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City Council Finance Committee <br />Meeting Minutes <br />05/09/22 <br />Page 3 of 4 <br />• 2022 = $1,944,373 <br />• 2023 = $1,830,431 <br />• 2024 = $1,380,811 <br />• 2025 = $1,861,046 <br />• 2026 = $2,342,189 <br />• 2027 = $2,848,807 <br />• 2028 = $3,375,483 <br />Director Watson also presented an updated fund forecast for the Recreation Fund. <br />The calculation worksheet and corresponding narrative can be located in the <br />packet of the May 9, 2022 Finance Committee Meeting. <br />FINANCIAL IMPACTS OF MARSHALL FIRE — GENERAL FUND <br />PROJECTIONS <br />Kevin Watson, Finance Director, presented a preliminary long-term financial <br />projection for the General Fund based on information currently available and <br />measureable. Since the General Fund does not have any capital outlay <br />expenditures, it will not be significantly affected by the future carryover budget <br />amendment or requests for the 2023-2028 Capital Improvements Plan. <br />Director Watson reviewed the preliminary revenue and expenditure assumptions <br />included within the projection. <br />The Committee discussed the projections for building use tax and the general <br />restrictions surrounding sales and use tax revenue. <br />The resulting projections and corresponding narrative can be located in the packet <br />of the May 9, 2022 Finance Committee Meeting. <br />STAFF REPORTS/UPDATES/DISCUSSIONS <br />First Quarter Bag Tax Collections <br />Jeanette Longoria, Tax Manager, gave a brief update of the first quarter bag tax <br />collections. Out of a projected 230 returns, the City received only 84 returns for a <br />total of approximately $40,000. Finance staff will be reaching out to the businesses <br />that were expected to issue a return, but did not, in an effort to increase <br />compliance. <br />Work Plan <br />Kevin Watson, Finance Director, presented an updated draft of the Committee's <br />2022 work plan. <br />El <br />