Finance Committee Agenda and Packet 2022 07 18

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City Council Finance Committee Meeting Minutes 06/13/22 Page 2 of 4 PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA Tanya Samauroo addressed the Committee about rebating construction use tax revenue for the rebuilding of residences lost in the Marshall Fire. UTILITY UPDATES The Committee moved this item to the July 18 meeting so Public Works staff could be present for discussions. The memorandums submitted by the Public Works Department can be located in the packet of the June 13, 2022 Finance Committee Meeting. BUDGET AMENDMENT Kevin Watson, Finance Director presented a preliminary draft of the budget amendment scheduled for Council approval on June 21. Mayor Pro Tern indicated that this budget amendment will most likely result in a structural imbalance within the General Fund, which will be further discussed during the budget development process. The preliminary budget amendment resolution and all corresponding documents can be located in the packet of the June 13, 2022 Finance Committee Meeting. FINANCIAL IMPACTS OF MARSHALL FIRE — IMPACTS TO ASSESSED VALUATION Kevin Watson, Finance Director presented new information from the Boulder County Assessor regarding impacts to the City's assessed valuation due to Marshall Fire. For the 2022 levy year (2023 collection year), the Assessor will remove the valuations for all structures destroyed or significantly damaged. All the corresponding land valuations will be reduced to reflect their current state. The surrounding "undamaged" property will see reductions ranging from 2% to 13% to reflect the estimated impact on their market value. The Assessor is estimating that all these adjustments will reduce the City's 2022 assessed valuation by $61,890,170 and its 2023 property tax revenue by $491,037. Director Watson estimated that the revenue loss in the General Fund will be approximately $323,500 and in the Recreation Center Debt Service Fund will be approximately $171,600.