Finance Committee Agenda and Packet 2017 06 12

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City Council Finance Committee Meeting Minutes 05/15/17 Page 4 of 6 helpful to add a footnote to the dashboard explaining that many revenues are collected in advance of any recognized expenditures. Chairperson Stolzmann stated that the revenue and expenditures stated on the dashboard do not agree with the revenue and expenditures reported in the Financial Statements. Ms. Stolzmann asked if Tyler, Rec Track or both systems are being used for dashboard reporting. Superintendent Martin stated that expenses are coming from Tyler and revenue from Rec Track. Finance Committee Member Maloney asked how much effort and staff time is needed to prepare the dashboard. Ms. Martin stated that significant time was expended by staff and City Manager Malcolm Fleming to create the dashboard provided. Director Stevens stated that once the Finance Committee determines the information provided in the dashboard is sufficient, he will work with IT Director Neves to help automate pulling the data. City Manager Fleming stated it is the goal is to make all dashboard reports easier and consistent. Finance Committee Member Maloney asked if there was an update on the Public Works Dashboards. Director Watson stated that he had not received anything to include in the Finance Committee packet. City Manager Fleming stated that Director Kowar stated he would be starting to work on the dashboards, but that he had not seen anything yet. The reports and corresponding narrative can be located in the April 17, 2017 packet of the Finance Committee Meeting. CASH & INVESTMENT REPORT AS OF MARCH 31, 2017 Finance Director Kevin Watson presented the Cash & Investment report to the Finance Committee. Director Watson stated next month's report will include the Recreation Center Bond proceeds which will be deposited with ColoTrust in order to isolate and track the interest for IRS and other reporting requirements. Mayor Muckle asked if the revenue from the CWRPDA loan is reflected in these reports. Director Watson stated those proceeds are not received in cash, but are held in escrow by CWRPDA and recorded as bond proceeds in the City financials. Finance Committee Members and staff discussed the TABOR limits for the new Recreation & Senior Center sales tax revenue. Deputy City Manager Balser stated that any possible refunds could only occur in the first year of the new sales tax, and that it is doubtful such situation will occur. Director Watson stated that should refunds be required, many cities provide such refunds on resident utility bills. Members and staff discussed the costs to administer refunds versus the costs to hold an election to keep such funds. LIST OF BILLS SCHEDULED FOR COUNCIL APPROVAL ON MAY 16, 2017