Finance Committee Agenda and Packet 2023 02 16

Home Browse Search

City Council Finance Committee Meeting Minutes January 23, 2023 Page 3 of 4 Interim Finance Director Runkle presented the preliminary budget calendar. It was noted that the public works dept will bring forth new waste and storm water rates for approval by Council in February. New rates will go into effect in June for the July billing. There was a discussion around key dates and the annual timing of budget development. Questions from the Committee: Councilmember Dickinson asked if the biennial budget process saves time and effort versus and annual budget. Councilmember Leh asked if a more aggressive budgeting timeline over -commits City staff. The City Manager noted that there is a lot of change happening and stability is important. This calendar is structured on how the budget has worked in past years. We are waiting for the new Finance Director to come on board before we make too many changes. Councilmember Brown indicated support for the biennial budget and noted that frontloading activities earlier in the year can be helpful. November Sales Tax Reports (Nov Sales, December receipts, report in January): Interim Director Runkle presented the November sales tax reports and noted that the Building Use Tax totals will change due to refunds for Marshall Fire rebuilding permits still in process. A detailed review will be provided to the Finance Committee in February. Questions from the Committee: Councilmember Leh noted that the delivery tax number is of great interest and suggested that it's possible the rate of growth was only 4% because so many homes were destroyed/damaged in the fire. Councilmember Dickinson noted that the higher delivery tax income is concerning in that it could have a negative effect on local businesses which may affect the City if local businesses fail. Marshall Fire Update: Councilmember Dickinson would like this item to be on the agenda each month this year to keep informed about effects on the City's reserve. The Interim Finance Director noted that the City has a good roadmap on how to proceed with FEMA requests and insurance coverage. There is a lot of staff effort in keeping this moving forward. The City Manager noted that the City is now focused on long term recovery from the fire. Questions from the Committee: 5/57