FY2019 Personnel Discussion: FY2019 reports were handed out by Mr. Neeb at the meeting. Staff was present to answer questions. FY2019 Capital Improvement and Equipment Discussion: The FY2019 Capital Improvement and Equipment report was included in the agenda packet. Staff was present to answer questions. ACTION ITEMS Resolution 18-45 Establishing Guidelines for Capitalizing Capital Assets: Ms. Garcia presented the request for approval of Resolution 18-45 which details establishing guidelines for Capitalizing Capital Assets. The New Mexico Audit Act has implemented NMAC 2.2.10.W to capitalize those Capital Assets having a value greater than $5,000 from $1,000. The city has carried a threshold of $500 for Capitalizing. Councilor Henderson moved to send full City Council approval of Resolution 18-45 Establishing Guidelines for Capitalizing Capital Assets. Councilor Stubbs was the second. A voice vote was unanimous, and the motion passed 3-0 with Councilor Roebuck being absent. PUBLIC PARTICIPATION Mr. Dillon inquired about insurance monies that were received to repair hail damage. ADJOURN The meeting adjourned at 9:09 a.m.