Finance Committee Agenda and Packet 2017 06 12

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City Council Finance Committee Meeting Minutes 05/15/17 Page 2 of 6 None. FINANCIAL STATEMENTS FOR PERIOD ENDED APRIL 30, 2017 Senior Accountant Graham Clark presented the financial statements for the period ending April 30, 2017 to the Finance Committee. Mr. Clark noted the continued higher trend in the General Fund for Cultural Services due to receipt of the annual Superior Library payment, and also a significant increase for court fines YTD. Finance Committee Member Maloney asked Accountant Clark if the General Fund is trending as expected. Mr. Clark stated it is. Senior Accountant Clark stated that the expenditures for the Open Space & Parks Fund remains low as no capital projects have been started, and that the expenditures made to date were machinery purchases. Mr. Clark stated that expenditures in the Capital Projects Fund are higher this year as compared to last year due to the ongoing South Street Underpass project, the Street Reconstruction Project, and design work for the new Recreation & Senior Center. Senior Accountant Clark noted only a small amount of expense activity in the Water Fund which has been for sewer replacement work, and that the "Other" category of expenses noted for the Wastewater Fund is debt service not capital expenditures. Finance Committee Chairperson Stolzmann asked about the variance between revenues reported in the Financial Statements and the YTD revenue reported in the Sales Tax Reports. Finance Director Watson stated that the Sales Tax reports are always being reported a month in arrears of the Financial Statements. The reports and corresponding narrative can be located in the May 15, 2017 packet of the Finance Committee Meeting. SALES TAX REPORT FOR THE MONTH AND QUARTER ENDED MARCH 31, 2017 Tax Manager Penney Bolte presented the sales tax reports for the month and quarter ended March 31, 2017 to the Finance Committee. Manager Bolte stated that sales tax revenue for March was strong but that part of the increase is attributable to a few one-time tax payments. Ms. Bolte noted a slight rebound in lodging related tax revenues for the month of March, but stated revenues are still approximately 10% below budget.