Finance Committee Agenda and Packet 2016 01 19

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City Council Finance Committee Meeting Minutes 12/14/15 Page 3 of 7 The Finance Director, Kevin Watson, presented preliminary information and graphs to the Finance Committee. Director Watson stated the information is based on data provided by the Golf Course staff, actual revenue and expense history, the 2016 budget, and the projections calculated by the Long -Term Financial Model. The Finance Committee first reviewed the table of data provided by the Finance Director. Council Member Maloney asked where the 2015 estimates were derived from. Director Watson stated the projections were those established in late summer by Parks and Recreation staff after the Golf Course reopened. Member Maloney inquired about the Miscellaneous Revenue line item. Director Watson and Senior Accountant, Graham Clark, stated the amounts were a combination of gift card sales and payments anticipated by the concessionaire. The Committee Members stated they would like to see this line item moved out of Miscellaneous Revenue and more clearly identified. Finance Committee Member Maloney asked about the shortfall in the FEMA revenue. Accountant Clark stated that FEMA has requested additional information in order for them to determine reasonable costs, and that the final payments may be delayed another year to year- and -a -half. Member Stolzmann asked about the transfers from the General Fund and Capital Projects Fund. Director Watson stated that transfers to the Golf Course Fund would be made out of the General Fund to cover any operational deficits and out of the Capital Projects Fund to cover shortfalls in capital projects. Director Watson stated that those amounts could increase, and specifically, if the FEMA funding is delayed. Member Stolzmann asked if City Council could mandate how the payback of funds from the Golf Course is allocated between the General Fund and the Capital Projects Fund. Director Watson stated that they could make that determination by Resolution. The Finance Committee then discussed the charts and graphs provided. Finance Director Watson stated that the metric data was provided by the Golf Course staff, but that no one from Parks and Recreation or the Golf Course was present to answer specific questions. The Committee Members and City Manager Fleming stated that they would like the Golf Course revenue and metric data presented in a dashboard similar to that regularly provided by the Finance Director to the Finance Committee for other funds. City Manager Fleming stated that he would work with Director Joe Stevens and Golf Pro, David Baril to obtain the data needed to make the dashboard meaningful.