HomeMy WebLinkAboutMinutes - Finance Committee - 07/21/2008 -Finance Administration
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Council Finance Commiftee
Minutes
07121108
10:30 -12:00
Council Members:Ben Manvel,Kelly Ohlson,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.
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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 one4ime 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.