Finance Committee Agenda and Packet 2018 03 12

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City Council Finance Committee Meeting Minutes 02/19/18 Page 6 of 7 Committee Chairperson Maloney asked if cost recovery is addressed in the City's Financial Policies, stating that more discussion is needed and that both the Finance Committee and City Council needs to understand the policies and subsequent budgeting for program revenues and expenditures. Member Maloney stated that perhaps a different structure is needed and suggested further meetings with Director Watson, Director Stevens and Superintendent Martin to review, and possibly redo, certain policies that would eliminate the mystery for City Council as to how much is provided in program subsidies and whether or not those subsidies are appropriate. Finance Committee Member Lipton asked staff how the cities of Arvada or Westminster measure their recreation programs and whether or not they utilize a Profit & Loss method. Chairperson Maloney stated that this discussion also directly relates to the upcoming discussion of fee calculations scheduled for the March Finance Committee Meeting. The reports and corresponding narrative can be located in the packet of the February 19, 2018 Finance Committee Meeting. STAFF REPORTS None. DISCUSSION ITEMS FOR THE NEXT REGULAR MEETING Finance Committee Members and staff discussed the items to be covered in the next few Finance Committee meetings. Member Lipton requested an update on the Recreation Center at the March 12, 2018 meeting. City Manager Balser stated she would have Director Stevens provide an update. Chairperson Maloney suggested he, Member Lipton and staff work on the Recreation Center budget. The next regular Finance Committee Meeting is scheduled for Monday, March 12, 2018 at 7:30 a.m. Items scheduled for discussion at the next meeting include: • Revised Finance Committee 2018 Work Plan • Fiscal Impact Model 7