Finance Committee Agenda and Packet 2017 09 18

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City Council Finance Committee Meeting Minutes 08/18/17 Page 4 of 6 Space & Parks Fund is due to the receipt of payment from the Town of Superior for a portion of the Davidson Mesa underpass. Senior Accountant Clark stated that street paving project have been completed and represent half of the expenditures in the Capital Projects Fund. Mr. Clark stated that transfer of Impact Fees would occur at the end of the year. Director Watson stated the transfer from the General Fund to Open Space & Parks Fund will occur to avoid a negative cash balance. Mr. Clark informed the Finance Committee that the budgeted amount for Tap Fees, as well as Sewer Tap Fees would not be reached and that user fees are down slightly due to wet weather. Finance Committee Member Stolzmann asked on the status of the utility billing conversion to Tyler and how residents will be notified of the upcoming changes. Senior Accountant Clark stated that "go -live" testing is ongoing, and that information will be provided on the utility bills and the City's web site. Member Stolzmann encouraged staff to be 100% confident in the new systems and conversion before going live. Ms. Stolzmann stated it would be beneficial for the City's newsletter to include information on changes residents may see with their upcoming bills. The Finance Committee Members and staff discussed the Water Fund, Tap Fees and the Utility Rate Model. Staff stated that the availability of Tap Fee revenues is purposely delayed by one year in the Rate Model. Director Watson stated that a large balance in the Water Fund is needed for future capital outlay. Finance Committee Chairperson Stolzmann stated that she had questions related to the Parking Improvement Fund. Member Stolzmann stated that there is the perception by people that the money put in they will never get back, nor will they have more parking spaces. Ms. Stolzmann stated that people don't see how the fees are used, partially because the City proactively transfers money from the General Fund to make land purchases or cover expenses before fees are paid to the Parking Fund. The Finance Committee Members and staff discussed how to better record the purchases out of the Parking Fund as well as record the transfers made from the General Fund. Ms. Stolzmann noted that the City spent $200K to purchase the parking lot behind Voltage, and that the City has transferred over $700K from the General Fund to pay for parking related land and expense in 2016. Director Watson stated that there are compliance regulations that govern the expenditures that can be made from the Parking Improvement Fund. 5