Finance Committee Agenda and Packet 2017 10 16

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City Council Finance Committee Meeting Minutes 09/18/17 Page 7 of 13 the IGA between Boulder County, the City of Louisville and Broomfield is currently being reviewed. Interim City Manager Balser stated that she would provide a memo to City Council regarding the outcome of the discussions so City Council Members can determine the use of the funds. Council Member Lipton asked about the increase in personnel costs between 2016 and 2017, stating it is hard to explain the increases without more detail. Director Watson stated that the addition of Parks, which was not originally in the Open Space Fund, accounts for a large portion of the personnel costs. Director Watson added that part of the increase is also attributable to the new Program and Sub - Program allocations which were done in July 2016 and redone in 2017. This process basically reallocated City overhead and includes new positions and raises. Member Stolzmann stated that the Utility Fund had been paying for most of the deficit. The reports and corresponding narrative can be located in the packet of the September 18, 2017 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD — PROJECTIONS DATED SEPTEMBER 11, 2017 Finance Director Kevin Watson presented the Finance Committee the current 2017 Revenue Projection Dashboard. Director Watson noted that the projections shaded in orange have been provided by the various Departments. Director Watson stated that he revised the projections for Consumer Use Tax, Lodging Tax and Franchise Fees downward for the remainder of the year. The reports and corresponding narrative can be located in the packet of the September 18, 2017 Finance Committee Meeting. PRELIMINARY 2017 ASSESSED VALUATION AND 2018 PROPERTY TAX REVENUE Finance Director Kevin Watson presented the Finance Committee the preliminary assessed valuation amounts received from the Boulder County Assessor. Director Watson stated the preliminary net assessed valuation calculates to a substantial 18.1% increase, noting again that these numbers could dramatically change. Director Watson suggested to the Finance Committee to wait to certify the City's mil levy until the actual assessed valuations are received in December 2017. Mr. Watson stated he would work with City Attorney Light on the details. Finance Director Watson reviewed the tables contained in the communication with the Finance Committee Members. Director Watson stated that the City's General 8