HomeMy WebLinkAboutMinutes-Council Work Session-2/4/2020COUNCIL WORK SESSION
February 4, 2020
4:25 p.m.
Harold E. Getty Council Chambers
Members present: Boesen, Amos, Morrissey, Klein, Feuss, Grieder, and Juon.
Moved by Amos seconded by Feuss that the Agenda, as proposed, be approved. Voice -vote
Ayes: Seven. Motion carried.
Objective: Presentation of FYE19 Audited Financial Statements
Michelle Weidner, Chief Financial Officer, introduced Kevin Smith with RSM to make remarks
about the City's FY2019 audit and thanked her staff for their work on the audit.
Kevin Smith, RSM, provided an overview of the audit process, a summary of the FYE2019
financial performance, internal control and compliance reporting, and auditor communications.
Revenue increased from $101,981,264 in FY2018 to $108,136,620 in FY2019. Expenses
decreased from $121,749,734 in FY2018 to $112,949,532 in FY2019.
Objective: Discussion of the FYE2021 budget
Michelle Weidner, Chief Financial Officer, provided an overview of the FYE2021 budget
process. She explained the new hearing required by the State of Iowa, which require a public
hearing for the 8/10 levy and employee benefits levy prior to the public hearing to adopt the
FYE2021 budget. She explained that the deadline for council, staff, and the public to submit
budget ideas is February 11, 2020. A hearing on bonds for the CIP will take place prior to
March 19, 2020.
Council members commented on the short time frame to review the budget and CIP requests.
Noel Anderson, Community Planning and Development Director, explained that the departments
get the information turned in on time. Next, Planning Department staff meet with departments
and Mayor about the requests. He explained that the process could start earlier and explained the
adjustments that would need to be made in order to accommodate this.
Michelle Weidner provided an overview of how Waterloo's assessed values compare to other
cities in the state. She explained the base budget numbers and noted that we are currently over
the $8.10 limit by approximately $84,000.
With no further business before the Council, it was moved by Amos seconded by Feuss that the
meeting be adjourned at 5:17 p.m. Voice -vote Ayes: Seven. Motion carried.
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elley Felc
City Clerk