Bentleyville Finance Committee
November 20th, 2013
Attendees: George Skipper, Finance Committee
Bernice Schreiber, Fiscal Officer
Christine Comstock, Council; John Bourisseau, Council; Kathleen Hale, Council.
Meeting called to order at 6:04 P.M.
Approval of Minutes
The accounts payable listing was reviewed and recommended for payment. It was noted that all account payable were included in the budget except for the Mayor's Court Lite Software, which the Committee thought was an acceptable addition the budget.
Review of Financial Statement
A review of the financial statements shows that Year to Date thru October 2013, the Village is currently approximately $200,000 better than budgeted. Revenue is $125,000 higher than budget and expenses are approximately $75,000 lower than budget.
This variance to budget is explained primarily by revenue being higher than expected due to a one-time windfall from a $138,000 estate tax payment. The remainder of the variance is explained mostly by unexpected revenue from RITA.
The Bentleyville Tax Review Commission met and expects to come to a settlement regarding the case it heard involving a resident that spends time at a home outside of Bentleyville.
Finance Committee reviewed the Mayor's proposed budget.
Revenue - most of the revenue numbers in the 2014 budget are the same as 2013. The Committee did note that RITA revenue is expected to increase in 2014 and that fine revenue is expected to be higher than 2013 per the new Chief of Police.
Expenses are in line with the 2013 budget. While police salaries are expected to be up net approximately $10,000 in 2014, this expense includes increasing police hours, so is very reasonable.
The Finance Chair would like to see if we can increase revenue somewhere by $2,000 in an effort to balance the budget for 2014. The Finance Manager believes this could be possible.
Finance discussed the capital expenditures budget and is impressed with the Interim Service Director's listing of potential expenditures. The Committee feels that some of this year's surplus should be moved into the capital fund to start saving up for 2014 and 2015 capital expenditures. A more definite number will be determined after reviewing November's financial statements.
Meeting adjourned at 6:55 P.M.
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