Finance and Budget Committee

The City of Lee's Summit Action Letter Finance and Budget Committee Monday, June 3, 2024 4:00 PM City Council Chambers and Via Video Conference 220 SE Green Street Lee's Summit, MO 64063 Notice is hereby given that the Finance and Budget Committee for the City of Lee’s Summit will meet on Monday, June 3, 2024 at 4:00 pm via video conference as provided by Section 2-50 of the City of Lee’s Summit Code of Ordinances, adopted by the City Council on June 15, 2021, Ordinance No. 9172. Persons wishing to comment on any item of business on the agenda via video conference may do so by sending a request prior to 12:00 p.m. (noon) on Monday, June 3, 2024, to the City Clerk at clerk@cityofls.net to attend the meeting on the video conferencing platform. The City Clerk will provide instructions regarding how to attend by this method. The meeting may be viewed on the City’s website at WatchLS.net, and on various cable providers (Spectrum Channel 2, AT&T U-Verse Channel 99 and Comcast Channel 7). 1. Call to Order Chairperson Shields called the June 3, 2024 Finance and Budget Committee meeting to order at 4:01 p.m. 2. Roll Call Present: 3 - Chairperson Hillary Shields Vice Chair Beto Lopez Councilmember Trish Carlyle Absent: 1 - Councilmember Fred DeMoro 3. Approval of Agenda A motion was made by Vice Chair Lopez, seconded by Councilmember Carlyle, to approve the Agenda as published. The motion carried by the following vote: Aye: 3 - Chairperson Shields Vice Chair Lopez Councilmember Carlyle Absent: 1 - Councilmember DeMoro The City of Lee's Summit Page 1 Printed on 7/15/2024  Finance and Budget Committee Action Letter June 3, 2024 4. Public Comments Mr. Bob Johnson, DMO (Destination Marketing Organization) member, gave a brief description of the organization, how it was formed and what their goals are. He stated they expect to request funding soon. Mr. Donnie Rogers, DLSMS (Downtown Lee's Summit Main Street) Assistant Director and DMO Board Member, spoke regarding the need for tourism in Lee's Summit. Chairperson Shields stated she invited members of the EDC (Economic Development Council) to attend tonight's meeting and have dialog with the committee but no members were in attendance. 5. Business A. 2024-6297 Approval of the May 6, 2024 Finance and Budget Committee Action Letter. A motion was made by Vice Chair Lopez, seconded by Councilmember Carlyle, to approve the Action Letter dated May 6, 2024 . The motion carried by the following vote: Aye: 3 - Chairperson Shields Vice Chair Lopez Councilmember Carlyle Absent: 1 - Councilmember DeMoro B. 2024-6245 Presentation: Business and Industry Fund FY25 projected revenues and fund balance. Committee discussions included: -Are funds coming in from VRBO or Airbnb -What happened between 2023 and 2024 -Estimate of how much the new hotels at Discovery Park will bring in -Budget amendments for PSA (Public Service Agreements) -Other revenue sources for PSA This Presentation was received and filed. C. 2024-6246 Discussion: Funding Request related to upcoming renewal of a Public Services Agreement (PSA) between the City of Lee's Summit and Downtown Lee's Summit Main Street Committee discussions included: -Thank you for the transparency, the added detail in the funding request and the wonderful work the organization does -Additional staff and what expansions could be done with the added staff There was a consensus of the committee to direct staff to negotiate this PSA based on the 3-year proposal. The City of Lee's Summit Page 2 Printed on 7/15/2024  Finance and Budget Committee Action Letter June 3, 2024 D. 2024-6239 Presentation: All Department and Fund Budgets and follow up discussion on General Fund and Public Safety Sales Tax FY25 Budget and Expansions. Committee discussions included: -Transfers to ERP Funds (Equipment Replacement Programs) -Downtown Market Plaza fund -Sales tax reporting, Use Tax, etc. -Budget vs. Actuals for all funds -Bad debt This Presentation was received and filed. E. BILL NO. An Ordinance approving Amendment No. 13 to the budget for the Fiscal Year 24-106 ending June 30, 2024, as adopted by Ordinances 9704, 9705, 9706, 9707, and 9708, by amending the authorized expenditures for the City. (F&BC 6/3/24) A motion was made by Vice Chair Lopez, seconded by Councilmember Carlyle, that TMP-3004 be recommended for approval to the City Council. The motion carried by the following vote: Aye: 3 - Chairperson Shields Vice Chair Lopez Councilmember Carlyle Absent: 1 - Councilmember DeMoro F. BILL NO. An Ordinance approving Amendment No. 14 to the budget for the Fiscal Year 24-107 ending June 30, 2024, as adopted by Ordinances 9704, 9705, 9706, 9707, and 9708, by amending the authorized expenditures for the City. (F&BC 6/3/24) A motion was made by Councilmember Carlyle, seconded by Vice Chair Lopez, that TMP-3006 be recommended for approval to the City Council. The motion carried by the following vote: Aye: 3 - Chairperson Shields Vice Chair Lopez Councilmember Carlyle Absent: 1 - Councilmember DeMoro 6. Roundtable Councilmember Carlyle asked to have further discussions about the fund balance floor. She would like the floor to be at an amount that would keep the Triple A Bond rating. Chair Shields asked City Manager Dunning for an update on the list of items proposed to use the unallocated fund balance. 7. Adjournment Seeing no further business, Chairperson Shields adjourned the June 3, 2024 Finance and Budget Committee meeting at 5:45 p.m. For your convenience, City Council agendas, as well as videos of City Council and Council Committee meetings, may be viewed on the City’s Legislative Information Center website at "lsmo.legistar.com" The City of Lee's Summit Page 3 Printed on 7/15/2024