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City Council Finance Committee <br />Meeting Minutes <br />08/16/19 <br />Page 5 of 7 <br />Finance Director Kevin Watson presented to the Finance Committee the <br />department responses to the internal controls audit conducted by Eide Bailly <br />January 23-24, 2019. <br />City Manager Balser stated that the City's Management Team reviewed the areas <br />of concern and risks and has worked to alleviate many of the issues. <br />Finance Committee Chairperson Maloney stated his opinion that such audits and <br />reviews are extremely helpful, and asked City Manager Balser if there were any <br />unresolved areas of concern. Ms. Balser stated she had no concerns, noting that <br />as the City incorporates additional systems and security technology, additional <br />safeguards can be put in to place. <br />The reports and corresponding narrative can be located in the packet of the August <br />16, 2019 Finance Committee Meeting. <br />SALES TAX REPORTS FOR THE MONTH ENDED JUNE 30, 2019 <br />Tax Manager Penney Bolte presented to the Finance Committee the Q2 Sales Tax <br />reports for the period ending June 30, 2019. <br />Ms. Bolte highlighted the following: <br />• YTD Sales Tax Revenue is up 1.6% from 2018 (a general slow -down <br />and slightly below projections) <br />• Lodging and Auto are at current revenue projections <br />• Building Use and Consumer Use are above current revenue <br />projections <br />• YTD Sales Tax Revenue for In -City vendors is down 4.1% to 2018 <br />• YTD Sales Tax Revenue for Outside -City vendors is up 12.7% <br />Manager Bolte also informed Finance Committee Members that the Tax <br />Department has experienced a 107% increase in the number of new tax licenses <br />issued. This increase reflects primarily outside -city vendors that are voluntarily <br />licensing to remit sales tax as a result of last years' Wayfair Supreme Court <br />decision. <br />The reports and corresponding narrative can be located in the packet of the August <br />16, 2019 Finance Committee Meeting. <br />REVENUE PROJECTION DASHBOARD — PROJECTIONS DATED AUGUST 7, <br />2019 <br />Finance Director Kevin Watson presented to the Finance Committee the revenue <br />projection dashboards. <br />6 <br />