Finance Committee Agenda and Packet 2020 10 20

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City Council Finance Committee Meeting Minutes 09/15/20 Page 3 of 6 Director Mosely stated that staff is focused on projecting realistic 2020 revenues and what amount of transfers will be needed from the General Fund for 2020. Director Mosely clarified for the Finance Committee that the term Recreation Center Revenues includes all fees for service, sales and use taxes and other miscellaneous revenue such as interest earnings and insurance proceeds, and that the term Total Revenue includes all recreation center revenues as well as General Fund and Capital Project Fund transfers. Director Mosely stated that Recreation Center revenue for July declined 43% compared to August 2019, and expenses were down 30% as compared to 2019. Total revenues including transfers was down only 14% from 2019. For the month of August, Recreation Center revenue was down 43% compared to August 2019, and expenses were down 36% from 2019. Total revenues including transfers was down 40% from 2019. Director Mosely stated that the Finance Committee packet includes spreadsheets that compare the most -likely and worst -case estimates to actuals for July and August, and also provide seasonally adjusted target numbers for September for discussion. Finance Committee Members and staff discussed that confidence in using the recreation center will not fully rebound until there is a vaccine, and that a second wave of COVID-19 would greatly impact the facility, despite all staff's efforts. Committee Members and staff also discussed there should be ongoing marketing efforts, signage, and other incentives to sustain and expand current programming within the current budget constraints. Finance Committee Members discussed and agreed that they are leaning towards being conservative and using the worst -case projections for the budget process. The Committee asked Finance Director Kevin Watson if he could incorporate the worst -case scenario into the budget process. Director Watson stated he can be flexible with the budget and adjust monthly as actual data is received to incorporate into the long-term financial plan, as required under the City's financial policies. The reports and corresponding narrative can be located in the packet of the September 15, 2020 Finance Committee Meeting. ANNUAL KEY PERFORMANCE INDICATORS DATA UPDATE Assistant City Manager for Communications & Special Projects presented the annual data update for the City's current KPI's, noting that these KPI's have been recently refined and the new KPI's will take effect in 2021.