Laserfiche WebLink
City Council Finance Committee <br />Meeting Minutes <br />08/19/13 <br />Page 2 of 4 <br /> <br />Finance Director, Kevin Watson presented an August 1, 2013 letter from <br />Standard & Poor’s Ratings Services which reaffirmed the City’s “A+” rating of the <br />Sales Tax Revenue Bonds. <br /> <br />A copy of the letter and corresponding narrative can be located in the packet of <br />the August 19, 2013 Finance Committee Meeting. <br /> <br />SALES TAX REPORTS FOR THE MONTH ENDED JUNE 30, 2013 <br /> <br />The Tax Manager presented the monthly and quarterly sales tax reports for the <br />period ended June 30, 2013. <br /> <br />Finance Committee members discussed the sustained decline in sales tax and <br />lodging tax revenue for the area hotels. City Manager Fleming stated that the <br />Economic Development Director has been in communication with the <br />establishments and that the overall competition of the area and the opening and <br />planned building of new properties in the region continue to diminish the local <br />occupancy base during peak periods and events, when previously the Louisville <br />hotels have prospered. <br /> <br />The reports and the corresponding narrative can be located in the packet of the <br />August 19, 2013 Finance Committee Meeting. <br /> <br />REVENUE TREND ANALYSIS – PROJECTIONS DATED AUGUST 15, 2013 <br /> <br />The Finance Director presented the projection dashboard to the Committee <br />stating that revised projections received from the Planning and Building <br />Department for permits and tap fee have been incorporated into this month’s <br />analysis. <br /> <br />The revenue projections significantly impacted include an increase for Building <br />Use Tax and Water Tap Fees, and a decrease for Construction Permits, Impact <br />Fees and Wastewater Tap Fees. <br /> <br />Other revenues adjusted based on current trends include an increase of <br />Consumer Use Tax, Franchise Tax, Highway Users Tax and Recreation Center <br />Membership Fees, and a decrease for Recreation Center Daily User Fees and <br />Court Fines. <br /> <br />The reports and the corresponding narrative can be located in the packet of the <br />August 19, 2013 Finance Committee Meeting. <br /> <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDING JULY 31, 2013 <br /> <br />3