Finance Committee Agenda and Packet 2020 11 17

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City Council Finance Committee Meeting Minutes 10/20/20 Page 3 of 5 Director Mosley stated he prefers to stay conservative with the revenue projections and maybe revisit the projections after October revenue. The reports and corresponding narrative can be located in the packet of the October, 2020 Finance Committee Meeting. PRELIIMINARY ASSESSED VALUATION Finance Director Watson presented the City's preliminary assessed valuation amounts recently received from the Boulder County Assessor. The Assessor is reporting that the City of Louisville's total net assessed valuation, which is the City's gross valuation less the Urban Revitalization District's incremental assessed valuation, increased by nearly 5% from 2019 to 2020. Director Watson noted that these are preliminary numbers, that the final numbers will not be known until late November, and that the final numbers are often less that the preliminary numbers. Director Watson noted that if the General Fund mil levy remains the same at 5.184 mils, General Fund property tax revenue will also increase by 4.86%, or by approximately $145,000. If the Recreation Center Debt Service Fund mil levy remains the same at 2.750 mils, Recreation Center Debt Service Fund property tax revenue will by approximately $75,000. These adjustments have been made to the General fund and Recreation Center Debt Service Fund for the Public Hearing budget presentation. The reports and corresponding narrative can be located in the packet of the October, 2020 Finance Committee Meeting. 2021-2022 OPERATING & CAPITAL BUDGET Finance Director Watson presented some selected budget information from the Public Hearing presentation scheduled for the October 20 City Council Meeting: • The Communication; • The Schedule of Variable Hours and Projected Wage Costs; • The Recommended Budget Presented by Fund; • The Updated Capital Improvements Program; • A Memorandum on the Transportation Master Plan; and • The PowerPoint Presentation. The Committee discussed the Middle Mile project contained in the Capital Improvement Program. Mayor Pro Tern Maloney requested a separate City Council meeting to discuss this project in more detail.