Finance Committee Agenda and Packet 2018 11 19

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City Council Finance Committee Meeting Minutes 10/15/18 Page 3 of 8 Watson stated that the 2018 estimates would be increased but that the budget amounts would be pushed down for 2019/2020. Chairperson Maloney asked Director Zuccaro how many roof repairs are anticipated. Director Zuccaro stated that 4,000 permits have been or are currently being processed, and that there may be an additional 2,000 — 4,000 applications still to come. Member Lipton stated that he is still concerned with the sales tax revenue increase being anticipated in the budget. Member Lipton asked about the impact on sales tax revenue by online retailers. Tax Manager Penney Bolte updated the Finance Committee on various issues related to the Wayfair Supreme Court decision, actions the Colorado Department of Revenue is taking, and various issues resulting from the State Sales Tax Task Force. Finance Committee Members requested City Manager Balser include this item for discussion with State representatives. Finance Committee Member Lipton stated he is concerned with the large, and ever increasing, fund balance in the Historic Preservation Fund. Director Zuccaro stated that staff is looking into establishing a revolving loan program in addition to the grant program, and determining how much of the fund balance would need to be set aside to sustain such a program. Director Zuccaro stated that the incentives and policies will need to be restructured to clarify amounts that can be obtained, and to provide flexibility. Member Lipton asked about the interest rates on such loans given the current upswing nationally. Director Zuccaro stated that the City could set its own interest rate which could be much lower. Member Lipton stated that he does not see a lot of demand for the historic grants, and asked Director Zuccaro if land -marking is a requirement for the grants or loans. Director Zuccaro stated land -marking is necessary and the loans are guaranteed by property liens. Member Lipton asked if Historic Preservation Funds can be used for the design of the Museum, stating he did not want to use money from the General Fund or Capital Projects Fund. Director Zuccaro stated his opinion that the museum does not qualify. Member Lipton requested City Manager Balser pose the question to City Council as to whether or not they would be in favor of having the City Attorney review if there is a legal way to use funds from Historic Preservation Fund to pay for the design of the Museum addition. Chairperson Maloney stated the issue may require a ballot approval by voters. Director Zuccaro stated he would come back to the Finance Committee in the early part of 2019 with recommendations for a Historic Preservation revolving loan program. 4