Finance Committee Agenda and Packet 2015 10 19

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City Council Finance Committee Meeting Minutes 09/14/15 Page 4 of 8 capacity. Member Stolzmann stated that that is what marginal cost modeling does. Director Russ stated that the triggers do not mean that the City must act. City Manager Fleming stated that obtaining the summary table that outlines current capacities, and what those capacities mean, would assist City Council and City Management to make those decisions. City Manager Fleming stated that City Council and staff need to determine where we are now and what the goal is. We can have it fast, have it be of high quality, or have it cheap, pick two of the three. Member Keany stated that it's a matter of the budget vs. the demands. Director Russ stated that City -wide, we're at our budgetary capacity. The Finance Committee directed staff to contact TischlerBise and determine when the Fiscal Impact Model changes discussed could be ready, and then for staff to schedule a Special Finance Committee Meeting to review the requested schedules and model scenario example prior to presenting to the full City Council. The communication and related documents can be located in the packet of the September 14, 2015 Finance Committee Meeting. UPDATE ON 2015 ASSESSED VALUATION Finance Director, Kevin Watson presented the latest preliminary assessed valuations received from the Boulder County Assessor. Director Watson stated the property tax valuation increased approximately 18% from 2014, and the assessed valuation for the Urban Revitalization District increased approximately 24 %. Councilmember Stolzmann asked what factors are used to determine the property tax revenue limits under TABOR, i.e. population, new construction, CPI? Resident Leary asked how much of the increased valuation is due to new versus existing properties? Director Watson stated that he would research and provide the information to the Finance Committee. Member Stolzmann asked what the process is to change the mill levy. Councilmember Keany stated that the reassessment year is every two years. Director Watson stated that the public hearing would be October 20, and that on November 2, City Council would adopt the budget, appropriate funds, and set the mill levy, after which, a new mill levy would be certified to Boulder County. Finance Committee Members stated that the matter may need to be discussed at the Special City Council Meeting set for September 21, 2015. 5