Finance Committee Agenda and Packet 2023 10 19

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City Council Finance Committee Meeting Minutes September 21, 2023 Page 4 of 5 the community and if space is a limiting factor, she would like to see creative approaches to solve the space problem. The City Manager noted that staff will be having conversations about the best policy that will work for the City. Councilmember Dickinson clarified that the current calculated transfer was based on the 2007 transfer, increased annually by the rate of inflation. This amount hasn't been reviewed for need since 2007, it's just been automatically increased based on inflation. Councilmember Dickinson noted that once funds are transferred into the OS & Parks fund from the General Fund, it likely is not able to be transferred back out of the account. Once funds are transferred into a specific account, they need to be used for the purpose they are allocated. Councilmember Hamlington asked where golf falls and the Director of Finance is its own enterprise fund with revenue and expenses. There are no transfers to or from this fund. Councilmember Hamlington asked for information on whether the cemetery fund is stable or if it requires ongoing support from the general fund. The Director of Finance will review the data long term and provide more information. Councilmember Dickinson suggested the transfer amounts be analyzed on a regular basis to ensure the transfer amounts are appropriate. Councilmember Hoefner supports this idea and thinks it should be reviewed in Finance Committee meetings to determine if the transfer policy needs to be revised. Councilmember Hamlington agrees with a regular cadence to review transfers. Councilmember Dickinson suggested next year this policy should be reviewed. Councilmember Hoefner asked why the $3M transfer will be falling off the CIP fund. The Director of Finance doesn't have the background on this transfer. It is likely this was a one-time expense coded to the general fund. Councilmember Hoefner asked for more details on the bag tax revenues and whether we are losing money on the bag tax. The Director of Finance noted that in the past two years revenues have far exceeded expenditures. The program is now spending the fund balance. It is expected that this will balance out in future years. Councilmember Hoefner asked about Sustainability last line item that we spent $500k on a $200k budget item. Dir — this was a one-time consulting expenditure. The budget was doubled erroneously by Finance and the 2023 estimate listed on the spreadsheet is incorrect. Outside consulting for community design — spent more than was budgeted. The $417k are a few one-time expenses budgeted in 2022 carried over into 2023. Comp Plan and Housing projects are included. We estimate completing these projects in 2023. Comp Plan and Land Use expenses will move into 2024 and even 2025. The Director of Finance noted that we have mechanisms to track and correct this. You don't want the same expenditures listed in multiple years. Corrections will be made in the 2024 initial budget amendment. 6/47