Finance Committee Agenda and Packet 2016 11 28

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City Council Finance Committee Meeting Minutes 10/17/16 Page 3 of 5 the budgeted amount. Member Maloney stated that the amount of any roll - forward amount should only reflect what they can actually fund. City Manager Fleming asked if the transfer from the General Fund to the Golf Course Fund has already occurred. Finance Director Watson stated that nothing has yet been transferred to the Golf Course Fund. Finance Committee Member Maloney stated that he believes there is a presumption that the Golf Course can spend the full amount originally budgeted for facility improvements. Director Watson and City Manager Fleming stated that they believe Director Stevens and Manager Baril understand that the amount of what can be spent is limited based on the revenue generated. Chairperson Stolzmann stated that the revenue budgeted for 2017 needs to be changed and that only a reasonable amount of the CIP rolled forward. The reports and corresponding narrative can be located in the packet of the October 17, 2016 Finance Committee Meeting. SALES TAX REPORT FOR THE MONTH ENDED AUGUST 31, 2016 Penney Bolte, Tax Manager, presented to the Committee the monthly sales tax reports for the period ended August 31, 2016. Member Stolzmann asked how the new sales tax revenue generated from the Superior Town Center as part of the IGA between the two cities would be recorded. Director Watson stated that he would review the agreement to determine whether it would be recorded as IGA revenue or included in the City's sales tax revenue. The reports and corresponding narrative can be located in the packet of the October 17, 2016 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD — PROJECTIONS DATED OCTOBER 11, 2016 Kevin Watson, Finance Director, presented the General Fund and All Funds Dashboards to the Finance Committee Members. Director Watson stated that these will be the final dashboards for the year, noting most projections are similar to those presented in August. Mr. Watson stated the projections for Auto Use Tax, Lodging Tax and Court Fines revenue were increased and Franchise Tax, Specific Ownership Tax and Highway User's Tax revenue projections were decreased. 4