Finance Committee Agenda and Packet 2017 03 20

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City Council Finance Committee Meeting Minutes 02/20/17 Page 4 of 6 Finance Director Kevin Watson presented to the Finance Committee Members information on the impending decrease in the 2018 assessment rate and residential property tax, and the potential impact to the General Fund, Debt Service Fund and Recreation Center Bonded Debt Levy. Mayor Muckle and the Finance Committee Members unanimously agreed the report provided was clear and complete, and commended Director Watson on his summary and the historical information provided. Finance Committee Chairperson Stolzmann requested Director Watson email a copy of this report to the entire City Council. Finance Committee Member Maloney asked how other cities plan for such situations and if there are tactical solutions that could be adopted to prevent such adverse impacts. City Manager Fleming and Director Watson stated the best approach is to set service levels, budget conservatively, and ensure good fund reserve levels. The reports and corresponding narrative can be located in the February 20, 2017 packet of the Finance Committee Meeting. REQUEST FOR PROPOSALS FOR UNDERWRITING SERVICES Finance Director Watson presented to the Finance Committee the Request for Proposals (RFP) for underwriting services for the $28.6 million Recreation Center bond issue. Director Watson stated the City is taking steps to complete the financing as soon as possible to avoid further interest rate risks. Director Watson stated the bond ordinance should be presented to City Council on March 7, 2017. The RFP and corresponding narrative can be located in the February 20, 2017 packet of the Finance Committee Meeting. WORK PLAN The Finance Committee Members discussed the plan for 2017, realigning certain items. The revised Finance Committee Work Plan is included as an attachment with these minutes. Finance Committee Chairperson Stolzmann asked City Manager Fleming about the impact fee errors and repayment plan. City Manager Fleming stated that the collection of impact fees for multi -units had been correct for a couple of years when inadvertently, the forms were reverted back to an incorrect single -unit rate. Manager Fleming stated that he has requested of flow chart of the processes maintained by the Planning/Building Department from Director Zuccaro. City Manager Fleming stated the matter would be discussed at the February 27, 2017 City Council Study Session. 5