Agenda

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Item # 4.

Council Meeting

Meeting Date:	01/26/2021
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Consider Action on the First Quarter Update from the Finance Committee to the City Council for the Period from October 2020 to December 2020.

BACKGROUND:

The Finance Committee (Committee) serves in an advisory capacity to the City Council. The Committee includes: Council Member Tom Braun, Council Member Ivan Hughes, and Council Member Marlin Willesen. The Committee reviews and makes recommendations to the City Council regarding the following matters:

Quarterly Financial Reports;
Comprehensive Annual Financial Report (CAFR);
Long-term debt capacity of the Town;
Engagement of independent accounting firms to audit the financial statements; and
Review the adequacy and implementation of an internal audit function.

The Committee meets monthly and is required to provide quarterly reports to the Council. The attached report cover topics discussed at the Committee Meetings for the first quarter of Fiscal Year 2021 from October to December 2020.

RECOMMENDATION:

Administration recommends approval.

Attachments
Report - Finance Committee Report First Quarter Fiscal Year 2021