Minutes - Assembly Finance Committee

DRAFT MINUTES - ASSEMBLY FINANCE COMMITTEE May 21, 2014 Assembly Chambers

I. Call to Order The meeting was called to order at 5:30 p.m. by Karen Crane, Chair.

II. Roll Call Committee Members Present: Karen Crane, Merrill Sanford, Mary Becker, Randy Wanamaker, Jesse Kiehl, Carlton Smith, Kate Troll, Loren Jones

Committee Members Absent: Jerry Nankervis

III. Approval of Minutes May 7, 2014 minutes approved with changes.

IV. Investment Accounting Policy Change Mr. Bartholomew briefed the AFC on the reasons for changing the accounting for investments for budget purposes only, from total return (including unrealized gains and losses) to realized income. There were no objections to making this change.

V. Ordinance 2013-11(AT) Mr. Bartholomew presented the ordinance which pertains to consolidating the three pieces of the Budget Reserve funds into the General Fund. There was discussion on required transfers, target size of the reserve, and investment income potentially attributable to the reserve.

Mr. Kiehl moved to forward Ordinance 2013-11(AT) to the full Assembly for introduction & adoption.

Roll call vote: Ayes: Becker, Jones, Kiehl, Smith, Troll, Crane, Sanford Nays: Wanamaker Motions passed: 7 ayes, 1 nay

VI. Expanded Mail Service Grant Ms. Kiefer noted that all future grants adding FTEs to the budget will be brought before the AFC for discussion.

Mr. Barr explained the background of the Mail Service Grant and how the expanded grant provides additional funding that can benefit the local community as well as all areas of Alaska. This grant does not require a local match nor is there any requirement to maintain the FTEs or the program if funding is terminated by the State in the future. Mr. Smith moved to forward the grant to the full Assembly by unanimous consent. There were no objections, the motion passed.

VII. Information Items Mr. Bartholomew presented an update on the Sales Tax revenue. It appears CBJ is on track to collect the budgeted amount for FY14.

VIII. Next Meeting Date The next meeting is set for June 11, 2014

IX. Adjournment The meeting was adjourned at 6:20 p.m.