Finance Committee Minutes 2007 04 30

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City Council Finance Committee Meeting Minutes 4/30/07 Page 2 of 3 The preliminary March 31,2007 sales tax results were presented. The March collections were $806,168 which was $3,343 over the amount budgeted for March. The report and narrative can be located on the City's website at www.ci.louisville.co.us. The second supplemental appropriation request for the 2007 budget was presented. The request for the Capital Projects fund was $81,500 and $75,000 for the General Fund. The General Fund request will be funded by a payment of $75,000 received from the Town of Superior. The $81,500 in the Capital Project Fund will be funded by the unrestricted cash balance in the fund of $3,106,838 as of March 31, 2007. The request will be voted on by the entire City Council at the May 1, 2007 meeting. Some new information was brought forward to the Finance Committee by the Finance Director regarding the repeal of the Senior Rebate Program. The Finance Director had queried about 16 local cities and found that none offer a Senior Tax Rebate Program similar in the magnitude to the City of Louisville. A couple of cities do offer a flat $35.00 refund for water customers. The City estimated that the administration of the program costs the City an additional $4,000 a year in staff time. The Finance Director was able to determine that the State of Colorado has a rebate program that included property tax, rent and heat rebates. With this new information, the Finance Director will bring to the May 5, 2007 City Council meeting three options for the City Council to consider regarding the future of this rebate program. There no outstanding questions regarding the list of bills. AGENDA ITEMS FOR THE NEXT MEETING . April 30, 2007 Financial Statements . March 31,2007 Sales Tax . City Hall Renovations Update . Senior Tax Rebate Program Options ADJOURN The meeting was adjourned at 5:00 pm.