Finance Committee Agenda and Packet 2025 01 16

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City Council Finance Committee Meeting Minutes November 21, 2024 Page 4 of 7 council might even eventually want to establish a specific housing fund so it's an important conversation to continue. Public Comments: Mayor Leh commented that the affordable housing project is a full Council project, and he doesn't see a special role for the finance committee. He added that all of Council needs to be aware of what the options are for using the money and how, generally speaking, the projects can be financed. Final 2024 Budget Amendment: The Director of Finance presented the final 2024 Budget Amendment to the committee. The presentation and budget amendment documentation were included in the meeting packet. The committee recommended that the budget amendment be brought to the December 3 Council meeting. Committee Comments: Councilmember Hamlington asked for a reminder of where the $900,000 is coming from which is being moved to the Parks and/or Open Space fund. The Director of Finance responded that it is the projected ending fund balance of the original fund, created from transfers and sales tax. This is what is left in the fund after the transfers have been made to the two new funds. Councilmember Hamlington commented about items previously approved by council coming back for budget amendments. She expressed concern seeing this high of a number in a budget amendment and asked, as the finance committee, how those estimates can be narrowed down or if it is possible to have reserves for those bids to increase confidence that what the committee approves is in the ballpark of what it will cost. To have a healthy budget where we are confident in the pricing of approved items. Councilmember Hoefner agreed with Councilmember Hamlington's comments, adding that when items do come to council as part of a budget amendment, highlighting it more directly that the thing we are about to do is likely to have a budget impact and try to ballpark the effects on the previous budget. Councilmember Kern agreed with the comments of Councilmembers Hamlington and Hoefner. She also commented that her recollection is that some of these items had come to council as estimates and she agreed that the amount in the budget amendment is a lot. There was a discussion around the Open Space and Parks funds and how the decision was made to split the remaining funds in the proposed budget amendment. There was an extensive discussion around Parks and Open Space as part of the 2025 work plan and how the committee and Council will need to work together to ensure both Parks and Open Space are each maintained in the best way possible for the community. Public Comments: 6/37