minfin 04-20-20 - Laserfiche WebLink

Home Browse Search

The committee reviewed population, demographic, and housing statistics, but noted that they may not give an accurate picture of current day Lakewood, as the statistics came from 2011-2015 data from HUD. Chairman Bullock made a motion, seconded by Councilmember Litten to recommend Resolution 2020-18 to the full Council for adoption. A roll call vote was taken as follows: Yeas —Bullock, Neff, Litten Nays —None The motion passed. Resolution 2020-18 was recommended to the full Council for adoption. Communication from Mayor George and Councilman Bullock regarding evaluating additional economic assistance to relieve the impacts of the coronavirus pandemic. (Referred to Finance 4/6/20) Review of month-end financial reports from March 31, 2020. Acting Director Rancatore reviewed the city's 2020 first quarter financial reports, which was largely unaffected by the COVID-19 crisis. Approximately 55% of the city's revenue is generated from income tax. January and February 2020 were outstanding for income tax collection. The city has received its portion of property tax from the county. Future property tax payments may be deferred. April revenues are expected to be way down from past years due to the crisis and subsequent statewide shutdown. Councilmember Litten inquired as to whether any of the city's expenses have decreased at all during the crisis. Director Rancatore indicated that there were no significant decreases, as the general fund budget is largely comprised of city personnel, which is a fixed cost. For example, Police and Fire personnel make up 55% of the city's budget. Director Rancatore noted the major savings that would come in this manner would largely result from layoffs or furloughs. Councilmember Rader asked whether the city has gone to bond yet on its capital projects and how the process has been impacted by the crisis. Director Rancatore indicated that the city had 6- 8 weeks ago,previous to his onboarding. Referencing Councilmember Litten's line of questioning, Chairman Bullock asked whether the question was whether if the city would layoff employees in the future or until it would layoff employees in the future. Director Rancatore indicated that the administration could find some salary savings outside of layoffs, such as not filling positions, limiting overtime, etc. Chairman Bullock expressed an ideal desire to not decrease any services during this crisis. Capital expenses are being examined and some have the potential to be deferred. Mayor George expressed that the Wagar Park renovation, Lakewood Park parking lot resurfacing, and other