Finance Committee Agenda and Packet 2024 04 18

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City Council Finance Committee Meeting Minutes March 21, 2024 Page 3 of 4 There was a discussion around the increase in revenues in 2023. There was a discussion around the mobile home park event and if it will include the nearby neighborhoods. The Sustainability Specialist noted that the city is waiting for the PDZ Mobile Home Park to approve the proposed event. She also confirmed that there won't be strict restrictions for the PDZ residents only to participate in the event. There was a discussion around what possible programs can be funded by the bag tax. The City Manager commented that what we use the revenues for is a ballot issue and we need to be careful these revenues are used in line with the ballot language. The Director of Finance commented that there has been a lag time between revenues collected and the approval of programs. Councilmember Hamlington asked if the waste reduction programs are available to any businesses or only those who pay bag taxes. It was noted that the programs were and will continue to be open to all Louisville businesses. Public Comments: none Monthly Revenues and Sales Tax Reports: The Financial Analyst presented the monthly revenues and sales tax reports. The reports were included in the meeting packet. The Financial Analyst reminded the committee that this is the first time we are seeing the new tax rate. The City Manager asked if the additional open space tax revenues are on track with original projected estimates. The Director of Finance commented that it's too early to know but they will be tracking this throughout the year. Committee Comments: Councilmember Hoefner asked if there is a budget by actual variance report. The Director of Finance commented that we don't budget monthly though it can be estimated in retrospect. This hasn't been done for January, but it can be done going forward. It was commented that it is difficult to forecast the variance this early in the year. The City Manager asked as we look at this year over year by industry it would be good to see it at the same sales tax rate year over year without the new increment for a direct comparison. The Director of Finance responded that this data is being tracked and staff will determine the best way to present this at future meetings. Councilmember Hamlington asked what the inside City Area sales tax revenue looks like. It was noted that the city has seen growth in this area. 5/80