Finance Committee Agenda and Packet 2022 07 18

Home Browse Search

City Council Finance Committee Meeting Minutes 06/13/22 Page 3 of 4 The narrative can be located in the packet of the June 13, 2022 Finance Committee Meeting. STAFF REPORTS/UPDATES/DISCUSSIONS Fee Inflator Kevin Watson, Finance Director presented a calculation of the fees\charges fee inflator for 2023. This inflator percentage will applied to all miscellaneous fees and charges that are not subject to alternative methods of adjustment. The methodology for calculating the fee inflator was developed in past years by the Finance Committee. The fee inflator for 2023 is 8.75% using the approved methodology. The average target amounts calculated in the above table are significantly affected by increases in expenditures due to the Marshall Fire, so Director Watson recommended a different methodology for 2023 fees — the average CPI projected for 2022 and 2023, which calculates to approximately 5.50%. A complete review of all fees and charges is scheduled for the Committee's July meeting. First Quarter Bag Tax Collections Kevin Watson, Finance Director, gave a brief update on the effort to contact all City businesses that staff expected a bag tax return but did not receive one. The Committee requested an additional update from the Sales Tax Manager at the July meeting. Work Plan Kevin Watson, Finance Director, presented an updated draft of the Committee's 2022 work plan. The work plan can be located in the packet of the June 13, 2022 Finance Committee Meeting. DISCUSSION ITEMS FOR THE NEXT REGULAR MEETING The next regular Finance Committee Meeting is scheduled for Monday, July 18, 2022 at 4:00 p.m. Items to be included in the next meeting: • Quarterly Reports that are available. • Presentation from Eide Bailly on Audit of 2021 ACFR. • Utility updates. • Fees and Charges for Services for 2023. • Update on SUTS Implementation and possible Licensing Changes • Update on Bag Tax Compliance. 5