Finance Committee Agenda and Packet 2020 06 23

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City Council Finance Committee Meeting Minutes 05/19/20 Page 5 of 7 The Finance Committee stated City Council needs to be making budget cut decisions sooner rather than later, and proposed reviewing the recommendations in the first or second week of June. Finance Committee Member Lipton stated the City needs to work faster. Member Lipton noted the April sales tax reports will be provided June 2, and by the end of that week, assumptions could be agreed upon and quantified into dollar amount reductions for fund balances, which would ultimately lead a percentage of expense reductions. Member Lipton stated the process does not have to be perfect, and can be refined in real-time as information becomes available. Chairperson Maloney requested a special Finance Committee Meeting be scheduled the week of June 15. The reports and corresponding narrative can be located in the packet of the May 19, 2020 Finance Committee Meeting. 2019 FINANCIAL STATEMENTS & "TURNBACK" REVIEW Finance Director Kevin Watson presented financial statements for the City's nine main operating and capital funds. Director Watson stated that tables providing additional detail of the 2019 turnback, which include capital and operational expenditures, were also included. Finance Director Watson reviewed each fund with the Finance Committee and noted certain operational anomalies, such as an $892K turnback in the General Fund budgeted for a potential Recreation Center sales tax refund that was not needed. Committee Members and staff discussed that other turnback amounts were due to labor/staff shortages. Finance Committee Member Lipton stated the turnback target should be 4-5%, and staff and departments should work to improve their budgets. Chairperson Maloney thanked Director Watson for his excellent work and summary. The reports and corresponding narrative can be located in the packet of the May 19, 2020 Finance Committee Meeting. RENEWAL & REPLACEMENT WORKSHEETS Finance Director Kevin Watson presented updated equipment listings provided by Parks and Recreation staff for the Recreation Center and Golf Course.