Finance Committee Agenda and Packet 2024 09 19

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presentation shows the changes based on feedback from the budget retreat and these projects will fit within the scope of the 2025 CIP funding. Councilmember Hoefner asked if there will be additional funding left over in the CIP fund. Staff will research and provide a list to the committee of the $18.2M to indicate the source of the funds, e.g. from fund balance, bonds, grants, and taxpayer money, and whether there will be fund balance left to move into 2026. As well as information on if any 2025 CIP will be paid out of fund balance or ongoing revenue. Councilmember Hoefner commented that he's pleased to hear that the revision presented works and he feels some of the things that will be cut are priorities. He asked staff to consider ways to bring these items back into the budget. He asked if it would be possible to move some projects out of the General Fund into the CIP fund to find the $500K, for example police cars could be considered CIP instead of general fund expenditures. Councilmember Kern asked the Interim City Manager to comment on affordable housing funding related to grant funding that is being allocated by the City of Louisville. The Interim City Manager responded that she believes the councilmember is referring to the private activity bonds and that the city is working with the County Housing Authority to allocate $1.2M to Lafayette for a project underway for affordable housing. Public Comments: Councilmember Fahey asked if the $290K is an increase over the traditional transfer usually done from general fund to parks. The Financial Analyst responded that it would be an increase. Councilmember Fahey commented that EV vehicle initial costs may be high but long-term maintenance is lower. Helen Moshak, Louisville resident, commented that the budget process is very challenging. She expressed concern that the budget priority list is a target list and seeing cuts close to $400k from sustainability budget and decarb plan, $2M to affordable housing, and eliminating the EDI Manager position after only 18 months is concerning to her. She also asked that open space be included in the CIP fund for the city. Cathern Smith, Louisville resident, agreed with the concerns expressed by resident Moshak. She expressed concern on affordable housing cuts, sustainability cuts and what they do to the sustainability program. In reference to EDI, she asked if we can we rotate responsibilities, so we fill the position by having a member of staff assigned to perform EDI functions to show that EDI is a priority. She also expressed concern that the guidance in the city charter incorporated with what the city is doing with open space. She feels historically open space has been underfunded and would like to see a plan developed where we are meeting the obligations under the city charter. 2024 Q2 Revenue, Sales and Bag Tax Report: This item was not covered due to lack of time. Finance Director Updates: None 9/251