Finance Committee Agenda and Packet 2014 08 18

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City Council Finance Committee Meeting Minutes 07/15/14 Page 2 of 4 OPERATIONAL BUDGET REQUEST PROCESS AND NON - PROFIT GRANT APPLICATION PROCESS Finance Director Watson reviewed with the Finance Committee the budget instruction documents and forms distributed to all City departments for use in preparing their 2015 operational budget requests. Council Member Stolzmann requested that departments update their mission statement, department description, goals, etc., to be included on the City Managers' recommended budget transmittal to City Council. Council Member Keany asked if the non - profit grant applicants could provide their grant request application and documents electronically in lieu of the five (5) hard copies requested in the instructions. The Finance Director stated he would send out follow -up letters notifying potential applicants of this request. The Finance Committee agreed to receive their copies the grant applications electronically for review instead of receiving the previously provided hard -copy binders. The documentation and corresponding narrative can be located in the packet of the July 15, 2014 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED MAY 31, 2014 The Tax Manager presented the monthly sales tax reports for the period ended May 31, 2014. The Finance Committee discussed possibly designating the City's portion of the retail marijuana excise tax received from the State of Colorado for specific purposes. The reports and the corresponding narrative can be located in the packet of the July 15, 2014 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD The Finance Director presented the revenue trend dashboards with projections for all funds and for the General Fund. The Finance Committee discussed the disparity in overall trends between the Water Tap Fees and Wastewater Tap Fees, and the negative General Fund variance between the 2014 projections and the 2014 budget.