Meeting Agenda
1. Open Meeting
2. Roll Call
3. Items of Business
3.A. Consider a recommendation to the City Council on the City Audit Report 
3.B. Consider a recommendation to the City Council on the KENO Audit Report. 
4. Officers' Reports
5. Adjournment
Agenda Item Details Reload Your Meeting
Meeting: February 6, 2024 at 5:00 PM - Finance Committee Meeting
Subject:
1. Open Meeting
Rationale:
  • In accordance with Nebraska law, a copy of the Open Meetings Act can be found in the back of the Council Chambers.
  • Items listed on the agenda may be considered in any order.
Subject:
2. Roll Call
Rationale:
  • Attendance of members will be recorded to determine the presence of a quorum for official actions.
Subject:
3. Items of Business
Rationale:
  • The Committee may discuss or limit discussion on, hear testimony in favor of or in opposition to, or take action to provide a recommendation to the City Council on any matter presented under this title.
Subject:
3.A. Consider a recommendation to the City Council on the City Audit Report 
Discussion:
Finance Committee member Ashley Newmyer arrived at 5:15 p.m.

Marcy Luth provided a City Audit presentation by AMGL. Luth went over the bench mark spreadsheet and unmodified opinions. 
- Total assets went up and liabilities went down
- went over page 10 of the revenue and expenses 
- went over the Bond proceeds 
- 5 year comparison
- lower valuation 
- Luth explained that grants vary year to year 
- $459 per capita 
- came above the municipal equalization 
- item #4 5 year trends, item #5 GEO Debt 2.5% very excellent capacity debt, 117% general fund expenditures, 17 months rolling money back to street projects, item #8 levy rates, item #9 50% depreciation and item #10 operating income. 
Luth stated that the recommended cash reserve would be $2.2 million and the City of Crete has a cash reserve of $5.3 Million. 
Luth also mentioned that on page 12 is the debt paid down which is $695,000 and on page #14 is the Friends of the Library 
On page 43. is TIF projects which are a little over 2 million in each category. 
Luth provided a reminder to have segregation of duties for transfers between accounts. There have been some reconciliations that were missed. Council member Kyle Frans asked about bank reconciliations and City Administrator Tom Ourada stated that bank reconciliations have started being done every month. Recording moving debt payments. 
Luth remained to roll forward to the State's unclaimed property the older outstanding checks for consumer deposits. Also to make sure LB840 applications have everything signed. Luth also reminded to do write offs every 5 years. 

 
Action(s):
Motion Carried:
Recommend to the City Council to accept the City Audit Report. Carried with a motion by Dale Strehle and a second by Ashley Newmyer.
  • Kyle Frans: Aye
  • Ashley Newmyer: Aye
  • Dale Strehle: Aye
Attachments:
Subject:
3.B. Consider a recommendation to the City Council on the KENO Audit Report. 
Action(s):
Motion Carried:
Recommended to the City Council to accept the KENO Audit Report. Carried with a motion by Dale Strehle and a second by Ashley Newmyer.
  • Kyle Frans: Aye
  • Ashley Newmyer: Aye
  • Dale Strehle: Aye
Attachments:
Subject:
4. Officers' Reports
Rationale:
  • Reports may be given by the Mayor, Officers, Departments, or Councilmembers concerning the current operations of the City.
  • No action can be taken on matters presented under this title except to answer any questions or to refer the matter for further action.
Subject:
5. Adjournment

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