minfin 11-16-20 - Laserfiche WebLink

Home Browse Search

MINUTES OF THE FINANCE COMMITTEE November 16, 2020 Online Broadcast Meeting Present: Councilmembers Bullock, Litten, &Neff Also Present: Councilmembers O'Malley, Rader, & Shachner, Mayor George, Finance Director Rancatore, Director Corrigan, Director Dillinger, Chief Dunphy, Director Ducu, Director Leininger, Jessica Eddy of the Finance Department, a couple members of the public, Clerk Bach, & Deputy Clerk Lascu taking minutes Start time: 6:30 p.m. AGENDA Approval of the minutes of the October 26, 2020 meeting of the Finance Committee. Chairman Bullock made a motion, seconded by Councilmember Neff to approve the minutes. A roll call vote was taken as follows: Yeas - Bullock, Litten, Neff Nays - None Motion passed. The minutes were approved. Overview of the FY 2021 Comprehensive Budget Document Chairman Bullock opened discussion on the budget. Mayor George gave an introduction, explaining the administration's focus on presenting a balanced budget while creating innovative public policy. Budget 101 Director Rancatore gave an overview of key points of the budget document. He noted that the administration met with the city's bond counsel and underwriter several times to ensure that the city's bonds remain attractive to that sector of the investment community. The budget accounts for 410 full time positions. Its projected revenues include all traditional items that are typically funded. The budget stabilization fund is funded to its statutory limit of$2.2 million,which should get the city through 78 days of a downturn. 78% of the budget's costs are personnel. Director Rancatore reviewed the budget's major revenue sources. One of the major sources is Lakewood residents who are currently working outside of Lakewood. Property tax evaluations will go up and revenue will rise correspondingly, however the city must take into account the ability of homeowners to pay. Director Rancatore noted that the city must