Finance Committee Agenda and Packet 2017 08 18

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City Council Finance Committee Meeting Minutes 07/21/17 Page 6 of 7 Manager Balser stated that the budget process for 2019 and 2020 would start in January, and a decision would need to be made regarding the current bi-annual budgeting and processes, or to consider reverting back to an annual process. Mayor Muckle stated that the focus for the remainder of this year should be reviewing the changes proposed for 2018. Member Stolzmann stated that she did not want to see projects delayed that were already budgeted. Finance Committee Member Maloney stated that it will be good to review operations and capital expenditures at the same time. The Finance Committee and staff discussed and agreed on the budget items to be reviewed during the next few months. SALES TAX REPORT FOR THE MONTH ENDED MAY 31, 2017 Tax Manager Penney Bolte presented the sales tax reports for the month ended May 31, 2017 to the Finance Committee. Ms. Bolte informed the Members that the May reports include the amended budget amounts, and that the 2Q 2017 reports that will be presented next month, will reflect the July 14, 2017 projections from the 2017 Revenue Projection Dashboard. Ms. Bolte also informed the Finance Committee that several entities of Amazon recently obtained Louisville Sales/Use Tax licenses and have begun remitting sales tax to the City on a voluntary basis. Finance Committee Member Maloney identified an error with the Monthly by Area revenue report, noting the ending year in the graph reflected 2016. Ms. Bolte apologized and stated the error would be corrected. The reports and corresponding narrative can be located in the packet of the July 21, 2017 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD — PROJECTIONS DATED JULY 14, 2017 Finance Director Kevin Watson presented the Finance Committee the 2017 Revenue Projection Dashboard. Director Watson pointed out the downward projections related to building activities including a 34.5% decrease in Building Use Tax revenue, a 47% decline in Construction Permits, a 72% decrease in Impact Fees, a 44% decrease in Wastewater Tap Fees, and most significantly a $6M, or 59%, decrease in Water Tap Fees. 7