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City Council Finance Committee <br />Meeting Minutes <br />05/16/2011 <br />Page 2 of 3 <br />FINAL REVIEW/DISCUSSION ON PROPOSED 2011 BUDGET AMENDMENT <br />The Finance Director presented the narrative, proposed resolution, and line item <br />detail for the amendment scheduled for May 17, 2011. The documents can be <br />located in the packet of the May 16, 2011 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED MARCH 31, 2011 <br />The Finance Director presented the March 31, 2011 Sales Tax Reports. The <br />reports and the corresponding narrative can be located in the packet of the May <br />16, 2011 Finance Committee Meeting. <br />The Finance Director informed the Committee of a recent computer server and <br />corresponding data backup failure. The result of these failures was a loss of <br />sales tax data, including the latest graphs and worksheets presented at the <br />Finance Committee meetings. Work is currently underway to manually restore <br />this analysis, but will take a couple of months to get back to the point immediately <br />preceding the failure. <br />The Committee noted the recent newspaper and Internet articles from Longmont <br />and Boulder regarding double-digit increases in sales and use tax receipts. The <br />Committee requested staff perform a review of these large increases and report <br />back to the Committee. <br />The City Manager noted the decline in the revenue from the Interchange location <br />and pointed out that this is one of the City’s largest revenue-generating areas. <br />REVENUE TREND ANALYSIS – PROJECTIONS DATED MAY 12, 2011 <br />The Finance Director presented 2011 Revenue Trend Analysis with projections <br />dated May 12, 2011. The reports and the corresponding narrative can be located <br />in the packet of the May 16, 2011 Finance Committee Meeting. <br />The Finance Director emphasized that the projections are preliminary, based on <br />only four months of revenue, and will be adjusted numerous times during the <br />year. <br />The Committee discussed some staffing and cost recovery issues at the <br />Recreation Center. <br />FINANCIAL STATEMENTS FOR THE PERIOD ENDED APRIL 30, 2011 <br />The Accounting Manager presented the April 30, 2011 Financial Statements. <br />The reports and the corresponding narrative can be located in the packet of the <br />May 16, 2011 Finance Committee Meeting. <br />í <br /> <br />