Finance Committee Agenda and Packet 2020 04 21

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City Council Finance Committee Meeting Minutes 02/18/20 Page 3 of 6 Finance Committee Chairperson Maloney asked about obtaining a quote from CIRSA. City Manager Balser stated that for the past 5-6 years, the quotes received from CIRSA have been significantly higher than what the City was able to obtain from Travelers. Manager Balser stated that CIRSA will be included again later this year when requesting quotes for 2021. The reports and corresponding narrative can be located in the packet of the February 18, 2020 Finance Committee Meeting. SALES TAX PREPORTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2019 Tax Manager Penney Bolte presented the year-end reports to the Finance Committee. Manager Bolte highlighted that 2019 ended with total sales tax revenue up 11.6% over 2018, 5% above 2018 excluding audit revenue. Consumer use tax also ended 2019 3% above 2018. Building use tax, auto use tax and lodging tax all declined for 2019. Ms. Bolte stated that sales tax revenue generated inside the City was flat to 2018 in -City revenue, and that Outside City sales tax revenue increased 17% for 2019. Tax Manager Penney Bolte reviewed the remaining reports with the Finance Committee Members and asked the Committee if they were interested in revising the reports for 2020. Manager Bolte stated that she had been working with IT Data Analyst Nat Ahrens to provide the Finance Committee more condensed reporting and dashboards. Ms. Bolte asked the Committee Members if they would be willing to take a small survey regarding the existing tax reports to determine which elements they like, and which they do not like. Finance Committee Member Lipton stated that the role of the Finance Committee is to oversee the fiscal health of the City and to review actual revenue to the budget. Member Lipton stated that he is interested in fewer reports and would rather receive a managerial year-end summary regarding sales tax revenue, perhaps from Finance Director Kevin Watson. Finance Committee Member Lipton stated that perhaps the Economic Vitality Committee would be the appropriate group to review more detail and trends which are actionable. Member Lipton stated his concern that tax revenues are leveling while inflation and the City's expenses are increasing. The Finance Committee Members agreed that they would be receptive to taking a survey. Finance Committee Member Leh stated that he would also like to see the Communication revised, and for the City Tax Area map to be included in the packet 4