Finance Committee Agenda and Packet 2024 01 18

Home Browse Search

City Council Finance Committee Meeting Minutes December 14, 2023 Page 2 of 3 Councilmember Hamlington asked what the plan is to partner with and educate the business community that this process is being restarted before it is rolled out. Staff are looking at outreach which may include an education series at the library. Councilmember Kern added that being a small community, it's important to start from the point that the goal is to assist businesses to do everything right. She suggested that in the first year of implementation of this process, she would prefer fees to be waived with the focus on helping businesses understand how be in compliance, especially local businesses. The City Manager suggested that the EVC be made aware of this process at tomorrow's meeting. Final 2023 Budget Amendment: The Director of Finance presented the final 2023 Budget Amendment which will be presented at the December 19 Council Meeting. There was a discussion around the unbudgeted Marshall Fire supplies line items. Additional information regarding revenues versus expenditures and 2024 projections will be discussed at a future meeting. Chair Hoefner mentioned that the historic preservation fund was overspent in 2023. He noted he would rather do supplemental appropriations through council in conjunction with the budget in the future, which would possibly require a procedural change. Final Assessment Valuation and Mill Levies: The Director of Finance shared that he has no information from the Boulder County Assessor at this time. He shared the new deadlines and noted that there is a short turnaround for certifying levies this year once the final assessed values are received from the County Assessor. There was an extensive discussion around tax increases, mill levies, increased property values, estimated revenues and how these affected the projected balanced 2024 budget. Revenue, Sales, and Bag Tax Reports: The Sales Tax Auditor presented the Revenue, Sales, and Bag Tax Reports to the committee. The report was included in the meeting packet. Questions from the public: None Finance Director Updates: The Finance Director had no additional updates. Questions from the Committee: None. Items for the Next Regular Meeting, scheduled for January 18, 2024, 4:00-6:00 PM: • 2025/2026 Draft Budget Calendar Process Insurance Presentation • Review of Water Revenues • Utility Rate Presentation • Monthly Revenue and Sales Tax Reports 4/67