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Department Approval <br />�. �: � <br />Item Description <br />�� <br />.r- <br />REQUEST FOR COUNCIL ACTION <br />Joint Meeting with the Finance Commission <br />Date: 08/17/15 <br />Item No.: l l .b <br />City Manager Approval <br />BACKGROUND <br />Earlier this year, the City established a joint meeting between the City Council and Finance <br />Commission to review the Commission's activities during the past year, to receive any Commission <br />guidance or recommendations, and to discuss the Commission's Work Plan for the next 12 months. <br />The Chair & Vice-Chair of the Finance Commission are Robin Schroeder and Justin Rohloff <br />respectively. <br />� In determining where to focus its efforts, the Commission began its work over a year ago by reviewing <br />their duties and responsibilities as outlined in City Code Chapter 207. The Council may recall that the <br />�� � prescribed duties were quite broad and diverse and included: reviewing policies associated with <br />budgeting and financial planning, developing funding strategies, and recommending budgetary goals <br />� including those associated with enterprise funds. <br />With this in mind, the Finance Commission performed the following activities during the past year: <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />■ <br />� <br />� <br />0 <br />Discussed alternative budget and financial reporting formats <br />Assessed the value in establishing a peer group(s) for financial or operational comparisons <br />Considered the merits of improved citizen engagement in the budget process <br />Reviewed the 2014 Community Survey <br />Briefly considered the 2015 Budget & tax levy <br />Reviewed City financial policies & recommended revised Cash Reserve Policy <br />Discussed and reviewed the financial activities of the Golf Course and OVAL and <br />recommended that the City conduct an analysis of their long-term financial viability <br />Evaluated the 20-Year Capital Improvement Plan (CIP) & recommended long-term funding <br />strategies <br />0 Reviewed the 2016 City Manager Recommended Budget <br />� Evaluated the Water & Sewer rate structure <br />There were a number of other discussions throughout the year, including several that were tabled for <br />further consideration at a later date. <br />Page 1 of 2 <br />