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Finance Commission Minutes <br />May 9, 2017 – Draft Minutes <br />Page 3 of 8 <br /> <br />Finance Director Miller stated the interest earnings in the funding source section is the interest 91 <br />the City earns on its investment portfolios. This includes the actual interest earnings and market-92 <br />to-market adjustments. 93 <br /> 94 <br />Commissioner Murray asked what the $4.5 million in 2015 for prior year adjustment was for. 95 <br /> 96 <br />Finance Director Miller stated this was for a change in the City’s fixed assets. He stated he 97 <br />would follow-up with this for Commissioner Murray. 98 <br /> 99 <br />Commissioner McRoberts asked why there was a spike in 2014 for Debt Services. 100 <br /> 101 <br />Finance Director Miller stated this was due to a refunding in 2014. 102 <br /> 103 <br />Commissioner McRoberts stated he was surprised to see property taxes had gone up 35% over 4-104 <br />years. He asked what was driving the increase in the licenses and permits. 105 <br /> 106 <br />Finance Director Miller stated other services beyond drivers’ licenses such as building permits. 107 <br />The City has seen an increase in commercial development and redevelopment and housing. 108 <br /> 109 <br />Chair Schroeder asked how long the City’s reinvestment period was expected to last. 110 <br /> 111 <br />Finance Director Miller stated the 20-year CIP does provide some insight into this and it is 112 <br />proposed to be $188 million over the next 20-years. 113 <br /> 114 <br />Finance Director Miller stated the Golf Course is included in the Enterprise Fund at this time. 115 <br />Once it needs and gets property tax levy support the City will have to decide if they would 116 <br />continue operating it as a business in the Enterprise Fund. He stated even if the City builds a 117 <br />new clubhouse and maintenance building for the Golf Course it would require a property tax 118 <br />levy to support it. 119 <br /> 120 <br />Chair Schroeder stated the Finance Commission has supported keeping the Golf Course as an 121 <br />Enterprise Fund to make it easier to track. 122 <br /> 123 <br />Commissioner McRoberts asked if the property taxes reported in Governmental Funds was the 124 <br />same as the property taxes reported in the General Fund. 125 <br /> 126 <br />Finance Director Miller stated the property taxes reported in Governmental Funds includes all of 127 <br />the property taxes collected and the property taxes reported in the General Fund is the portion of 128 <br />the total this particular fund receives. The City Council makes the determination on how much 129 <br />goes into each fund. 130 <br /> 131 <br />Chair Schroeder clarified the Parks and Recreation Fund included the Skating Center but the CIP 132 <br />requirements for the Oval and Skating Center were in the General Fund. She asked why these 133 <br />were not included in the CIP for the Parks and Recreation. 134 <br /> 135 <br />Item 3: Attachment A