Fiscal Committee Meeting

MINUTES Tuesday, July 3, 2018 Fiscal Committee 5:26 PM Carnegie Town Hall Sioux Falls City Council 235 West 10th Street Members Present: Greg Neitzert, Curt Soehl, Pat Starr Members Absent: Christine M. Erickson 1. Call To Order Committee Chair Pat Starr called the meeting to order at 5:26 p.m. 2. Approval of Minutes A. Meeting of Tuesday, February 13, 2018, at 4 p.m. A motion was made by Greg Neitzert and seconded by Curt Soehl to approve the minutes of Tuesday, February 13, 2018, at 4 p.m. Committee Chair Pat Starr called for a voice vote. All members present voted yes. Motion Passed. 3. Reports and Updates A. 2017 Sales & Use Tax Available Fund Balance by Erica Beck, Chief of Staff Presentation: Approximately 20 minutes followed by discussion Erica Beck, Chief of Staff, explained that this presentation stems from a previous Informational Meeting about the USD Discovery District where the administration noted it would bring forward a recommendation to fund a portion of the recently- announced District projects from the available Sales and Use Tax Fund balance. The recommendation includes: $800,000 for Construction of Infrastructure at the USD Discovery District; $100,000 for Minnesota Ave. improvements from 7th St. through 10th St (including Asphalt Overlay and ADA ramp repairs); $500,000 for tree removal equipment for Emerald Ash Borer response; and, $300,000 for Falls Park viewing platforms, accessible pathways, and code-compliant railing. Discussion followed about: the proposed work on Minnesota Ave.; ADA requirements; current structure of the road; timeline for bidding; the expected life of the proposed tree equipment; who would engineer the proposed Falls Park viewing area; impacts of the floodplain; and a timeline for contract approval. Beck  noted that important next steps include first and second readings as soon as possible. A discussion about projects not included in the proposal also took place as well as the impacts on the timeline for Falls Park if a third-party study is conducted. B. Revenue Sources and Budget Projections by Tom Huber, Assistant Director of Finance Presentation: Approximately 10 minutes followed by discussion Tom Huber, Assistant Director of Finance, discussed: 2018 total revenues and General Fund revenues; General Fund Tax Revenue; long-term sales tax revenue growth; year-over-year monthly sales tax growth; short-term sales tax revenue growth; and, property taxes. Discussion followed about: the recent Supreme Court ruling on sales and use taxes; impacts of inflation; projection adjustments; GDP growth; and, planning for City growth. 4. Open Discussion There was none. 5. Public Input There was none. 6. Adjournment Committee Chair Pat Starr adjourned the meeting at 6:36 p.m. Thomas M. Greco City Clerk