Finance Committee Agenda and Packet 2024 06 20

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City Council Finance Committee Meeting Minutes May 16, 2024 Page 2 of 3 Councilmember Kern commented on research she did prior to the meeting to determine why these numbers are being requested at this time. She suggested simplifying the program to $45,000 for any household, supports keeping the age at 65 and older in alignment with the Social Security age, and suggests increasing the rebate to $180. Councilmembers Hamlington and Hoefner expressed concern regarding the program being limited to seniors rather than being determined by income alone. There was a lengthy discussion around the proposed program changes, the need to update the program, and whether the program should be expanded to be based on income levels alone and removing the age criteria to qualify. The Committee asked staff to research and report on the financial implications of expanding the program to all low-income families by removing the age criteria limitation. The Committee also asked staff to consider and present various options for determining who will receive the benefit. The committee agreed that the application process should remain as -is so that it continues to be simple to process applications. Staff will return this topic to the next meeting with other options and information as requested. Public Comments: none Q1 2024 Revenues, Sales and Bag Tax Reports: Tax Auditor Lundgren presented the 2024 Q1 Revenues, Sales, and Bag Tax Reports. The presentation and supporting documentation were included in the meeting packet. Committee Comments: None. Public Comments: None. Q1 2024 Financial Update (Cash Basis): Financial Analyst Mansurabadi presented the 2024 Q1 Financial Update. The report was included in the meeting packet. Committee Comments: None Public Comments: None. Q1 2024 Chandler Investment Report: The Finance Director presented the 2024 Q1 Chandler Investment Report which was also provided in the meeting packet. Committee Comments: None Public Comments: None 4/46