Informational Meeting

MINUTES Informational Meeting Tuesday, April 26, 2022 at 4:00 PM Carnegie Town Hall, 235 West 10th St., Sioux Falls, SD 57104 1. Call To Order Council Members Present: Janet Brekke, Alex Jensen (Via telecom), Greg Neitzert, Marshall Selberg (Via telecom), Curt Soehl, Pat Starr Council Members Absent: Christine M. Erickson, Rick Kiley Council Chair Curt Soehl called the meeting to order at 4 p.m. 3. Councilor Remarks There were none. 4. Presentations A. March 2022 Financial Statements by Shawn Pritchett, Director of Finance Presentation: Approximately 10 minutes followed by discussion Pritchett began his presentation by stating that Labor Force & Employment is up compared to this time last year. Unemployment was at 2. 7%,while the State is doing well overall compared to the national average of 4.1%. Inflation continues to be elevated at 8.5%, which is the highest its been since 1981. Energy continues to lead inflationary tendencies; food remains elevated; and all other goods, minus energy and food, are up as well. Building Permits YTD Building Valuations continue to be outstanding and are exceeding last year’s valuations at this time. He attributed the jump to significant downtown development as well as new Harrisburg Schools construction. New commercial and multi-family are the driving factors for the building permits. Sioux Falls YTD Residential Permits (Units) show 183 for single family, which is down slightly from last year; and multi-family was 934, which was up almost 500 from last year. Sales Tax Collections w/out Audits, which continue to be strong at 17.2%, are up nearly 15% from 2021 and the rolling rate is at 21.9%. Entertainment Tax Collections w/out Audits are at 22.1%, with a rolling rate of 36.2%. Industry Taxable Sales Data is up across the board, although business services took a dip. Lodging Tax Receipts were at 34.0%, with a rolling rate of 83.9%. Lodging BID Tax Receipts were at 5%, with a rolling rate of 47.6%. General Fund - Revenues YTD are consistent and 19% of the funds have been collected, compared to 17% in 2021. General Fund - Expenditures YTD have 22% of the funds expended. Pritchett also  spoke extensively about a recently-added section in the monthly Finance report which now includes reports related to CARES Act and ARPA funding. Discussion followed about: bonds ratings; debt financing; residential versus multi- family construction; payment for the parking ramp settlement and attorney's fees; remote sales data; construction supply shortages; and, skilled labor shortages. 5. Public Comment Scott Ehrisman spoke about the timing of the year end financial report with respect to fiscal decisions made prior to its release. 6. Adjournment Council Chair Curt Soehl adjourned the meeting at 4:43 p.m. Thomas M. Greco, City Clerk