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City Council Finance Committee <br />Meeting Minutes <br />08/18/20 <br />Page 3 of 6 <br />• Whether use of the square -root model is too pessimistic for future years' <br />projections <br />• Public response once COVID-19 vaccine is available, and degree and <br />timing of a rebound for 2021 and 2022 <br />• That recreation services may recover at a different rate than the overall <br />economy <br />The Finance Committee directed staff to utilize the "most likely" model for its <br />assumptions, and potentially double the rebound estimates for 2022 and beyond. <br />Member Lipton stated for the "most likely" scenario, he would anticipate an 80% <br />recovery by 2022 with smaller growth each subsequent year. The Finance <br />Committee agreed and stated "best case" and "worse case" scenarios could be <br />adjusted accordingly as information becomes available. <br />City Manager Balser stated that revised spreadsheets can be provided to the <br />Committee in advance of the full City Council discussion September 15, 2020. <br />The reports and corresponding narrative can be located in the packet of the August <br />18, 2020 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH AND QUARTER ENDED JUNE 30, <br />2020 <br />Tax Manager Penney Bolte presented the month -end and quarter -end reports <br />through June 2020 to the Finance Committee. <br />Finance Committee Members and staff discussed whether inter -governmental <br />revenue is included in the sales tax reports. Finance Director Watson stated it is <br />not, and that is appropriate that shared revenue sources not assessed and directly <br />collected by the City, be reported as inter -governmental revenue. <br />The reports and corresponding narrative can be located in the packet of the August <br />18, 2020 Finance Committee Meeting. <br />CAPITAL IMPROVEMENTS PROGRAM REPORT FOR THE QUARTER ENDED <br />JUNE 30, 2020 <br />Finance Director Kevin Watson presented the CIP report to the Finance Committee <br />and stated that Finance staff and Department Directors are available to answer <br />any questions. <br />Finance Committee Member Lipton commented on the lack of spending, <br />understanding that it has been a difficult period. Member Leh stated that the City <br />is also short-staffed. City Manager Balser stated that there are still projects being <br />El <br />