Finance Committee Agenda and Packet 2019 10 25

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City Council Finance Committee Meeting Minutes 09/13/19 Page 2 of 3 RECREATION CENTER DASHBOARD Parks, Recreation & Open Space Director Nathan Mosley handed out an updated Recreation Center Dashboard for the month ended August 31, 2019. The Committee reviewed the dashboard and approved the overall format. The Committee also discussed: • An updated FF&E schedule. Staff stated that it would be updated during first quarter 2020. • Cost control measures within the Recreation Center • Adding a "transfer" note to the dashboard, designating the amount of renewal and replacement reserve. The report and corresponding narrative can be located in the packet of the September 13, 2019 Finance Committee Meeting. PRELIMINARY ASSESSED VALUATION Finance Director Kevin Watson presented the Boulder County Assessor's preliminary assessed valuation for the City of Louisville. Director Watson also discussed the proposed mil levy for 2020 and the change in the residential assessed rate for 2020 collections. The reports and corresponding narrative can be located in the packet of the September 13, 2019 Finance Committee Meeting. 2020 BUDGET REVIEW Director Watson facilitated the discussion on the City Manager's Recommended Budget. The Committee focused the discussion on the new sales tax revenue estimate for 2019, the long-term forecast for the General Fund, the long-term forecast for the Capital Projects Fund, and the Golf Course Fund. The Committee recommended removing the transfers from the General Fund to the Capital Projects Fund for 2020 ($1,000,000) and 2022 ($750,000), since some significant projects have been removed and the Capital Project Fund does not need the transfers to complete the remaining projects. The Committee also recommended to continue funding Golf Course Capital out of the Capital Projects Fund beginning in 2021. The reports and corresponding narrative can be located in the packet of the September 13, 2019 Finance Committee Meeting.