Financial- Budget (1- 2 Files) - Laserfiche WebLink

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2/3 Overall status of egpenses/Transit assumption of paying agent. Tom Wolfgram agreed to take over the budget updates and maintain the official books from July 1998 forward. Transit will maintain the official books, but we will still pay from two sources until the construction stage begins. At that time Transit will become the single paying agent. Elyn will get approval from Tom prior to all payments so that the official books can be maintained. She will also need to give Tom all finance costs for the books. Both Billy and Elyn agreed to keep Tom informed so he can be on top of costs at all times. Transit will not receive their money flow until after the acquisition model is approved by the FTA. This should occur this Fall. Payment approval will be as follows: Architech and Engineering contractors will submit bills to Melvin Mark. Melvin Mark will approve and submit to Billy Wasson. Billy Wasson will approve and submit to Elyn Lyon Elyn Lyon will get approval from Tom Wolfgram and then pay. Tom said he will produce an updated budget sheet (with additional subcategories) after July, when he has all of the information accumulated. Sheryl to copy the file to disk for Tom. In the future when Transit needs to access the revenue flow from the County to cover expenses the procedure will be: Tom Wolfgram will submit a.n "invoice" with backup documentation to Billy Wasson. Billy Wasson will approve and submit to Elyn Lyon. Elyn Lyon will submit the invoice for payment to the Transit District. . Other Business • It's unclear whether the Streetscape dollars are awarded to the project, County, Transit or a combination. The last conversation sounded like the grant was to the County and that the City will reimburse actual costs. Billy agreed to follow up with the City to clarify. Jeff Detwiller will oversee the streetscape for the City. • On 6/10/98 the BOC approved a resolution to continue the revenue resource from Solid Waste. • Future Meetings: The Finance Team will meet the second Thursday of each month from 1-2 pm at the Transit District conference room. July 9'~ will be the ne~rt meeting. The subcommittee will give a status report on the reconciliation and the new books system. Dan asked that the Bond Counsel (Einowski and Clements) be kept cunent with