Finance Committee Agenda and Packet 2021 03 15

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City Council Finance Committee Meeting Minutes 02/15/21 Page 2 of 5 APPROVAL OF THE MINUTES FROM THE JANUARY 25, 2021 MEETING The Finance Committee approved the January 25, 2021 minutes as presented. PRESENTATION FROM CHANDLER ASSET MANAGEMENT Scott Prickett, representative from Chandler Asset Management, the City's Investment Advisor, discussed the latest economic conditions and investment strategies. The reports and corresponding narrative can be located in the packet of the February 15, 2021 Finance Committee Meeting. SALES TAX REPORT FOR THE MONTH AND QUARTER ENDED DECEMBER 31, 2020 Kevin Watson, Finance Director, reviewed each page of the report and summarized the purposes and results of the report's tables and graphs. Director Watson noted that, excluding audit revenue, the changes in sales and use tax revenue from 2019 to 2020 were, as follows: • Sales Tax = -2.9% • Consumer Use Tax = -12.9% • Auto Use Tax = -12.7% • Building Use Tax = -18.4% • Lodging Tax = -59.9% Including audit revenue, Director Watson noted that the changes in Sales Tax revenue was -8.4% and the change in Consumer Use Tax was down 12.0%. Beth Ried, Tax Auditor, addressed the Committees' questions on revenue by area, revenue by industry, revenue generated inside -City versus outside -City, and revenue generated by local restaurants. The reports and corresponding narrative can be located in the packet of the February 15, 2021 Finance Committee Meeting. PROPOSED WRITE-OFFS OF UNCOLLECTIBLE ACCOUNTS RECEIVABLE Kevin Watson, Finance Director, presented a listing of accounts receivable proposed to be written -off as bad debt. Director Watson explained that the City's Financial Policies state that the City Manager and Finance Director are authorized to approve a write-off of up to $100 3