Finance Committee Agenda and Packet 2020 08 18

Home Browse Search

City Council Finance Committee Meeting Minutes 07/21 /20 Page 3 of 7 The reports and corresponding narrative can be located in the packet of the July 21, 2020 Finance Committee Meeting. SALES TAX REPORTS FOR THE MONTH ENDED MAY 31, 2020 Tax Manager Penney Bolte presented the month -end reports to the Finance Committee. The reports and corresponding narrative can be located in the packet of the July 21, 2020 Finance Committee Meeting. RECREATION FUND REVENUE PROJECTIONS Director of Parks, Recreation and Open Space Nathan Mosely, reviewed with the Finance Committee a summary memo outlining the revenue projections and assumptions for the Recreation Center. Director Mosely stated the Recreation Center revenue was trending 7% above 2019 prior to having to close the facility in March. Director Mosely stated the assumptions he used to project the remainder of 2020 include a 50% reduction to Membership Revenue, and a 75% reduction in Programming Revenue. Director Mosely stated that in estimating future years, staff applied a square root model with larger percentage increases in 2021 and slower increases for 2022 to 2026. Director Mosely stated that recent patron surveys indicate only 50% of users anticipate returning to the recreation center in the near future, but that the percentage increased to 67% if a requirement for mask -wearing is implemented. Director Mosely stated that a reservation process was implemented with 16,000 available time slots. Since reopening 96% of the pool slots were reserved while only 4% of other facility area slots have been booked. This comprises only 21 % overall usage of the facility. Finance Committee Members and staff discussed attendance. Chairperson Maloney confirmed with Director Mosely that the assumptions and projections are unchanged from those submitted for the budget process. Director Mosely stated that projections will be updated, and assumptions may be reduced further, once the attendance and revenue numbers for July can be captured. Chairperson Maloney stated that based on the current 21 % usage for July, there would be a long way to go by the end of the year to reach even the 50% revenue projections provided. Finance Committee Member Lipton stated that the estimates seem highly optimistic. Member Lipton stated that the recent uptick in COVID-19 cases may result in more restrictions by the end of the year, and plans need to be in place to fund variety of revenue deficits. Member Lipton suggested several models be developed to address best -case, worst -case, and most likely scenarios to be 5