Finance Committee Agenda and Packet 2025 03 20

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City Council Finance Committee Meeting Minutes February 20, 2025 Page 4 of 5 The Director of Finance presented the preliminary calendar for the preparation of the 2026 supplemental budget. Details were included in the meeting packet. Committee Comments: Councilmember Hoefner asked to add the June 12 Finance Committee budget retreat preview to the important dates because it's the Finance Committee's opportunity to look at any big policy choices in the budget. Public Comments: None. Monthly City Council Financial Updates: The Sales Tax team presented the monthly financial budget to actuals report to the committee. The report was included in the meeting packet. Committee Comments: Councilmember Hoefner commented that this budget to actuals report is required by code, and it is helpful as a high-level indicator of where we are in the year. Councilmember Hamlington expressed appreciation for council getting regular financial updates. She asked if the Impact Fee Fund encompasses all city impact fees and if these fees can be spent anywhere or if they are linked to their funds. She asked if there is benefit for Council having visibility into the detail of these funds due to possible implications on budget amendment requests. The Director of Finance responded that staff has visibility into these fees, noting that three accounts are specific to the impact fee funds — transportation, parks and trails, and Cultural Services. This report is a year-to-date income statement, so it reflects expenditures only. He also commented that if more information is desired on the impact fee funds the most appropriate time to discuss would be during CIP and capital budgeting discussions. Councilmember Hamlington asked for more information on the parks and trails impact fee fund offline. Councilmember Hoefner asked if there is value in adding a new page of fund balance by fund to this report. The Director of Finance responded that balance sheet reports are provided in quarterly and annual reports. He recommended staying with income statement accounts for this report. Fund balance reports will be shown in April for the 2024 Annual Report and in May for the Q1 2025 report. Councilmember Hoefner commented that there was information in the meeting packet related to the library impact fee which would have been helpful in thinking through how council evaluates a budget amendment request. He asked that the committee discuss at a future meeting what standard information is provided with budget amendment requests, especially those which don't come to the finance committee first. Councilmember Cooperman agreed with Councilmember Hoefner's request. Public Comments: None. 6/143