Laserfiche WebLink
Page 3 of 11 <br />Jody Ash - Welcome to Jody! <br />Board members and staff members introduced themselves briefly with areas of <br />involvement. <br />VII. Finance — Open Space and Parks Tax update <br />(See addendum presentation) - Ryder Bailey, Finance ❑irector <br />- Parsing ❑pen Space and Parks funding into two separate categories with <br />respect to tax approval <br />- See Timeline in presentation for overall view of finance activities <br />- Two main sources ❑f funding: sales tax and general fund transfer (Council - <br />driven) <br />- Sales Tax: <br />- The approved measure extended the sales tax for Parks and <br />❑pen Space and also increased it for the next 10 years <br />Measure also directed what the additional money will g❑ <br />towards <br />- General Fund Transfer: <br />- Ballot measure did not define existing fund transfer split (that <br />is directed by City Council) <br />- Over past 7 years, split was 50/50 <br />Two budget scenarios presented. Structural and Alternative 1 (50/50 with OSpace <br />GF Transfer) <br />- Status quo budget far `24 as adopted will need to be adjusted due to <br />splitting of tax funds <br />- What needs to be looked at is additional expenditures: room for more <br />expenditures in Open Space - wildfire mitigation, restoration, other <br />projects, etc. <br />Additional capital projects likely in Open Space (but also Parks as well) <br />- Parks showing forecasted deficit in both options presented; will need to <br />continue to iterate as we move forward, and projects develop in Parks and <br />Open Space <br />- 50/50 split potentially impactful to Parks - (more of a deficit) <br />61 <br />