Finance Committee

200 South Hamilton Road City of Gahanna Gahanna, Ohio 43230 Meeting Minutes Finance Committee Michael Schnetzer, Chair Karen J. Angelou Brian D. Larick Jamie Leeseberg Nancy R. McGregor Brian Metzbower Stephen A. Renner Kimberly Banning, Clerk of Council Monday, November 13, 2017 Council Committee Room Immediately Following Committee of the Whole CALL TO ORDER Chair Schnetzer called the meeting to order at 8:17 p.m. Present 7 - Michael Schnetzer, Stephen A. Renner, Nancy R. McGregor, Karen J. Angelou, Brian D. Larick, Brian Metzbower, and Jamie Leeseberg UPDATE FROM THE DIRECTOR OF FINANCE 2017-0240 Q3 REPORT TO COUNCIL Bury reviewed the Q3 report; one revenue down due to journal entry; should smooth out; ticket revenue down; general fund we are at 60% planned; lower than you expect for the third quarter; we are 4% increase mainly due to salaries and benefits which we planned for; fund balance decreased; page 4 of the report, did research to look at what occurred to income tax; in 2015 there was a large lottery winner that sold their business; small decrease of $2,000; focused on top 3 withholders; they increased; could be a number of economic variables; talked with our investment advisor; nationwide wages are bumping up; we are increasing in non-employment; too early to see what is causing the variables; looking at tight funding going into 2018; Larick asked where we see end of year; Bury said will use $1.1 million in fund balance; will be 1% below projection; have $1 million in surplus; Larick said expenditures were down last year; Bury said will be less in revenue than planned; ended 80% planned last year and heading in that same direction; bringing less revenue, spending less, but not enough to land where we had in previous years; said can look at expenditures encumbered; page 2, this is before asking departments to close encumbered items; Larick City of Gahanna Page 1 Finance Committee Meeting Minutes November 13, 2017 asked if there is a better way to handle this and look at these numbers; Bury said bringing our projection down based on looking at expenditures in the past; Schnetzer asked about the top 3 withholders; are those all businesses; Bury said all businesses; Schnetzer said bond proceeds, have those all been expended; Bury said should be by the end of this year; we are close. *2018 Budget Books provided to City Council ADJOURNMENT 8:29 p.m. City of Gahanna Page 2