Finance Committee Agenda and Packet 2010 10 18

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City Council Finance Committee Meeting Minutes 09/20/2010 Page 2 of 4 The Tax Manager presented the July 31, 2010 Sales Tax Reports. The reports and the corresponding narrative can be located on the City’s website at www.louisvilleco.gov. City Manager Fleming requested clarification on the top 50 vendor report and asked whether 2009 and 2010 comparisons were being made that included the revenue of Sam’s Club and Safeway. Tax Manager Bolte stated that the top 50 report no longer included Sam’s or Safeway and that the current top 50 are being compared year-over-year. Bolte stated that the quarterly revenue by industry report is the best indicator of how individual sectors are performing. City Manager Fleming indicated his interest in receiving information that directly reflects more economic-based information. Council Member Dalton stated his interest in receiving information on the performance of restaurants within the various areas of the City. Mayor Sisk inquired as to whether any taxes due had been written-off this year and as to the amount of uncollected sales tax revenue. Tax Manager Bolte stated that no sales tax has been written off this year and that there is approximately $3,000 - $4,000 on the books as uncollected taxes to date. Bolte stated that she has certified all uncollected taxes to Boulder County and is working with them to collect these balances. REVENUE TREND DASHBOARD – SEPTEMBER 16, 2010 PROJECTIONS The Finance Director presented current trend analysis and projections for various revenue sources summarized in a revenue trend “dashboard” report. This report can be located on the City’s website at www.louisvilleco.gov. Finance Director Watson also indicated that the User Fees are coming back in line and that the billing issues related to the meter changeovers were beginning to subside thanks to the efforts of staff in Finance and Public Works. The Finance Director stated a financial review of the Utility Funds will be discussed at the October 8, 2010 Water Committee meeting. FINANCIAL STATEMENTS FOR THE PERIOD ENDED AUGUST 31, 2010 The Accounting Manager presented Financial Statements for the period ending August 31, 2010. The statements for the City’s five main operational funds and corresponding narrative can be located on the City’s website at www.louisvilleco.gov. Councilman Sackett, Dalton, Marsella and Mayor Sisk all stated that the budget cuts made for 2009 and 2010 helped secure the City’s current position and all members, including Finance Director Watson extended their thanks to City