Finance Committee Agenda and Packet 2017 10 16

Home Browse Search

City Council Finance Committee Meeting Minutes 09/18/17 Page 12 of 13 Members asked if the Recreation/Senior Center would be in a separate fund. Director Watson stated it would not, that it will be included as a separate program within the General Fund. Council Member Lipton asked about the anticipated General Fund turn -back at year-end. Director Watson stated the General Fund reserves are projected to increase by $1.4M in 2017. Director Watson stated that the full $3M could be transferred from the General Fund to the Recreation/Senior Center Program. Finance Committee Member Maloney stated that he liked the proposed list, the conservative approach, and that it would allow City Council to reprioritize all projects for the 2019/2020 budget. Member Stolzmann clarified the sales tax projections and property tax projections with Director Watson. Finance Committee Members and Council Member Lipton stated they feel comfortable with the revenue and expenditure projections provided by staff in the preliminary budget. Member Maloney asked Interim City Manager Balser to summarize the next steps in the budget review. Manager Balser stated that the preliminary budget would be introduced on September 19 and discussed again on October 10. Ms. Balser stated the public hearing is scheduled for October 17. The Finance Committee stated that it is pleased with the Financial Model, and to this point, the bi-annual budget process. Finance Committee Chairperson Stolzmann summarized the requests of the Finance Committee to staff based on the discussions at today's meeting: • Provide alternatives for the transfers to the Open Space & Parks Fund • Match property tax revenue to the general expense growth • $3M to Recreation/Senior Center construction fund (address DOLA grant) • Address staff capacity & ability to complete all projects slated for 2018 Director Watson stated that the Recreation Center shortfall is not included in the preliminary budget. Council Member Lipton stated caution should be used when delaying projects as many times they end up costing more. Member Stolzmann asked Interim City Manager Balser about the status of the Highway 42 Underpass and whether it is on track for 2018. Interim City Manager Balser and Director Watson stated that $400K is budgeted for 2017 and an additional $1.5M from the Open Space & Parks Fund for 2018. Finance Committee Member Stolzmann stated that she believes the project will end up costing closer to $3M. Members and staff agreed that would change everything 13