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Mayor's Brief
by Roger Tobler
Boulder City Mayor

Finance Committee
The City Council organized the finance committee late last year.  The committee began meeting in January, 2008.  The committee currently has four members and will sunset in June, 2008.  The members of this committee were chosen to serve due to their extensive backgrounds in finance and their understanding of accounting. 

The finance committee diligently researched the city’s financial position and has now come back with recommendations for the City Council.  First, the transfer of money from the Utility Fund to the General Fund was addressed.  This transfer to the General Fund is now based on actual allocations of services provided thereby.  This recommendation will present an accurate accounting of the money being transferred out of the Utility Fund.
Another recommendation is that the General Fund and other funds should reimburse the Utility Fund for all utilities used at a wholesale cost.  This will provide a clearer picture of the cost and financial impacts all the funds and departments have on our public utility and the overall budget.

The committee also recommended that the City take the appropriate steps to recognize the $8.7M used in the construction of Boulder Creek as a loan from the Utility Fund.  The City Council has followed that recommendation and has now officially set up the transfer as a medium-term obligation to be repaid over a period not to exceed 20 years.  This will help to rebuild the Utility Fund balance.

They also recommended that reserve funds for capital projects be re-established by Resolution.  This will protect money that will be set aside for future capital improvement projects.  This step will help ensure that the City properly plans for future utility projects.  This will also help to reduce sudden rate increases for budget shortfalls or emergencies.

Based on the continued financial improvements at Boulder Creek Golf Course, the committee has stated that closing the course should not be considered at this time and we should closely monitor the finances of the golf course.  The committee also recommended that the City Council look to place on a future ballot the sale of the land around the golf course.  I am sure there will be future discussion regarding this recommendation.

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