Finance Committee Agenda and Packet 2024 10 17

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City Council Finance Committee Meeting Minutes September 19, 2024 Page 6 of 7 Councilmember Hoefner requested spreadsheet versions of the budget accounts be sent to the committee so they can dig into the details of the information. He also asked the committee to provide staff with any specific questions they have prior to the meeting so that staff is able to provide the answers needed at the meeting. He also commented that this is the last opportunity for the committee to review and discuss the proposed budget for a recommendation to council. Public Comments: Councilmember Fahey had a question about the CIP fund, specifically she asked if the snowplows/dump trucks are currently available as electric vehicles and if they are available will the city be purchasing electric vehicles. She also had a question about the unfunded CIP projects and asked which Highway 42 projects have been unfunded, why those projects were chosen to be removed, and how the city will fund those projects. The Deputy Director of Utilities responded that he doesn't have the answers to these specific questions at hand; however, he will research the answers and provide a response to Councilmember Fahey and the committee. Councilmember Fahey asked if next week's follow up meeting is going to be an in -person meeting, where would it be held? The meeting will be held in Council Chambers. Monthly Revenue and Sales Tax Report: The Sales Tax Department presented the Monthly Revenue and Sales Tax Report to the committee. The report was included in the meeting packet. Committee Comments: Councilmember Kern commented that given that we are seeing a 6% increase year over year and asked if the 2025 budget is based on a 6% increase. The Director of Finance confirmed that that 2025 budget is based on a 6% increase and commented that in 2024 it has ranged from 3.1% to 8%. Councilmember Kern commented that she wants to make sure we are conservative about sales tax estimates for 2025 since we still have a deficiency in what was budgeted in 2024, and she wants to ensure there isn't a deficit in 2025. She asked for this to be kept in mind for next week's discussion. Councilmember Hoefner agreed with Councilmember Kern. The Finance Director commented that we are adjusting the 2024 sales tax projection from 12% to 6%. Revenue and Sales Tax Manager commented that we looked at just taxable sales because those are apples to apples and the consumer price index, which was 2.9% for Denver metro area and what we adjusted down to. He added that, when staff determined these numbers last month, we only looked at a 2.9% increase in actual sales and we used the same number for next year. Public Comments: None. Finance Director Updates: 8/87