Finance Commission

1/11/2022 - Minutes I. Call to Order Members Present: Ashley Lucht, Moe Matte, Jean Szilva Matt Francis Jason Burds Dillon Lovell City Staff Present: Wendy Harison, Angela Aldieri, Kristine Lott Call to Order by: JS Meeting Start Time: 5:32 PM Minutes Recorded by: MF II. Public Comment None III. Approve Previous Meeting Minutes Approved IV. Council Update KL: Going through the budget. Candidate search for City manager is underway. V. Update: ARPA Funding AA: There will be upcoming process and surveys. There is a change to the formula that offers a flat $10 million. There is wider latitude to use funds than previously anticipated. Staff will be recommending use of funds to council soon, including business grants, testing kits. KL: Next week’s council meeting is to determine 10% of funds for immediate use. Rule changes have made things flexible, so potential to use funds for more structural / longer term issues. June is usually strategic planning, where council will also begin to discuss ARPA. AA: $2 million from ARPA. AL: Concerned about short timeline of ARPA. There isn’t much in the way of recouping costs, city is in the black. Funds will be used for new, one-time projects or programs that will not be recurring. VI. Discussion: FY23 Public Budget Presentations AA / KL: Review Budget presentation. Wants commission to provide feedback. AL: Include bullet point explaining why grand list growth seems low. Add context for some of the larger developments WH: Include the top 10 payers - who contribute around 50% of taxes.  AL: Include bullet point explaining why grand list growth seems low. Add context for some of the larger developments WH: Include the top 10 payers - who contribute around 50% of taxes. MM: Highlight 2 things: 1) Gen fund is going up 6%, but change in tax rate is only going up 3%. 2) This is only the city side of things, not the school. KL/AA: Include map from Public Works that outlines the multi-year plan for street improvements. AL: Stylistically, slides are busy. AL: Establish a planned increase in water once we are caught up. MM: Agrees that Local Option Tax should be broken out in pie chart AL: Include slide on Reappraisal. Per AA, Appraisal underway for FY ‘25. JS: Include context on how appraisal works and how it will affect taxes AA: Update the tax rate comparison slide to current data JS: Have a simple version of presentation, with links to more detail. AA will try to come up with 1- page fact sheet. City council will be voting to authorize a bond for fire truck ladder replacement. Update final slides AL: Concerned about comparison slide to other communities, because of the vast differences in services between them. JS: Important to explain to people the full picture of how development helps keep taxes low. MM: Wants to know purpose of last meeting discussing economic vitality and business loan program. AA: Staff used our feedback to review economic vitality to inform business loan program. VII. Adjourn Motion by: MM Second: AL Meeting End Time: 6:43 PM