Finance Committee Agenda and Packet 2020 10 20

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City Council Finance Committee Meeting Minutes 09/15/20 Page 2 of 6 PRESENTATION FROM CHANDLER ASSET MANAGEMENT, THE CITY'S INVESTMENT ADVISOR Mr. Scott Prickett and Ms. Julie Hughes from Chandler Asset Management presented information to the Finance Committee on the impact of COVID-19 on the economy, and the rate of economic recovery anticipated for 2020 and beyond. Mr. Prickett stated that there may be a vaccine available for front-line workers and older Americans by the end of 2020, but that it is not anticipated that the manufacture of a vaccine for the masses will be available until the second quarter of 2021. Ms. Hughes stated that recent surveys revealed that only 1/3 of Americans would currently be willing to take the first vaccine to market, fearing the process is being rushed. Finance Committee Members directed the discussion to the economic impacts, and the City's current budgeting plans. Finance Committee Member Lipton stated that he anticipates where the City is fiscally now, is where the City will be in six months. Member Lipton stated the Committee is forecasting "best -case", "most likely", and "worst -case" scenarios, and is anticipating a two-year recovery period. Mr. Prickett stated that consumer confidence has dropped, but not to the level of the 2007-2008 recession. Mr. Pricket stated the economy has become one of "haves and have-nots". Ms. Hughes stated that the GDP is anticipated to be down in the double -digits for the second half of 2020, but that in general, Colorado has more affluent residents and less unemployment than the national average. Ms. Hughes stated that Louisville also fares better within the Colorado economy. Finance Committee Member Lipton asked Ms. Hughes if she expects full economic recovery by end of 2021. Ms. Hughes stated she believes full recovery by end of 2022 or 2023 would be reasonable. Finance Committee Members thanked Mr. Prickett and Ms. Hughes for their presentation and discussion. Members discussed a variety of health, climate, and political factors that could impact the rate of economic recovery in the coming years. The reports and corresponding narrative can be located in the packet of the September 15, 2020 Finance Committee Meeting. 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, including July and August revenue. Director Mosely stated that, based on feedback from the August meeting, revenue projections have been based on the most -likely case scenario.