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<br />~ <br />--A~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />May 16, 2007 <br /> <br />Agenda Item 2.B-3. <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Sue Iverson, Finance Director ~ <br /> <br />SUBJECT: Financial Planning and Analysis Committee (FP AC) Update <br /> <br />BACKGROUND: <br /> <br />At the February 20th Council Work Session, the Council discussed the formation of a Financial <br />Planning and Analysis Committee. Council defined the MissionlPurpose of this committee and <br />listed specific outcomes. Specific objectives are to be made by the committee itself to achieve <br />the expected outcomes listed by the City Council. Membership and Council Staff liaison <br />appointments were also discussed. <br /> <br />At the March 12th Council meeting, Council approved the formation of the Financial Planning <br />and Analysis Committee, directing staffto advertise for individuals to serve on this committee. <br /> <br />At the April 30th Council meeting, Council appointed five members to this committee, Council <br />liaison David Grant, and staff liaison Sue Iverson. <br /> <br />DISCUSSION: <br /> <br />The Financial Planning and Analysis Committee will hold its first meeting on May 23rd at 7 p.m. <br />The order of business will be to appoint a chair, set meeting schedule and organize the group. <br />Staff will hold a training session on Government Fund Accounting and Budgeting at this meeting <br />to familiarize the committee members with public sector policies and procedures. <br /> <br />Staff has attached a copy ofthe training session. Ifthe Council would like, and there is time <br />during the work session, staff will entertain questions and/or go through these training materials <br />as a refresher for the Council. <br /> <br />RECOMMENDED ACTION: <br />Staffwill be available for questions or comments. <br />