Report from the Finance Committee of May 31, 2011

          Agenda Item #1 Consider Collection Procedure for Delinquent Escrow Accounts
          Agenda Item #2 City Financial Dashboard

Agenda Item #1 - Staff Reviewed the current escrow billing process and how delinquencies occur and the city's process for collection. 

Agenda Item #2 - Continued reveiw of the City's Financial Dashboard.

Agenda Item #1:  The Finance Committee would like to see an escrow policy created.  In such it will set the terms of how delinquent escrow accounts will be handled.  The policy will contain such items as:  $1000 or more delinquent; after 6 months of delinquency, the escrow applicant will have 30 days in which to pay the outstanding delinquent balance with the added incentive of a 25% write off; and if payment is not made after the thirty day period, the outstanding balance will be forwarded to a collection agency.  A draft escrow policy will be presented at a later date for adoption.

 

Agenda Item #2:  The Finance Committee would like to see more detail on the Cash Flow section of the financial dashboard such as five items that contributed to the changes in cash balances from year to year and what funds had the most significant change.  Would also like to see a copy of the document on the city's web site for public review.

Agenda Item #1:  Motion to confirm the recommendation o fthe Finance Committee to draft an escrow policy with the terms as outlined above and bring back for future approval.

Agenda Item #2:  Motion to confirm the recommendation of the Finance Committee to update the financial dash board with additional information related to the cash flow section and to place on the city's web site.