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HomeMy WebLinkAboutMinutes - Finance Committee - 06/30/2008 -Finance Administration C.t f 215 N.MasonI~0 P0 Box 580Fort~DoLL ins Fort ColHns,CO 80522 ~__~IIIIIIIIIIIta...~970221 67fl~fax Council Finance Committee Minutes 06130108 10:30 -12:00 Council Members:Ben Manvel,Kelly Ohison,Doug Hutchinson Staff:Darin Atteberry,Mike Freeman,Chuck Seest,Jeremy Reese,Heather Shepherd Guests:John Knezovich Approval of the Minutes from the June 30th meeting. Kelly asked if the last item in minutes has been accomplished yet.This is the item regarding the legal re-wording of some definitions of words like habitat protection in the City’s floodplain contract.Darin will follow up. Ben moved to approve the minutes and Kelly seconded the motion.Minutes were approved unanimously. 6 month Sales Tax Projection Update Jeremy presented data reflecting the current sales tax projections. Doug asked for a small change of wording on the bullet which says ‘model was revised for the year’.It should say that the data was updated. Kelly asked if there were any changes in the data presented today as compared with previous versions.Mike said there was a change of the data to reflect the assumption that energy prices would continue to increase. Jeremy stated that restaurant sales and food store sales had growth in the first half of the year,and general merchandise,apparel,and home furnishings/electronics had decreases in sales. Darin mentioned he is very pleased with the completion of the new Front Range Village project and specifically the design incorporating the ‘main street’look and feel. Darin asked if the projections shown have taken into account that Lowes is open and that Super Target will be opening and Jeremy responded that those openings are reflected in the sales tax projections. CI of Kelly mentioned that what he hears most from the general public is regarding what will happen with the mall.People want to know what,if any,plans are being made and why doesn’t the City mention what those potential plans may be?Darin agreed that we can do a better job of advising Council on those plans as they develop. Jeremy said use tax is down 20.3%but that’s mainly due to a one-time audit revenue in 2007.He said the general use tax category is on track to meet the 2008 budgeted amount of $8.2 million. Ben asked how the use tax model is developed and if it’s as robust as the sales tax. Jeremy said it is not.Use tax projection is based on past history only. Generally,the City is on track with what was projected/budgeted on property tax and PILOT collections. General Fund expenditures are up about 2.7 million over 2007.So far 43%of the budget is spent. Darin said he appreciated the quality and timely information that he and the Council have been getting.He said it is better than ever before on this topic. Discussion of revision of the Monthly Finance Report There are two reports—one contains more detailed financial info and is meant for a specific audience.The monthly financial report is more of a summary for the public. The Committee determined that with recent revisions to both these reports,they are hitting their target audiences. Other Business Kelly indicated that he would prefer not to have more than one Council Finance meeting per month.Darin pointed out that August is an anomaly because of the Audit report, and this year,the auditor interviews,an event which only occurs once every five years.