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more detail about the income tax breakdown, and how the changes due to COVID have benefited the City’s income tax revenue base. He said we have seen phenomenal growth beginning in 2020 due to more people working from home, and if that trend continues Lakewood will continue to be in great shape. In response to a question from Councilmember Bullock, Director Rancatore confirmed that part of the increase could be due to rising salaries in response to rising living costs. Director Rancatore then went onto speak in more detail about property taxes and explained that there will be a reassessment at the end of 2024 which will result in a change to property taxes for 2025. He said that property tax revenue will rise and fall as the assessed values rise and fall, and the City’s strategy has been to charge the full tax rate and ride out any adjustments. Councilmember Shachner asked if there was a mechanism in which some sort of levy could be put on the ballot and if passed, revenues would be directed to a fund specific to that initiative, such as a circulatortransportation system. Director Rancatore replied that would be possible as long as the proposed initiative was only serving the City of Lakewood, otherwise we would need the buy-in, and approval of any other municipalities served. Director Rancatore closed out his presentation by reviewing the general fund revenues balance and reserves. A discussion followed between Director Rancatore and Councilmember Bullock about the unencumbered funds balance and days of reserve. In response to a question from Councilmember Bullock, Director Rancatore explained that the City currently has a fund balance in the hospitalization account in excess of $4 million dollars as well as a reserve fund of $1 million dollars for extra incurred hospitalization expenses. He said that he thinks we are in a good place for unplanned hospitalization expenses at the moment, but it is an issue that is always on the radar, especially with rising inflation. Chairman Shachner stated that we only have five minutes left in the meeting and he will grant a continuance for the Law Department to present on Monday, November 27 at 5:45 pm. In response to a question from Councilmember Bullock, Mayor George stated that the City wants to be very cautious about how it adds head count. She said that with the enhanced returns of income tax,the city has been able to increase head countstrategically. She also explained that the additional police positions are ARPA funded so they will need to have a discussion when those funds are up if they will maintain those positions or not. She said they have added positions in water and sewer to bemore proactive in maintaining the water system, which are funded by the water and sewer funds and will be further discussed as part of Ordinance 35-2023 Water and Sewer Rates. She also explained the rationale behind the positions added to the General Fund. *** Public Comment: Ralph Piunno, 12223 Madison Ave –Mr. Piunno stated that he wanted to talk about the Madison Parking lot, which was initially approved in 2019 by the previous administration and has been delayed every year since. He reminded Council that his wife spoke about the parking lot at the 6