Finance Committee Agenda and Packet 2018 10 15

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City Council Finance Committee Meeting Minutes 09/11/18 Page 3 of 7 Finance Committee Member Lipton asked what the dollar impact of the lower assessed value will have to the budget. Director Watson and City Manager Balser stated the amount is not significant. Member Lipton asked if the lower than anticipated valuation is a signal for future years. Director Watson stated that 2019 is not a reassessment year, which occurs every other year. There is generally an increase in the net assessed valuation during reassessment years due to increases in market values. Chairperson Maloney stated that the incremental assessed value for the Urban Revitalization District shows an increase of 23.4% in the preliminary assessed valuation, and asked why there is such a disparity. Director Watson and Director DeJong stated that the North End and DeLo projects resulted in significant taxable new construction done within the district. The reports and corresponding narrative can be located in the packet of the September 11, 2018 Finance Committee Meeting. REVENUE PROJECTION DASHBOARD — PROJECTIONS DATED AUGUST 29, 2018 Finance Director Kevin Watson presented the dashboard to the Finance Committee. Director Watson stated that forecasts are very similar as those presented to the Committee in July, but that he had reduced the projections for Lodging Tax, Franchise Tax, and Marijuana Tax revenue. Director Watson stated that all the projection amounts highlighted in orange on the dashboard have been provided by the respective department Directors. Director Watson added that the Recreation Revenue accounts highlighted in red will probably come in closer to the original 2018 budget amount and not the projected amounts they hoped to attain. Members discussed that it has been a unique year for Recreation Center with the expansion. Finance Committee Chairperson Maloney stated that he really liked the information provided in the dashboard. The reports and corresponding narrative can be located in the packet of the September 11, 2018 Finance Committee Meeting. BUSINESS ASSISTANCE PROGRAM DISCUSSION Economic Development Director Aaron DeJong started the discussion stating that current BAP agreements go through a review of criteria and qualifications before 4