Town Council

Approved Meeting Minutes Fairfield Town Council Joint Work Session with other Municipalities/Special Meeting May 21, 2024 Joint Work Session Date: Tuesday, May 21, 2024 Anchor Location: Anchor location: 1650 East Stagecoach Run, Eagle Mountain Time: 4:00 P.M. Minutes By: Stephanie Shelley Agenda Item #1 - Open The Town Council Joint Work Session Mayor McKnney called the Town Council Work session to order at 4:00 p.m. Agenda Item #2 - Roll Call Town Council Members Present Via-online: Mayor Hollie Mckinney, Rl Panek, Tyler Thomas, Michael Weber Excused: Richard Cameron Staff Present: Stephanie Shelley- Recorder Others Present Via Zoom: Agenda Item # 3- Presentation – Feasibility Study for the creation of a new school district prepared by LRB Public Finance Advisors presented the feasibility study they conducted for creating a new school district, Eagle Mountain City, Saratoga Springs City, and Fairfield Town Councils. In this meeting, the feasibility study for a proposed new school district in Utah was presented, required by state law (Utah Code 53G, Section 3). The analysis focused on financial impacts, especially tax implications, with several key points highlighted: 1) Enrollment and Taxable Value Projections: The new district's enrollment is projected to start at 24,600 students in 2024, increasing over time. Taxable value is expected to grow from 20-21% of the current Alpine School District (ASD) in 2025 to 26% by 2029. 2) Revenue and Expense Analysis: The study examined the General Fund, Capital Projects Fund, and Debt Service Fund. Revenues come from local (property taxes), state (based on weighted pupil units), and federal sources. Expenses are mostly tied to enrollment, with some based on the number of facilities. 3) Key Assumptions: Assumptions include a strong growth rate for taxable value and an increasing taxable value per student. Revenue projections consider the expiration of known redevelopment areas, and changing these assumptions could significantly impact revenue and feasibility. 1 of 5  Approved Meeting Minutes Fairfield Town Council Joint Work Session with other Municipalities/Special Meeting May 21, 2024 4) Projected Deficits: The new district is expected to face a $6.2 million operating deficit in its first year (2025), mainly due to duplicated administrative expenses and enrollment-based allocation. This deficit is projected to decrease over time. 5) Facility and Expenditure Allocation: Expenses allocated based on enrollment were discussed, with the acknowledgment that allocating based on the number of facilities would lower expenditures for the new district. New facilities (e.g., a high school and three elementary schools) would increase operating expenses, impacting feasibility. 6) Comparison to MGT Study: The current study uses 2024 ASD budget data and updated state funding formulas, while the MGT study used 2023 data, making direct comparisons difficult. Key differences include the potential deficit due to duplicated expenses and updated projections for local revenue growth. 7) Capital Projects Fund and Debt Service: Duplicate expenses were removed, and updated state funding formulas were used. The new district could receive $65 million over ten years from state equalization funds for capital projects, with no immediate tax increase needed. The district will inherit 20% of existing debt and face about $14 million in startup costs, reduced to $10 million with fund balance allocations. 8) Assumptions and Conservative Approach: The analysis takes a conservative approach, considering worst-case scenarios and longer-term debt structures to illustrate potential impacts. 9) Tax Impacts: Initial tax impacts are projected to be $25 monthly, decreasing over time as taxable value grows. Phasing in debt issuance and other factors could reduce this impact. 10) Local Support and Feasibility: Creating the new district could foster a unified community, potentially improving support for general obligation elections. Despite short-term financial challenges, long-term trends suggest feasibility, especially with favorable changes in assumptions like pre-creation debt issuance by ASD. 11) Questions and Follow-ups: Participants are encouraged to email further questions, which will be compiled and answered comprehensively to ensure everyone receives consistent information. 12) Acknowledgment: The efforts of Laura and her team were acknowledged for their extensive work on the study. The meeting concluded with plans to address additional questions via email and to proceed with other agenda items. Agenda Item # 7 Close the Town Council Joint Work Session. Eagle Mountain City Council closed the meeting. The meeting adjourned at 4:51 p.m. 2 of 5  Approved Meeting Minutes Fairfield Town Council Joint Work Session with other Municipalities/Special Meeting May 21, 2024 Special Meeting Date: Tuesday, May 21, 2024 Location: Fairfield Town Office, 103 East Main Street, Fairfield, Utah Time: 7:00 P.M. Minutes By: Stephanie Shelley Agenda Item #1- Open The Town Council Special Meeting Mayor McKinney opened the Town Council Regular Session at 7:02 p.m Agenda Item #2- Roll Call Town Council Members Present: Mayor Hollie Mckinney, Rl Panek, Tyler Thomas, Richard Cameron, Michael Weber(via Zoom) Staff Present: Stephanie Shelley- Recorder Others Present: Tal Adair, Vern Carson, Mark & Alina Pringle Agenda Item #3- Discussion and approve Resolution 2024-13, a resolution of Fairfield Town, Utah, receiving a feasibility study for the Creation of a New School District pursuant to Utah Code § 53g-3-301.4, scheduling a public comment period, scheduling future public hearings, scheduling final action on the creation of a New School District, and related matters The council discussed the resolution receiving the feasibility study for the creation of a new school district. It reiterated the need for more public comment periods and suggested dates for these sessions. Councilman Cameron motioned to approve Resolution 2024-13, a resolution of Fairfield Town, Utah, receiving a feasibility study for the Creation of a New School District pursuant to Utah Code § 53g-3-301.4, scheduling a public comment period, scheduling future public hearings, scheduling final action on the creation of a New School District, and related matters. Councilman Thomas seconded the motion passed unanimously. Mayor McKinney - Yes Councilman Thomas - Yes Councilman Panek - Yes Councilman Cameron - Yes Councilman Weber - Yes, via Zoom The Council discussed moving the Town Council meetings to Wednesdays and decided to do so. Stephanie Shelley will prepare the Resolution for the next Council meeting. 3 of 5  Approved Meeting Minutes Fairfield Town Council Joint Work Session with other Municipalities/Special Meeting May 21, 2024 Agenda Item #4- Discussion and approval of Resolution No. 2024-06. A Resolution adopting and establishing an investment policy for Fairfield. Larry Jenkins (town lawyer) suggested a resolution to establish an official investment policy for Fairfield. The council reviewed the shorter proposed version. Councilman Thomas made a motion to approve Resolution No. 2024-06. A Resolution adopting and establishing an investment policy for Fairfield. Councilman Panek seconded the motion. The motion passed unanimously. Mayor McKinney - Yes Councilman Thomas - Yes Councilman Panek - Yes Councilman Cameron - Yes Councilman Weber - Yes Agenda Item #5 - Discussion on Ordinance #2024-07 Providing for the Compensation of Elected and Statutory Officials and Board Members. The council discussed the proposed ordinance for compensating elected and statutory officials and board members. Various compensation figures, including potential increments and stipends, were discussed. Agenda Item #6 - Discussion on water conveyance transfer requirements. There was a discussion on water conveyance transfer requirements for the light industrial area. Different opinions and approaches were considered about managing and allocating water shares for future development. A potential development agreement was examined, with thoughts on safeguarding the town’s water provisions. Agenda Item #7 - Discussion on the public hearing dates for the school district split. Public hearing dates for the school district split were set, with the first hearing scheduled for June 12th and the second for June 26th and July 11th for resolution calculations It was emphasized that the hearing had to be done within the regulatory 45-day period. Agenda Item #8 -Update on Town Planner and Town Attorney. An update was given on seeking a new Town Planner and Town Attorney. Discussions covered their roles and deliverables expected in the coming weeks, including an annexation policy and changes to internal procedures. Agenda Item #9 - Discussion on the Joint Session on May 29th at Lehi City Hall. The council discussed the upcoming joint session scheduled for May 29th at Lehi City Hall. The purpose of the meeting will be to discuss transportation issues and showcase Fairfield's concerns. Attendance from at least one council member was deemed necessary. 4 of 5  Approved Meeting Minutes Fairfield Town Council Joint Work Session with other Municipalities/Special Meeting May 21, 2024 Agenda Item # - Adjourn The Town Council Special Meeting. Councilman Thomas moved to adjourn the meeting, which Councilman Panek seconded. The motion passed unanimously. The meeting adjourned at 8:15 p.m. June 12, 2024 Stephanie Shelley Minutes Approval Date Stephanie Shelley Town Recorder 5 of 5