Finance Committee Agenda and Packet 2019 08 16

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City Council Finance Committee Meeting Minutes 07/19/19 Page 5 of 6 The reports and corresponding narrative can be located in the packet of the July 19, 2019 Finance Committee Meeting. CASH & INVESTMENTS REPORT FOR THE QUARTER ENDED JUNE 30, 2019 Finance Director Kevin Watson presented the reports to the Finance Committee. The reports and corresponding narrative can be located in the packet of the July 19, 2019 Finance Committee Meeting. STAFF REPORTS/UPDATES/DISCUSSIONS Residential Assessment Rate (Gallagher Amendment) Finance Director Kevin Watson presented to the Finance Committee the latest residential assessment rate calculations issued by the Division of Property Taxation and the Department of Local Affairs (DOLA) for 2019-2020. Director Watson stated that the rate will decrease from 7.20%, the 2018 rate for the 2019 collection year, to 7.15%. Director Watson provided the Finance Committee a comparison for a home with an actual value of $500,000, stating the property tax due to Louisville at the 7.20% rate is $286 and at the new rate will be $284. Director Watson stated the revenue impact is minor and will account for an approximate $15-$20K reduction in property tax revenue for the 2020 collection year. Finance Committee Members and staff discussed the timing to receive the updated valuations from Boulder County. Director Watson stated that the actual assessment valuations are generally received by November each year. The Finance Committee requested a further discussion of the Gallagher Amendment, property tax revenue, and mil levy at the September 13 Finance Committee Meeting. The reports and corresponding narrative can be located in the packet of the July 19, 2019 Finance Committee Meeting. DISCUSSION ITEMS FOR THE NEXT REGULAR MEETING The next regular Finance Committee Meeting is scheduled for Friday, August 16, 2019 at 9:30 a.m. Items scheduled for discussion at the next meeting include: • Sales Tax Report for 2nd Quarter Ended June 30, 2019 • Responses from Departments on Internal Controls Report 6