Finance Comm Minutes 08-13-2019 - Laserfiche WebLink

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Finance Commission Minutes August 13, 2019 Page 8 of 9 Commissioner Sagisser thought if this were to go above inflation, he thought the question that should be able to be answered easily is what the residents are getting from the increase and nothing jumps out at him. Commissioner Harold noted the city will be getting four new Police Officers and three new Fire Fighters. Commissioner Sagisser explained for the general population that will not be as evident as if a new school building were the reason for the increase. Chair Hodder felt the five to six percent increase was reasonable given inflation. He suggested the Commission review the information in the packet and revisit this again at the September meeting. Identify Topics & Recommendations for the Joint City Council-Finance Commission Meeting Finance Director Chris Miller explained he identified six different areas where recommendations have been already generated by the Finance Commission or still in play waiting for the Commission to come up with a recommendation. He reviewed the six items with the Commission. Mr. Miller noted an item that the Commission discussed at the May meeting was an item Commissioner Murray brought up which was to look at alternative investment options that are now available to the city. The Commission did make a recommendation to the Council that the city should take a look at taking advantage of that and to look to partner with the State Board of Investment to enter into that opportunity or get involved in some other separate index fund which can take advantage of some of the gains the stock market has been producing over the last couple of years. Mr. Miller explainedthe City Manager has suggested the city break off $200,000 of the money that was suggested going to the Pavement Improvement program. It is now suggested instead of 390,000 going to that program that $190,000 go to the program and $200,000 of that would be o the General Operations Fund to help shoulder some of the tax levy burden. The directed t Finance Commission has not formulated any recommendations on the CIP funding strategies. Chair Hodder asked if there was a way to revise the scenarios the Finance Commission would utilize to reflect where the funds are currently. He knew when the Finance Commission talked about the Pavement Management program there was much more in there then what is in there now. Commissioner Harold indicated he could take the latest numbers from the CIP that Mr. Miller provided and update the scenarios for the Finance Commission.