Finance Committee Agenda and Packet 2019 11 22

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City Council Finance Committee Meeting Minutes 10/25/19 Page 5 of 6 Finance Director Watson presented the financial statements for the period ending September 30, 2019. The Finance Committee had no questions. The reports and corresponding narrative can be located in the packet of the October 25, 2019 Finance Committee Meeting. CASH & INVESTMENT REPORTS FOR THE QUARTER ENDED SEPTEMBER Finance Director Kevin Watson presented the quarterly investment reports provided by the City's Investment Advisor, Chandler Asset Management. The Finance Committee had no questions. The reports and corresponding narrative can be located in the packet of the October 25, 2019 Finance Committee Meeting. STAFF REPORTS/UPDATES/DISCUSSIONS Sales & Use Tax Update Tax Manager Penney Bolte handed out preliminary Revenue History and Total Sales Tax Revenue reports for third quarter 2019. Manager Bolte stated that sales tax revenue, less audit revenue, is trending up 4.3% YTD as compared to 2018. Total sales tax revenue, including audit revenue, is trending 3.1 % above the City's latest projections. Ms. Bolte stated that there are still a couple hundred tax returns yet to be received for the 3rd quarter, and that the full reports will be provided at the November 2019 Finance Committee meeting. Work Plan The Committee reviewed the fourth quarter items and requested that the Re - Programming Recreation Center Sales Tax Refund be retitled Recreation Center Sales Tax discussion. Renewal & Replacement Worksheets Finance Committee Members stated the worksheets should be looked at after 2019 year-end. Director Watson stated the worksheets could be updated by March or April 2020. The Finance Committee requested the worksheets be added to the 2nd Q 2020 Work Plan and included as part of the next budget process. The reports and corresponding narrative can be located in the packet of the October 25, 2019 Finance Committee Meeting. 6