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City Council Finance Committee <br />Meeting Minutes <br />05/19/20 <br />Page 2 of 7 <br />The Finance Committee approved the April 21, 2020 minutes as presented. <br />1111 31[@Kole]►ViILT, 14ki11&VO7ki11194 T,RIZ1911 due] ►i9:14F_[r]4►197_1 <br />None. <br />SALES TAX REPORTS FOR THE QUARTER ENDED MARCH 31, 2020 <br />Tax Manager Penney Bolte presented the month and quarter -end reports to the <br />Finance Committee. <br />The Finance Committee discussed the positive sales tax revenue trend indicated <br />in the Q1 reports, do not reflect the impact of the pandemic since most closures <br />did not occur until mid -March. <br />Finance Committee Members stated that the April sales tax reports will be more <br />representative of the impending revenue reductions. Chairperson Maloney asked <br />Manager Bolte the earliest date the April sales tax information could be available. <br />Manager Bolte stated the April reports can be made available to the Finance <br />Committee June 2. Director Watson stated the reports would be emailed. <br />Finance Committee Members stressed the importance of having information soon <br />to facilitate upcoming 2020 budget discussions. Finance Committee Member <br />Lipton stated that the increase in sales tax revenue for the Telecom/Utilities sector <br />is skewing the year over year comparisons and should be considered during <br />budget discussions. <br />Finance Committee Member Leh requested that the individual industry codes be <br />indicated for each major industry sector provided in the reporting. <br />The reports and corresponding narrative can be located in the packet of the May <br />19, 2020 Finance Committee Meeting. <br />2020 REVENUE PROJECTIONS, FINANCIAL PRINCIPLES FOR REDUCING <br />EXPENDITURE BUDGETS, BIENNIAL BUDGET PROCESS <br />Finance Director Kevin Watson presented a summary of the revenue assumptions <br />made for the City's major revenue sources, and stated the corresponding revenue <br />projections were rolled up for major funds. Director Watson stated the 15%-20% <br />reduction is not intended to be an accurate projection, but rather a starting point <br />that can be adjusted as further economic information becomes available. <br />Finance Committee Chairperson Maloney expressed concern over future property <br />tax revenue should reductions to commercial and residential property value result <br />from the State's discussions on the Gallagher Amendment. Committee Members <br />