Finance Committee Agenda and Packet 2025 05 15

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City Council Finance Committee Meeting Minutes April 17, 2025 Page 3 of 5 because we budget entire projects in one year with full project costs appropriated at one time for projects which can take years to complete. Councilmember Hoefner commented that he recalled that the Water Meter Replacement Project was budgeted for 3 years and asked if we are going to get 2 years' worth of work completed in 2025 or if it will be pushed farther into the future. The Deputy Director of Utilities responded that bids have been received, and a few contractors have indicated that they can get it done in 2026. We are looking at 2025- 26 completion to be conservative. Councilmember Hamlington asked what the special revenue funds are. The Director of Finance responded that these are funds which are established for a specific purpose, such as parks, open space, recreation, cemetery funds, etc. He noted that a significant amount of the $2.5M in the Special Revenue Fund is a direct fund transfer to fund 301. Councilmember Hoefner commented on the reserve slide, noting that the Combined Utility Fund 25% reserve is a minimum reserve and not a target reserve. The Director of Finance will specify this point in the final presentation to Council. Public Comments: None. Monthly Revenue and Sales Tax Reports: The Sales Tax Auditor presented the Monthly Revenue and Sales Tax Reports to the committee. The reports were included in the meeting packet. Committee Comments: Councilmember Hoefner expressed appreciation for the hard work of the team, which has resulted in the high compliance results. Public Comments: None. Revenues, Expenditures & Changes in Fund Balances: The Director of Finance presented a report on revenues, expenditures and changes in fund balances as of December 31, 2024. The documentation was included in the meeting packet. Committee Comments: Councilmember Hoefner asked what the loan item is in the general fund. The Director of Finance responded that he would research this question and provide the full answer to the Committee. He noted that it could be a solar lease or how we treat our software due to governmental reporting requirements. Councilmember Cooperman asked if staff any concerns about the Recreation Center and Golf Course being so busy that it will have a negative impact on whether people want to go. The Director of Parks, Recreation and Open Space responded that it is a good problem to have, and that staff took a lot of stock in the 5/107