Finance Committee Agenda and Packet 2023 05 18

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City Council Finance Committee Meeting Minutes April 20, 2023 Page 2 of 3 Questions from the Committee: Councilmember Dickinson asked why this issue wasn't brought in front of the voters in 2022. The City Manager noted that this issue was on the work plan for last year but the Marshall Fire created lack of resources to work on this project. Councilmember Dickinson noted that awareness of potential lost revenue needs to be maintained and the City should be preparing for this possibility during 2024 budget planning. Councilmember Hoefnter noted that the likelihood of the ballot issue passing is high and it is hoped that polling supports this assumption. The Director of Finance noted that this sales tax represents 75% of the PROS operating budget. Questions from the public: Helen Moshak shared information on the Open Space Sales Tax in Lafayette. Marshall Fire Update: The Assistant City Manager presented an update on the costs and reimbursements for the Marshall Fire. All projects submitted through FEMA's assistance program have been obligated for a total obligation of a little over $4M with a local City match of around $200,000. This ends our direct work with FEMA. The City will begin working with State contacts to close out this work and receiving reimbursement. Questions from the Committee: There was a detailed discussion around potential versus actual losses and updates needed to the graphs to identify the final actual costs of the Marshall Fire. 2022 Year End CIP Report: The Finance Director noted that once our books are closed, we look at every CIP project in terms of 2022 expenditures. From fiscal standpoint we know where projects are at, but not necessarily from an operational standpoint. The Accounting Manager provided a list of CIP project updates and asked the committee if they have any questions. Status of CIP is the primary driver of the first 2023 Budget Amendment. Questions from the Committee: There was a detailed discussion on the 2022 percent spent by project and how much of the remaining funds will be carried forward and spent in 2023. There was also a discussion on why the funds span multiple fiscal years. 2022 Year End Cash and Investments Report: The Director of Finance noted that we'll do a deep dive on this topic at the next meeting. It was noted that the City's priority is safety, liquidity, and yield (in that order). Last year we had a negative return but it was an unrealized loss, mostly in bonds which we hold to maturity. The Director of Finance asked Committee Members to send any questions they'd like answered at the next meeting. Questions from the Committee: None 4/76