Finance Committee Agenda and Packet 2024 08 15

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City Council Finance Committee Meeting Minutes July 18, 2024 Page 4 of 5 Committee Comments: None Public Comments: None Budget Retreat Preview: The Financial Analyst and Finance Director provided a preview of what committee members can expect at the 2024 Budget Retreat scheduled for July 24. A draft version of the budget retreat presentation was provided to the council earlier this week. Items that will be discussed at the retreat include slowing sales tax growth, rising costs in the general fund, the parks and open space funds, and the capital fund priorities. Committee Comments: Councilmember Kern asked about items that could be covered by insurance that might impact the capital fund. The Director of Finance is happy to research this, and he noted that the city's Risk Manager does a great job getting insurance claims paid. Councilmember Kern asked for information on claims filed and funds received from claims so the committee can see the benefit of the increase in insurance costs. Councilmember Hoefner asked the committee for their sense of goals and expectations for the Budget Retreat. Councilmember Kern expressed a desire to keep ideas in the work plan and projects already approved in mind to keep them in line with the results of the resident survey. Finding a way to maintain the quality of life feeling in the community as well as thinking about how to be creative given the sales projections and the national trends. Councilmember Hamlington commented that her goal for the budget retreat is to use the information in the slide deck to level set with the council as a whole and view it through the lens of the data from the community survey to find creative solutions and be prepared to make tough decisions. Councilmember Hoefner commented that he hopes to start to be able to give the Finance Department and the City Manager's Office direction on how to bridge the gap, what can be identified in policy or program areas that can be ranked, and prioritized keeping in mind the community survey results and the council priorities to shape how to get from where we are now to a recommended budget that reflects the priorities of the council. Public Comments: None Finance Director Updates: The Finance Director provided the following updates: 1. There will be a part time interim Finance Director while Director Bailey is out on Paternity leave. Closing Ouestions/Comments from the Committee: None 6