Finance Committee Agenda and Packet 2018 10 15

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City Council Finance Committee Meeting Minutes 09/11/18 Page 2 of 7 None. UTILITY DASHBOARDS Public Works Director Kowar directed Finance Committee Members to the Tableau web link provided in the Finance Committee Communication. Director Kowar stated that the graphs will always be available, but only updated on a quarterly basis. Director Kowar stated that he is working towards providing real-time data. Finance Committee Chairperson Maloney asked Director Kowar which graphs are the most meaningful and would provide the Finance Committee insight on whether or not budgeted goals are being met. Director Kowar stated that the Billing/Consumption graph would be a good one to reference. Director Kowar continued that this graph presently indicates above average usage for the month of July, and that user fee revenue is on target. Director Kowar stated that this information will be put into the Rate Model at the end of the year. Director Kowar also reviewed with the Finance Committee that projects are currently on track and coming in at budget, but that the operations budget has been hit with a lot of overtime due to the 20+ water line breaks. Finance Committee Member Lipton asked why there was such a large number of breaks. Director Kowar stated that many of the breaks are due to corrosion and the age of the lines, other breaks are due to dry soils and loose soil support caused by the recent drought, and the remaining breaks are attributable to bringing new pumps on-line and related pressure adjustment issues. Finance Committee Members stated that they want to review these same graphs after year-end totals are updated. The reports and corresponding narrative can be located in the packet of the September 11, 2018 Finance Committee Meeting. PRELIMINARY ASSESSED VALUATION Director Watson summarized the preliminary 2018 assessed valuation documents received from the Boulder County Assessor. Director Watson stated that staff had originally estimated a 2% increase in property tax revenue for 2019, but that the increases provided will calculate to a 1.1 % increase assuming the mil levy stays the same. Director Watson stated that the 1.1% increase will be reflected in the 2019/2020 budget to be presented to the full Council September 17, 2018. 3