Finance Commission

9/13/2022 - Minutes I. Call to Order Members Present: Matt Francis Ashley Lucht Maurice Matte Dillon Lovell City Staff Present: Angela Aldieri Kristine Lott Call to Order by: AL Meeting Start Time: 5:32 PM Minutes Recorded by: Matt Francis II. Public Comment No public comment was made. III. Approve Previous Meeting Minutes Decision: Approved Motion by: Maurice Matte Second: Matt Francis IV. Council Update Kristine: New position - Housing Initiatives Director - replaces Community Economic Development role. Chairs of commission met to un-silo the work of commissions AL: Did council discuss ARPA fund grants? KL: Council did not approve funds going to businesses not in business pre-pandemic V. Discussion: TIF Funding Allocation Priorities Discussed TIF model spreadsheet tool created by Angela / city staff. Purpose is to have a high- level discussion about what to fund with TIF. By turning off / on different costs, we can determine the annual tax impact. If saying ‘yes’ to everything, it would be a 9% increase. Do we want the tax rate in 2025 to match regular budget growth (2-5%) or should it remain stable? Housing Trust Fund Support is revolving, probably doesn’t need to be funded by TIF money There will be unexpected costs, like St Mikes asking for money for Emergency Services, so rate should be kept low. ESSER uses city funds to pay staff for summer programs  There will be unexpected costs, like St Mikes asking for money for Emergency Services, so rate should be kept low. ESSER uses city funds to pay staff for summer programs KL: TIF was passed in order to keep taxes low to develop downtown. MF: We should keep the tax increase in line or lower than usual, and prioritize downtown infrastructure spending. Community services important, but would need to be evaluated closely. Process will be for council to add to the budget and approve through the normal process by the voters. Commission recommends maintaining all current funds, Main st Debt, Equity Director, SRO, Landscape Maint, Tre maint, Line striping, Town mtg TV, WVP District, Regional dispatch, Downtown Capital contribution, Fully fund pavement maintenance, Additional Sidewalk Maintenance, Bridge Replacement Equity director positioned not currently filled. Commission discussed sticking to a percentage increase number. May not be appropriate due to high inflation and costs and various unknowns in the future. We could make a recommendation to keep increase between 3-4%, or at pace with COLA. MM thinks we could make a recommendation to keep the numbers around 4%. VI. Adjourn Motion by: MRF Second: MM Meeting End Time: 6:33 PM