City Council Minutes 2023 07 18 - Laserfiche WebLink

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City Council Meeting Minutes July 18, 2023 Page 3 of 4 Mayor Maloney stated he thinks it might be a bit conservative but he feels that outside City sales won't continue to grow at this rate so this is a reasonable approach. Councilmember Dickinson suggested using a slightly higher rate, perhaps 5%. Mayor Maloney stated he would like a number informed by the historical data and what we anticipate for outside City sales. Councilmember Leh agreed that out of City taxes may be reaching its peak. 2023-2028 CAPITAL IMPROVEMENTS PLAN (CIP) Director Bailey stated the adopted CIP plan is being reviewed and new requests will be considered and included in the recommended budget in September. 2023-2028 FUND FORECASTS Director Bailey discussed the preliminary Fund Financial Forecasts. He noted staff is proposing maintaining the turnback methodology for now. He reviewed the inter -fund transfers and the individual fund forecasts. Councilmember Most suggested the fund balance reserve targets be increased to help be prepared for additional disasters or have a separate fund for that. Mayor Maloney asked if Marshall Fire and sustainability project costs are included in the expenditure forecasts. City Manager Durbin stated fire costs are included and $1.5M is included for sustainability projects this year. Mayor Maloney asked that the Council have a further policy discussion on if a disaster fund is needed. Director Bailey reviewed some potential fiscal impacts that will affect the 2024 budget including Marshall Fire recovery and mitigation costs; mill levy impacts and options; and the outcome of the Parks and Open Space ballot question. Members discussed a possible mill levy credit for 2024 including using a formula to meet a revenue target to adjust for the anticipated increases in property values. Members discussed issues around the Parks and Open Space Fund, how it is expected to be split into two funds, and the problems if the ballot question extending the tax does not pass this year. Director Bailey noted the general trend of expenditures outpacing revenue.