Committee Informational Meeting 2/18/10

A meeting of the Brunswick Citizen's Financial Audit and Review Advisory Committee was held on Thursday, Feb. 18th, 2010.

Attendees were Dan Mahacevich, Ginnie Lowers, Greg Crane, Bill White and me.

Meeting was called to order at approx. 6:40pm.

1. City Manager's Video

Bill presented the video of the State of the City featuring City Manager Bob Zienkowski which was favorably received. A request was made for a copy of Bob's slides that summarized the city's performance and accomplishments, and Bill will follow up on this.

2. 2010 Budget Review

Bill provided an overview of fund accounting as well as the various methods used for revenue, expense, and receivables/expense accounting. An explanation of the various funds utilized to keep track of revenues and expenses was provided. There are four types of funds (government, proprietary, debt service, and fiduciary) and while it might be time-consuming to maintain so many separate fund accounts, the benefits are increased tracking and transparency and ease of reconciling and auditing.

The 2010 budget is $19.5 million and includes 126 full-time and 69+/- part-time employees. Bill provided a historical and projected change in cash position and ending fund balance. He also presented information pertaining to the fund operating revenue and expenses.

The committee had an opportunity to ask several questions about the 2010 budget as well as the city's financial statements in general.

The group decided that any remaining questions can be addressed at the next meeting on May 20. Bill also offered to answer questions that the committee member's addressed sooner by sending the questions to him.

The meeting was adjourned at 8:20pm