Finance Committee Agenda and Packet 2017 04 17

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City Council Finance Committee Meeting Minutes 03/20/17 Page 3 of 8 Member Stolzmann stated that Fiscal Impact Model reflects some Parks use by Commercial development, but that the Impact Fee Study allocates no use of Parks by Commercial development. Chairperson Stolzmann stated she believes the same methodology should be used for both. Finance Committee Member Maloney stated that he agreed they should be the same. Member Maloney concluded by stating that the data and methodology will always be debatable, but that he believes the results of the study and ordinance of recommended fees will be easy to implement and represent the spirit and intent of the study. The draft of the study can be located in the March 20, 2017 packet of the Finance Committee meeting. DISCUSSION OF IMPACT FEE REFUNDS AND PROPERTY ACQUISITION Finance Director Kevin Watson presented to the Finance Committee details surrounding the financial impact the refunds of the over -collected impact fees will create in the Impact Fee Fund, and a summary of possible options or changes in methodology related to sources of funding for the Open Space & Parks Fund and the Capital Project Fund. One specific area of concern is the open space land acquisition planned for 2017 and possible options for funding that may be available given the impact of the refunds to the Open Space & Parks Fund. Director Watson pointed out that the worksheet on page 101 of the packet proposes a change in the calculation to the annual transfers that would use the prior year ending balance plus 90% of the current year's estimated revenue, noting however that such a change would lessen the ability recoup should there be negative actual revenue variances. Director Watson also noted that there is a bank of unfunded eligible projects in the Open Space & Parks Fund, Parks & Trails Facilities and Municipal Facilities from previous years. Finance Committee Chairperson Stolzmann asked if the carryforwards were included in the 2017 budget. Finance Director Watson stated that the 2017 expenses do not anticipate carryforwards. City Manager Fleming stated that the options seem to be deferring projects, using the proposed change in methodology in Impact Fee estimations going forward, or possible Boulder County assistance with the land acquisition. Manager Fleming stated that the County seems open to considering a payment plan agreement with the City whereby the City would pay back any County assistance throughout 2018 and 2019. 4