Finance Committee Agenda and Packet 2024 05 16

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City Council Finance Committee Meeting Minutes April 18, 2024 Page 5 of 6 The Director of Parks, Recreation and Open Space commented that, at their meeting in May, the OSAB will review a draft outline to provide feedback on the acquisition process and PROS staff will report back to City Council with recommendations to improve the efficiency of the acquisition process. Public Comments: Louisville resident Helen Moshak commented that she supports the acquisition reserve recommendations for Open Space (OS) funds. She asked to seed it with an allocation of $1.2M of additional year-end funds referred to in the next report from the old conservation trust fund estimates to provide a foundation for acquisitions. She asked the committee to consider general fund transfers to Open Space. She urged council to consider a 20/80 split with 20% for acquisitions and 80% for unmet needs such as staff, volunteer programs, wayfinding, permanent water rights for lakes and ponds for stable ecosystems, resources for accelerated planning to make it happen in 2025. Louisville resident Cathern Smith commented on the language in the financial policy where the staff proposal is to eliminate Open Space's acquisition to fund transfers, partnerships, bond financing and sound fiscal management. She expressed that the best management approach is to give yourself as City Council a wide range of funding options which you may choose not to use so that OS is not limited to money coming from the taxes. There is an interest in other programs using the OS funding in an informal city-wide partnership with the potential for OS to bear the primary cost of the funding. She strongly advocates for keeping a broad range of options so unanticipated issues can be addressed nimbly and appropriately. She's advocating for broad policy, not necessarily for bond financing for open space just to have it among the options to consider. Matt Jones commented that he supports the acquisition recommendations. He feels that 20% for acquisitions is more reasonable. He's concerned it is on autopilot and he asked what happens when you hit the target and commented that there should be a number relative to what could be acquired when they are available. He also commented that every time you remove money from the fund, the operations work won't get done. He feels weed management is falling behind and he feels resources are needed to address this issue. He commented that the capital reserve funding set aside that the general fund would make up the difference of acquisitions. He doesn't want to lose sight of using general fund flexibility to support acquisitions. 2023 EOY Revenues, Expenditures & Changes in Fund Balances (Cash Basis): The Finance Director noted that this presentation is a snapshot in time from four months ago and reminded the committee that some funds that were not expended in the previous year are often intended to be expended in the following year. These charts do not include expenditures in 2024. Financial Analyst Mansurabadi presented the 2023 EOY Revenues, Expenditures & Changes in Fund Balances (Cash Basis). The reports were provided in the meeting packet. Committee Comments: 7/90