Finance Committee Agenda and Packet 2019 06 07

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City Council Finance Committee Meeting Minutes 05/17/19 Page 4 of 6 Finance Committee Member Lipton stated that he appreciated Nat's efforts and that changing the comparison year to 2017 was good. Member Lipton asked Nat Ahrens about smoothing the annual pass revenue, but there was no benefit to do so. Chairperson Maloney stated that 2017 actuals were lower than 2018 when the Recreation Center was under construction. Chairperson Maloney stated that he likes the new dashboard format and metrics, but that the data needs to be scrubbed. Finance Committee Members and staff discussed that the anticipated transfers to CIP and Renewal & Replacement are not reflected in the expenses and has to be subtracted from the quarterly income reflected in the dashboard. Director Watson stated that the Financial Policy for the Recreation/Senior Center Fund being presented with the Long -Term Financial Plan provides for the maximum amount of the General Fund transfer, and only such amount as may be needed to meet the reserve requirement. Director Watson stated that an estimated $600K was budgeted for 2019 to set an initial Fund balance. Chairperson Maloney stated that he does not want to show the General Fund transfer, as the dashboard would reflect revenue that conflicts with the intent of the ballot question being put to voters in November. Finance Committee Member Lipton stated that the General Fund transfers should be done monthly. Chairperson Maloney stated the remaining Impact Fee money could be used for any Recreation Center needs. Member Lipton stated that there are things we should be doing now to decrease the Recreation Center's net income amount, and then by July the City can determine how much of the General Fund transfers should be backed out based on the remaining year estimates. Regarding the Impact Fee transfer, Member Lipton stated that the Recreation Advisory Board (RAB) should provide a list of recommendations for the approximate $240K. Member Lipton requested Nat revise the dashboard for the upcoming RAB meeting. Finance Director Kevin Watson stated that the allocations discussed would be included in the June 4, 2019 budget amendment being presented to City Council. The reports and corresponding narrative can be located in the packet of the May 17, 2019 Finance Committee Meeting. GOLF COURSE DASHBOARD AND ACCOUNTING FOR SEASON PASSES The Finance Committee reviewed the dashboard for the Golf Course. 5