Finance Committee Agenda and Packet 2020 09 15

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City Council Finance Committee Meeting Minutes 08/18/20 Page 2 of 6 None. 2020-2026 RECREATION CENTER REVENUE PROJECTIONS Director of Parks, Recreation and Open Space Nathan Mosely, reviewed with the Finance Committee a summary memo outlining revised revenue projections and assumptions for the Recreation and Senior Center. Director Mosely stated that, based on feedback that the projections and assumptions presented at the July Finance Committee meeting may be too optimistic, new projections have been developed using "best case", "most likely", and "worst case" scenarios. Director Mosely stated that July ended with an overall 47% operational revenue decrease, which is right in the middle of three assumption models. Director Mosely stated that details of each assumption scenario are included in the packet along with line item detail of revenue projections for each model. Finance Committee Member Lipton stated that he had discussed a more streamlined way to present the assumption models with Director Mosely, and suggested the financial schedules include only the top 10 revenue categories with one line item for all remaining categories. Member Lipton stated that expense projection numbers are needed to determine the funding gaps for 2020 and 2021, and that there may need to be additional discussions regarding the anticipated recovery assumptions. Finance Committee Member Leh requested Director Mosely describe each revenue type included and reported as "operational revenue". Director Mosely stated he would identify each revenue source (membership, program, sales/use tax, and inter -fund transfers) in future correspondence. Finance Committee Chairperson Maloney asked Director Watson if the reformatting of the Recreation Center budget schedule could be accomplished within the next two weeks. Director Watson stated it could. Chairperson Maloney asked if the matching expenses could be provided as well. Director Watson stated the expense piece is more challenging and would take longer, as CIP and other transfers all impact the final budget numbers. City Manager Balser stated that staff had planned to provide all the revenue and expense information for the September 15, 2020 budget presentation to the full City Council. Director Mosely stated that using the "most likely" model, expense projections would represent a $215K shortfall which would be needed from the General Fund. The Finance Committee and staff discussed other issues including: • Using the "most likely" scenario model for 2020 3