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City Council Finance Committee <br />Meeting Minutes <br />April 20, 2023 <br />Page 3 of 3 <br />First Budget Amendment to 2023 Adopted Budget: <br />The Director of Finance gave a preliminary review of the upcoming budget amendment, which is largely a <br />carry forward of large projects that have continued from 2022. Detailed information was provided in the <br />packet and the Finance Director gave an overview of the budget amendment line items. The Director of <br />Finance reviewed the Summary of Revenue, Expenditures, and Changes To Fund Balances with the <br />committee. <br />The Finance Director requested Committee approval/support of the proposed budget amendment. <br />Councilmembers Hamlington and Dickinson support the proposed budget amendment. <br />Questions from the Committee: <br />There was a discussion on how the CIP breakdown is compared with the carry forward. Hoefner requested <br />similar detail provided on carry over funds for 2023 items approved by council. <br />Councilmember Dickinson requested clarification on the budget summary and there was a discussion on <br />the details of the Revised Budget spreadsheet. <br />Councilmember Hoefner asked if there is a goal number for reserves. The Director of Finance noted that <br />the City has reserve policies and will provide a more formal report at the next meeting. <br />Sales Tax Reports: <br />The Director of Finance presented historical and year to date tax revenue data. <br />Questions from the Committee: <br />There was a discussion on how this data will assist in forecasting revenue. <br />Items for the Next Regular Meeting, scheduled for May 18, 2023 9:00-11:00 AM: <br />• Chandler Asset Management — Julie Hughes Investment Presentation: Economy & Investments <br />• Fiscal/Reserve Policy Discussion, including Disaster/Catastrophic Reserve <br />• Rec Center Renewal & Replacement Calculation — Kathy Martin <br />• First Quarter Bag Tax Update <br />• Marshall Fire Response Updates, if needed <br />• Open Space & Parks Tax Extension Update, if needed <br />Items were approved for the next regular meeting. <br />Adjourn: The meeting adjourned at 11:30 AM. <br />5/76 <br />