Finance Committee Agenda and Packet 2019 04 01

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City Council Finance Committee Meeting Minutes 02/18/19 Page 4 of 9 determine if the 2019/2020 budgets need to be amended, and if activities are aligned with capacity. Both Member Lipton and Chairperson Maloney agreed that comparisons to 2017 are not meaningful, and that projections were built into the 2019/2020 budget, but that data is needed for any analysis. City Manager Balser stated that revenue and expenditures would be reviewed in June during the normal budget review process. Director Watson stated that staff would come back and revise the 2019 budget after that time. Finance Committee Member Lipton stated that there are gaps in expenses such as housekeeping that need to be addressed. Director Mosely agreed and stated that the chemical expenses for the pools would also need to be reviewed. Finance Committee Members and staff agreed that work needs to be done on a long-term dashboard to fine tune the projections that were made. City Manager Balser stated that Director Mosely, Superintendent Martin, and Board Member Van Pelt would work to provide January data for the March Finance Committee meeting. The reports and corresponding narrative can be located in the packet of the February 18, 2019 Finance Committee Meeting. FINANCIAL POLICIES — SECOND REVIEW OF PROPOSED AMENDMENTS Director Watson presented drafts of the City's Financial Policies to the Finance Committee representing the latest revisions. At the January 14, 2019 Finance Committee Meeting, Members requested some additional changes to the Reserve Policies, and to the Revenue Policies. Chairperson Maloney stated that he wanted to discuss Section 2.5 Reserve Policies for the Recreation Fund Reserves. Finance Committee Chairperson Maloney stated that he would like the language in paragraph 6 on page 107 of the packet to include the dedicated Recreation/Senior Center sales tax and fee revenue. Overall, however Member Maloney stated that likes the prescriptive and clear language of the latest revisions. Finance Committee Member Lipton asked what the goal of the policies are, stating that they seem to be budgetary not fiscal policies. Finance Director Watson stated that they are fund balance reserve policies and that such policies help to provide direction and a framework used for long-term projections. Director Watson asked if they would prefer to determine the minimum fund balance on an annual basis. City Manager Balser stated that these policies are important since each budget cycle, City Council asks what the City's policies state. Manager Balser also stated 5