Finance Committee Agenda and Packet 2025 02 20

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City Council Finance Committee Meeting Minutes January 16, 2025 Page 5 of 5 as routine and periodically it has a very large project. We have one more large mitigation project to complete the flood mitigation project that Louisville needed to achieve. That's what you see in the negative 7% number in 2030. The stormwater fund will have a structural rebalancing after projects are completed. Councilmember Hamlington asked if there is a reason the predictions extend out ten years in the future instead of five or six years. The Deputy Director of Utilities responded that the number of out years presented is just a preference to understand long-term impacts. We have a system that could project even farther out to capture capital asset replacement to ensure we truly are smoothing for the long-term for large capital increases. There is no reason we need to present ten years if you prefer to have it presented as a shorter projection. The Committee requested a closer look at rate structure at the June meeting. Public Comments: None. Revenue, Sales, and Bag Tax Reports: The Sales Tax Department presented the November 2024 Revenue, Sales, and Bag Tax Report to the committee. The report was included in the meeting packet. Committee Comments: Councilmember Hoefner commented that he likes to see the audit increase year over year. Councilmember Hamlington expressed appreciation for the audit results. She asked about the inside and outside sales tax data, asking if this information is shared with Economic Vitality staff as she could see this informing their work. She feels it would be useful for other staff to leverage this information. The Sales Tax Auditor responded that these reports will be sent to EV when they are done. She also noted that May 2022 is when Nexus was adopted, commenting that trend -wise it's been a gradual new registration of businesses which has been part of the increase in audit revenue. Public Comments: None. Finance Director Updates: None. Closing Ouestions/Comments from the Committee: None Items for the Next Regular Meeting, scheduled for February 20, 2025, 4:00-6:00 PM: • 2024 Year End Revenue and Sales Tax Reports • 2026 Budget Supplemental Year — Preliminary Calendar and Process • Write-off Accounts Receivables • Monthly council Financial Updates Adjourn: The meeting adjourned at 5:33 PM 14/60