Finance Committee Agenda and Packet 2021 05 17

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City Council Finance Committee Meeting Minutes 04/19/21 Page 2 of 4 APPROVAL OF THE MINUTES FROM THE MARCH 15, 2021 MEETING The Finance Committee approved the March 15, 2021 minutes as presented. NEW MEMBER ORIENTATION — REVIEW OF BUILDING FEE CALCULATIONS Rob Zuccaro, Director of Planning and Building Safety, presented a recent evaluation of costs and fees associated with operation of the City's Building Safety Division. Director Zuccaro reviewed an August 7, 2018 memorandum to City Council that estimated total costs, including all direct and overhead costs for the Division in relation to fees collected. The memorandum and presentation slides can be located in the packet of the April 19, 2021 Finance Committee Meeting. NEW MEMBER ORIENTATION — RENEWAL AND REPLACEMENT POLICY FOR THE RECREATION & SENIOR CENTER Kevin Watson, Director of Finance, reviewed the changes to Section 2.5 of the City's Reserve Policy that were approved by City Council on November 4, 2019. These changes added a new renewal and replacement reserve requirement for the Recreation Center Fund. The purpose of the new reserve is to accumulate funds for the timely renewal and replacement of Recreation Center and Memory Square Pool assets. The policy also states the methodology for calculating the reserve will be approved by the Finance Committee and Director Watson briefly summarized the general calculations developed by the Committee in 2019. The current calculations for the targeted renewal and replacement reserve are as follows: • 2019 = $425,017 • 2020 = $948,384 • 2021 = $1,420,095 • 2022 = $1,893,357 • 2023 = $2,308,166 • 2024 = $2,068,535 • 2025 = $2,541,990 • 2026 = $3,022,074 Director Watson reminded the Committee that, during the development of the 2021-2022 biennial budget, the City Council understood that the targeted fund 3