HomeMy WebLinkAboutItem 04E=Wl ' le
Memorandum
To:
Mayor and Council
Finance Committee
City Administrator
From:
Dennis Feller, Finance Director
Date:
January 10, 2014
Subject:
Finance Committee: Goals 2014 -15
City of Lakeville
Finance Department
The terms of the Finance Committee appointments are from April 1 to March 30 of the
following year. The following therefore is a review of Finance Committee activities — based on
Duties as delineated in the Resolution Establishing the Finance Committee - concurrent with
terms of office.
a) DUTY: Short and long term financial planning to include fees for services (structure and policy) and
alternative financemethodology. Not to include spending or taxation levels.
2013 -14 Accomplishments
✓ Review Capital Improvement Plan
2014-2018
2014 -15 Goals
Review Capital Improvement Plan
2015-2019
✓ Review Alternative non -tax financing
— Franchise Fees
✓ Overview of 2014 Budget
➢ Review the Five Year Financial
Projections
➢ Overview of 2015 Budget
b) DUTY: Financial policies and practices to include but nothmited to fund balance policy, debt management
policy and Investments policy.
2013 -14 Accomplishments
✓ Liquor Fund Financial Policy
2014 -15 Goals
0 DUTY: Local, state and national trends In finance and economy to include but not limited to bond markets,
Federal Reserve and Department of Commerce.
2013 -14 Accomplishments
✓ Five Year Financial Management Plan
Economic indicators and trends
2014 -15 Goals
➢ Five Year Financial Management Plan
Economic indicators and trends
01 DUTY. Legislative issues to include but notlimited to levy limits and property tax rellefprograms.
2013 -14 Accomplishments
✓ Discussion of the 2013 Legislative
Issues
2014 -15 Goals
➢ Discussion of the 2014 Legislative
Issues
e) DUTY. Review of quarterly financial reports and Comprehensive Annual Financial Report.
2012 -13 Accomplishments
✓ Comprehensive Annual Financial
Report 2012 and (Auditors)
Management Report
2014 -15 Goals
➢ Comprehensive Annual Financial
Report 2013 and (Auditors)
Management Report
✓ Interim Financial Report
o 1 u Quarter 2013
o 2nd Quarter 2013
o 3rd Quarter 2013
➢ Interim Financial Report
o 1'' Quarter 2014
0 2nd Quarter 2014
o 3rd Quarter 2014
f) DUTY: Public communications and education programs related to budget and City finances to include but
not Rmited to budget format and public presentations of the budget.
2013 -14 Accomplishments
✓ Identify Public Information
endeavors
2014 -15 Goals
Identify Public Information
Endeavors
✓ Provide recommendations regarding
the Truth In Taxation Inserts
✓ Budget in Brief
g) Other
2013 -14 Accomplishments
✓ Review and discussion of Health
Insurance (City Plan)
✓ Review property tax structure and
trends
✓ Review "Envision Lakeville"
➢ Provide recommendations regarding
the Truth in Taxation Inserts
➢ Budget in Brief
Finance Committee
as of 04/01/14
Meetings are held on the second Thursday of each month,
7:00 p.m., at the Water Treatment Facility.
TERMS EXPIRE 3/31/15 First Ap ointed
Scott Einck
scott.einck@wellsfargo.com May 2011
John Tuschner
j tuschner@tuschner.com May 2011
TERMS EXPIRE 3131116
Darrel Mullenbach
dmullenbach @larsonallen.com May 2011
Tim Peterson May 2011 - alternate
tim.a.petersonowellsfar o.com April 2013 - regular
TERMS EXPIRE 3/31/17
Chris Iloins
Chris.hoins @helpsystems.com May 2011
Vacant
Vacant
ALTERNATE (One Year Term Expires 03/31115)
Vacant
Staff Liaisons: Dennis Feller, Finance Director
Steve Mielke, City Administrator
CITY OF LAKEVILLE
Resolution No. 11 -46
RESOLUTION ESTABLISHING A FINANCE COMMITTEE
BE IT RESOLVED by the City Council of Lakeville, Minnesota, as follows:
Section 1: ESTABLISHMENT OF THE FINANCE COMMITTEE
The Finance Committee of the City shall act as the advisory body to the City Council
and City staff regarding short and long term financial planning; financial policies and
practices; local, state and national trends in finance and economy; legislative issues;
quarterly financial reports and comprehensive annual financial report; public
communications and education programs relative to City of Lakeville budget and
finances.
Section 2: COMPOSITION, TERMS OF OFFICE
A. Composition: The Finance Committee shall consist of seven (7) members appointed
by the City Council.
B. Terms: The Committee shall be composed of seven (7) members, of which at least
six (6) shall be Lakeville residents. The Committee Members shall be appointed by
the City Council for a term of three (3) years. Members shall serve three -year
staggered terms with two or three appointments made annually.
C. Removal From Office: Any member of the Committee may be removed from office
with or without cause by a four -fifths ( vote of the entire City Council.
D. Any member of the Committee who misses three (3) consecutive Committee
meetings in a calendar year, calculated at the end of each calendar year, due to
unexcused absences, shall automatically be removed from office without City Council
action and the City Administrator shall notify the member of his or her removal.
Excused absences include: a serious personal or family medical condition, death in
immediate family or unanticipated work - related commitment.
E. The staff liaisons to the Committee shall be the City Administrator and Finance
Director.
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Section 3: ORGANIZATION AND PROCEDURES
A. Organize; Election of Officers:
1. At the first meeting of the year, the Committee shall elect a chairperson and vice
chair. No Committee member shall serve more than two (2) consecutive years as
chairperson.
2. Terms of all elected offices shall be for one year, with eligibility for reelection.
B. Members of the Committee shall receive no salaries or fees for their services. The
Committee may, with the consent of the City Council, incur expense that is deemed
necessary.
C. Meetings of the Committee:
1. A meeting, to be official, must have a quorum present. Four (4) regular
members shall constitute a quorum.
2. All motions must have the majority of votes of those members present to be
deemed approved.
3. Meetings to be scheduled monthly unless deemed unnecessary by staff or
chairperson.
Section 4: DUTIES
The duties of the Committee shall be to provide advice and recommendations to the
City Council and staff, for the following:
a) Short and long term financial planning to include fees for services (structure
and policy) and alternative finance methodology. Not to include spending or
taxation levels.
b) Financial policies and practices, to include but not limited to fund balance
policy, debt management policy and investments policy.
c) Local, state and national trends in finance and economy to include but not
limited to bond markets, Federal Reserve and Department of Commerce.
d) Legislative issues to include but not limited to levy limits and property tax
relief programs.
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e) Review of quarterly financial reports and Comprehensive Annual Financial
Report.
f) Public communications and education programs related to budget and City
finances to include but not limited to budget format and public presentations
of the budget.
ADOPTED by the City Council of Lakeville, Minnesota this 16"' day of May 2011.
CITY OF LAKEVILLE
BY: :',V --
Mark Bellows, Mayor
Charlene Friedges, City
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