Business Retention and Development Committee Agenda and Packet 2015 10 05

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Business Retention & Development Committee Meeting Minutes August 31, 2015 Page 2of4 2015 Q2 SALES TAX REPORT: Tax Manager Penney Bolte gave an overview of the 2nd Quarter Tax Report. Quarterly reports are presented to Finance Committee each month. Ms. Bolte reviewed for BRaD the Revenue Summary history in packet. Sales tax revenue is up over 2014. The City is on track with what was budgeted for 2015. Building Use Tax is low but will be right on track after July numbers are posted. City Sales tax revenue is very stable. The tax office monitors our neighboring municipalities' sales tax data. Most cities are up together and down together. When Superior Town Center comes online the existing sales tax area map will need to be revisited. Policy makers, among other things look at where sales taxes are generated. Numbers show we have trended back up over past years but is flattening to typical 2 %, 3 %, 4% increases. The City Manager looks at latest numbers for budget purposes. City Manager's Office assumes 3.5% increase per year. Sales tax vs. residential C.O. should be calibrated by Fiscal Model. Inflationary costs for staff and CIP projects will result in a constrained budget for 2016- 17. Property tax increase option was discussed. City Manager Fleming pointed out we make sure we do not use one -time revenue to fund ongoing projects. Vice Chair Lathrop thanked Ms. Bolte for her presentation. HISTORIC PRESERVATION MASTER PLAN PRESENTATION: Planning and Building Safety Director Troy Russ gave a presentation of the Preservation Master Plan. Planning would like feedback from all boards. This was presented to HPC. Deb Fahey was also in attendance at the BRaD meeting to help answer any questions. Among other things, the Preservation Master Plan: Protects small town character, creates a sense of place and economic diversity, inspires pride and cultivates tourism. Vision statement was adopted by Council.