Finance Committee Agenda and Packet 2018 01 19

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City Council Finance Committee Meeting Minutes 12/19/17 Page 4 of 6 Committee agreed to wait and see where 2017 ends and to review turn -back at that time. Director Watson stated that the current budget amounts contained in the financial statements for the various funds represents the adopted budget with amendments. Director Watson stated that throughout the year projections are being made based on information from departments or based on priority changes. Director Watson stated that the Finance Department could add a "projections" column to the financial statements, similar to the sales tax reports, which would more accurately reflect where revenue and expenditures are based on known projections. The Finance Committee unanimously agreed that this would be beneficial. The Finance Committee reviewed the financials for the Conservation Trust Lottery Fund. Senior Accountant Clark stated the lower ending balance for the Capital Outlay expense line item is due to the delayed start for Heritage Park and restrooms. City Manager Balser informed the Finance Committee Members that a grant of $1M from the Boulder County Highway 42 IGA agreement will to back into the Capital Projects Fund once finalized. Senior Accountant Graham Clark informed Members that the Capital Outlay line item in the Water Fund is significantly below budget due to the delayed start and ongoing work of the Water Line Replacement and SCWTP Pump Station. The Finance Committee reviewed the Golf Course Fund, and Committee Members and staff continued previous discussions regarding the use of raw or re -use water, and the financial benefit to the Fund by using raw water for the golf course. Chairperson Maloney stated that the $72K savings in 2017 may not apply for future years. City Manager Balser reiterated that she is working with staff towards a policy regarding the use of raw or re -use water. Finance Committee Member Lipton noted that merchandise sales and annual pass sales are currently below budget. The reports and corresponding narrative can be located in the packet of the December 19, 2017 Finance Committee Meeting. SALES TAX REPORT FOR THE MONTH ENDED OCTOBER 31, 2017 Tax Manager Penney Bolte presented the sales tax reports for the month ending October 31, 2017 to the Finance Committee. The reports and corresponding narrative can be located in the packet of the December 19, 2017 Finance Committee Meeting. 5