HomeMy WebLinkAboutCFAC-Minutes: 10/25/18G��'OFrAkC' 7
CITIZEN'S FINANCIAL ADVISORY COMMITTEE
SPECIAL MEETING MINUTES
Thursday, October 25, 2018 at 8:00 a.m.
CITIZEN'S FINANCIAL ADVISORY COMMITTEE SPECIAL MEETING
CALL TO ORDER — Committee Chair Mickey Segal called the meeting to order at 8:01 a.m. in
the Council Chambers Conference Room.
ROLL CALL OF COMMITTEE MEMBERS
PRESENT: Jessica Louie, Robert Miller, Mickey Segal, Tommy Thai, Howard Ursettie
ABSENT: None
PUBLIC COMMENTS — None
2. CONSENT CALENDAR
a. Approve the Meeting Minutes of October 16, 2018
It was moved by Committee Member Miller, seconded by Committee Vice Chair Ursettie
and carried on roll call vote to approve the October 16, 2018, Meeting Minutes.
AYES: Committee Members Louie, Miller, Segal, Thai & Ursettie
NOES: None
ABSENT: None
3. REPORTS FROM STAFF LIAISONS
a. List of Handouts and Resource Materials
City Manager Lazzaretto provided an overview of the handouts and resource materials,
which included a 10 -year financial forecast model in addition to the following items:
Thoroughbred Sales Market Information
Keeneland Annual Sales Figures
Equine Sales & Use Tax Review
b. Report from City Manager and Staff Liaisons
City Manager Lazzaretto provided an update regarding the Committee's previous vote to
communicate their preliminary finding and recommendation to the City Council. The
Committee's preliminary finding and recommendation was to declare the City to be
under a state of fiscal emergency and to place a 114 cent sales tax measure on the ballot
as quickly as possible, but preferably no later than June 2019. City Manager Lazzaretto
stated that the preliminary finding and recommendation was reported to the City Council
at the Study Session on October 16, 2018, where the City Council by majority vote
adopted the Committee's recommendation. City Manager Lazzaretto thanked the
Committee members in attendance at the Study Session.
Mike Bruckner, Assistant to the City Manager, stated that the Paramedic Membership
Program has approximately 240 members that utilize the service.
4. REPORTS FROM CITIZEN'S FINANCIAL ADVISORY COMMITTEE MEMBERS
a. Report from Committee — None
5. DISCUSSION ITEMS
a. Presentation and Discussion Regarding the Long Range Financial Forecast and
Committee Recommendations
City Manager Lazzaretto explained that Committee members can put revenue and
expenditure scenarios into the 10 -year financial forecast model and see the impacts.
City Manager Lazzaretto proceeded to ask the Committee which financial scenarios they
would like to look at in further detail. The Committee reviewed the following revenue
enhancements and cost saving measures impact on the forecast:
• PERS Employee Contribution
• Unoccupied Home Registry Fees
• Overnight Parking Fees
• Increase Miles for Pool Vehicles
• Reduce Number of Pool Vehicles
• Improve Return on Investment
• Reduce Street Sweeping
• Transient Occupancy Tax (TOT)
• Property Transfer Tax
• Franchise Tax
After deliberating, the Committee decided to make two tiers of recommendations. The
first tier were items that the City Council should immediately consider. The second tier
items were additional revenue enhancements and service delivery changes should
additional resources be required. The first tier recommendations include the following:
• '/ Cent Sales Tax Measure
• Review User Fees/Fines and Penalties
• Review Current Investment Policy
• Classic Employee PERS Cost Share Rate Adjustment
• Overnight Parking Permit Fees
• Vacant Home Registry Fees
• City Pool Vehicles and Replacement Cycle Mileage
It was the consensus of the Committee to recommend the following second tier, future
recommendations:
• Transient Occupancy Tax (TOT)
• Property Transfer Tax
• Franchise Tax
• Adjust Street Sweeping Services
• Gilb Museum Fundraising Model
• Par 3 Golf Course Alternative Use
At the conclusion of the meeting, the Committee requested a draft report of their
recommendations to review at the next Committee meeting on November 7, 2018.
ADJOURNMENT
Chairperson Mickey Segal adjourned this meeting at 9:57 a.m.
Mickey Sega , Ch�persq,
By: /L
Laena Shakarian, Staff Liaison