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Finance Committee Minutes 24-09-16FINANCE COMMITTEE MEETING MONDAY, SEPTEMBER 16, 2024 HYBRID MEETING; IN-PERSON AND ON TEAMS Finance Committee Meeting, September 16, 2024 1 | 2 1. ROLL CALL Present in Person: Committee members Clark Rogers, Craig Ferraro (arrived a few minutes late), John Widerman (arrived a few minutes late), Lisa Post, Markian Fedeschuk and Steve Coyer and Councilor Tamra Underwood. Absent: Councilor Rich Carroll Staff: Town Manager Eric Heil (arrived a few minutes late), Deputy Town Manager Patty McKenny, Chief Financial Officer Paul Redmond, Financial Analyst Chase Simmons, and Chief Administrative Officer Ineke de Jong, as Secretary. The meeting was called to order at 12:00 p.m. 2. APPROVAL OF MAY 20TH, 2024 MINUTES The minutes did not get approved at the last meeting as there was no quorum for that meeting. Committee member Lisa Post moved to approve the minutes. Committee member Steve Coyer seconded that motion and it passed 4 to 0. 3. APPROVAL OF JULY 15TH, 2024 MINUTES Committee member Lisa Post moved to approve the minutes. Committee member Clark Rogers seconded that motion and it passed 4 to 0. Craig Ferraro joined the meeting at 12:02 p.m. John Widerman joined the meeting at 12:03 p.m. Town Manager Eric Heil joined the meeting at 12:10 p.m. 4. PUBLIC COMMENT There was no public comment. 5. RESOLUTION 24-01 SUPPORTING TOWN OF AVON BALLOT ISSUE 2C - USE TAX ON CONSTRUCTION MATERIALS TO FUND COMMUNITY HOUSING (CFO PAUL REDMOND) Chief Financial Officer Paul Redmond introduced Resolution 24-01 and was present to answer any questions. Committee member John Widerman volunteered to be chairman of the committee. Councilor Underwood moved to appoint John Widerman as Chairman, committee member Steve Coyer seconded that motion. and it passed 6 to 0. Committee chair John Widerman then moved to approve Resolution 24-01 Supporting Town of Avon Ballot Issue 2C - Use Tax on Construction Materials to Fund Community Housing. Committee Member Clark Rogers seconded that motion, and it passed 6 to 0. 6. GENERAL UPDATE ON 2024 FINANCIALS (CFO PAUL REDMOND) Chief Financial Officer Paul Redmond delivered his presentation on the financial results through June 2024. Lodging numbers have dropped and overall revenues are down about 2% through June. As this was a work session, no action was taken. 7. GENERAL UPDATE ON 2025 PROPOSED BUDGET AND REVENUE PROJECTIONS (CFO PAUL REDMOND) Chief Financial Officer Paul Redmond delivered a presentation with revenue projections for 2025, FINANCE COMMITTEE MEETING MONDAY, SEPTEMBER 16, 2024 HYBRID MEETING; IN-PERSON AND ON TEAMS Finance Committee Meeting, September 16, 2024 2 | 2 flat to the adopted 2024’s budget. A summary of the feedback from the committee includes: • Employee compensation is very important for retention. • Does the Town offer inflation /Cost of Living increases • Has staff considered moving away from calendar year budgeting and moving to a July 1 to June 30th budget year? • The Cost of Living surveys in our region seem a bit inaccurate at times and downplay the actual cost of housing in Eagle County. • How are the Town’s reserves looking, a $13Mln balance is very healthy. As this was a work session, no action was taken. 8. DISCUSSION: COMMITTEE EXPIRATION AND DESIRE TO E XTEND (TOWN MANAGER ERIC HEIL) The committee is set to expire on December 31, 2024. At the beginning of the year, staff heard great interest & enthusiasm from the committee members to continue to serve on the committee. Later this year, staff could make a recommendation to Council to pass a resolution to make this a permanent committee so it does not expire every 2 years. Staff sees value of the committee looking at budgets, revenues, info on the Village at Avon and possibly the financial implications of the extension of vested rights in the Village at Avon. The committee members expressed it would be great to continue and for staff to bounce ideas of the committee before it goes to Council. The committee recommended going to Council to consider committee permanency. Committee member Markian Fedeschuk left the meeting at 1:00 p.m. 9. NEXT COMMITTEE MEETING DATE All members agreed to skip the November meeting (due to a conflict with PZC) & reconvene on Monday January 13, 2025 at 12:00 p.m. The agenda will include review of the RFP for the 2025 fiscal peer community comparison study and a few other items. Staff said there would be a committee appreciation dinner for all Avon boards, committees & the planning & zoning commission on Tuesday December 17. The committee asked Paul to send out the draft 2025 budget when it gets published to see if they have any comments or feedback. 10. ADJOURNMENT Committee Chair John Widerman moved to adjourn the meeting. Committee member Craig Ferraro seconded that motion and the meeting adjourned, the time was 1:05 p.m. Respectfully Submitted by: Ineke de Jong, Chief Administrative Officer. These minutes are action minutes and only a summary of the proceedings of the meeting. They are not intended to be comprehensive or to include each statement, person speaking or to portray with complete accuracy. The most accurate records of the meeting are the audio of the meeting, which is housed in the Town Clerk' s office.