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HomeMy WebLinkAboutMinutes - Finance Committee - 02/22/2010 -_____C•Finance Administration____I 0 ——II 2~FIoorI-On CoLLins Fort Collins CO 80522 970.221.6786 /_~~V”It4t!!&!tziIIIIIIlIøIlllPIIIIIIII_IIIIIIIIIIIIIIIb_b__.%%~7O221,6782~fax Council Audit &Finance Committee Minutes 2/22/10 10:30 a.m.12:00 p.m. Council Attendees:Mayor Doug Hutchinson,Mayor Pro Tem Kelly Ohlson,Ben ManveL City Staff Attendees:Darin Atteberry,Chuck Seest,John Voss,Diane Jones,Kraig Ecton,Megan Woodman,Joe Frank, Christina Vincent,Josh Birks,Heather Shepherd Others:John Knezovich,Ann Hutichison,Chamber of Corn merce Approval of the Minutes from the November 16th 2009 meeting. Ben moved to approve the January minutes and Kelly seconded the motion.The minutes were approved unanimously. Year End Financial Summary Darin Atteberry complimented the Finance staff on the Level of reporting and progress that has been made in in providing data over the Last coupLe years. Chuck Seest provided a summary of the financiaL data (Revenue and Expenditures)from 2009. Net Revenue Down $22.7 Million 7% SaLes &Use Tax Investment Earnings Property Taxes Building Permits and Development Fees Water Fund Revenue City ofFortColLins Sales and Use Tax Combined down $4.7 million 6.2 % SaLes tax down $2.5 milLion 3.8% Use tax down $2.5 milLion -20.3% Use tax the Lowest since 1994 Investment Earnings •Down $6.1 miLLion .42.9 % •General Fund share down $1.1 miLlion Water Revenue •Down $7.3 million -22% Water sales down $2.5 million -10% •Above average summer rainfall Investment Earnings down $1.3 miLLion 44% DeveLopment reLated revenue •Water Rights down $2.5 milLion 79% •PLant Investment Fees down $0.8 million 62% Fund Balance Policy •Minimum of 60 days of expenditures and transfers •Different than projection in October 2009 Auditors determined Loans to URA and DDA are not Liquid and should be cLassified as unavailabLe for appropriation Limits GeneraL Fund’s abiLity to participate in new Loans to DDA and URA Need to revisit how to appLy the 60 day minimum poLicy Darin Atteberry suggested recording a DVD with a presentation discussing this topic to be deLivered to all City Council Members. Section 108 Loan Program This topic wiLL be moved to next meeting. Mid-town Project UDdate Josh Birks presented information on the Midtown commerciaL corridor redeveLopment study. Some main goaLs of this project are: •Create a Vibrant District •Leverage and connect downtown,CSU,and MaLL •Improve Existing Assets KeLLy OhLson asked if the figure stating that 53%of the City’s retail income comes from this corridor is accurate,since it doesn’t include Harmony,or Downtown,etc.Josh Birks stated he will verify the numbers and report back. The Midtown area can be divided into 4 distinct different zones each with their own possibilities. The Study found that: •A market exists to support the mall •The present anchors remain committed to the maLL if it can be set on a growth path City ofFortCollins •Additional anchors have interest in the Location •Existing configuration of the malt makes redevelopment challenging Considerations moving forward: •Dept.store approvals will be complex and challenging long term commitments should be sought. •A phased approach is necessary. •Challenge is achieving a dramatic result without ‘starting over. Next Steps •Mall Redevelopment Proformas •Refine transportation impacts •Prototype Designs for corridor opportunity sites •Review TOD zoning •Draft recommendations •Conduct public presentations •Continue stakeholder contact Crossroads Safehouse Project Update Staff presented data on funding this project with use of Poudre Capital Expansion Fees.