Loading...
HomeMy WebLinkAbout03-16-21 Finance Com MinutesDUBLIN CITY COUNCIL FINANCE COMMITTEE Tuesday, March 16, 2021 Virtual Platform Minutes Ms. Alutto called the meeting to order at 4:01 p.m. Committee members Dresent: Mr. Peterson, Mr. Keeler and Ms. Alutt* 4ff members present: Mr. Stiffler, Ms. Ocheltree, Ms. O'Callaghan Also present: Rick Schwieterman, Chairman; Lynn Readey, Treasurer and Allison Srail, Board Member of the Bridge Park New Community Authority APPROVAL QF MINUTE Ms. Alutto moved to approve the Finance Committee minutes of February 17, 2021, Mr. Keeler seconded. Vote on the motion: Ms. Alutto, yes; Mr. Keeler, yes; Mr. Peterson, yes, DISCUSSION ITEMS Mr. Stiffler gave a brief introduction of the items before the Committee. Bridge Park New Community Authority Mr. Stiffler introduced the members of the Bridge Park New Community Authority (BPNCA) that were present at the meeting. He provided an overview of the BPNCA, as follows: Statutory Purpose: To encourage the orderly development of a well-planned, diversified and economically sound new community. A new community can include facilities for the conduct of industrial, commercial, residential, cultural, educational and recreational activities. A New Community Authority: A separate public body governed by a board of trustees that may oversee the development of public infrastructure improvements and community facilities. Board of Trustees: o Seven to thirteen members • City Council appoints three (but not more than six) citizen members plus one local government representative. • The developer appoints a number of members equal to the number of citizen members. • Current City -appointed members are: • Rick Schwieterman, Chair • Lynn Readey, Treasurer Sherri Tackett • A.C. Strip (as local government representative) • Current Developer -appointed members are: • Matt Starr, Vice -Chair, • Alison Srail, and • Jeff Roberts. 1 - mgmwm m - March 16, 2021 Page 2 of 6 W -V March 16, 2021 Page 3 of 6 Review of 2021 First Quarter Revenues Ms. Ocheltree gave the following update: • Income Tax — receipts totaled $15,307,448 which is an increase over the same time in 2020 of 4.5%. General Fund — 75% of the income tax receipts hit the general fund, the other 25% goes to Capital, Currently, this fund shows an increase of 1.69% over this time last year. Ms. Ocheltree described how the pandemic has affected some of these revenue categories. Ms. Alutto stated that watching the 20 -day rule as it unfolds will be important. Recreation — In January, there were led services offered due to the pandern February showed an improvement. Targets are expected to be met. I Hotel/Motel Fund — A general fund transfer is anticipated this year. Ms. Ocheltree illustrated comparisons month -over -month for each year. Mr. Keeler asked about why the 2021 projec-tion look less optimistic. Mr. Stiffier stated that there are several factors that go into that projection, The first is that 2020 was essentially one good quarter and three bad quarters whereas 2021 will be 4 bad quarters. Secondly, the City is fully supporting or subsidizing Dublin Arts Council and Vi Dublin. Another reason is that the City is assuming a normal Irish Festival, which ends up being revenue neutral, but it may not be normal which would reflect more of a deficit, Committee members agreed that it is good to be conservative, Ms. Alutto stated that it will be important to March 16, 2021 Page 4 of 6 report more on this fund than others this year. Mr. Stiffler stated that he is encouraged by the month-to-month outlook due to the 60% budget during the COVID spike and holiday travel. This is what we budgeted for, and continues to • in • favor, Mr. Peterson stated he is encouraged. Every community is going through the same issues and h4 ippredates Finance staff tracking these funds to this detail, Review of Dublin Arts Coun il 2021 Subsidv Mr. Stiffier stated that the City provided $304,000 in direct payments from the Hotel/Motel Fund and $56,000 in rent forgiveness to the Dublin Arts Council (DAC) in 2020 for operating expenditures. The Dublin Arts Council had a budget in 2020 of $802,500, which is 25% of the Actual Hotel Motel Tax Revenues. The 2020 actuals they received were $296,826, so with the City's assistance, they were able to get closer to their budget, In 2021, the City estimated a dedine of 60% in Hotel/Motel Tax, so the City budgeted $360,000 to be disbursed to DAC. The year-to-clate actuals are $65,202, which includes $15,500 in Art in Public Places refunds and rent forgiveness. In response to Mr. Keeler's question regarding the difference in budgets from 2020 ti, 2021, Mr. Stiffier stated that the $360,000 for 2021 corresponds to the 2020 actual of $296,826, Review of Visit Dublin Ohio 2021 Subsidv Mr. Stiffler reviewed the 2019 appropriations to Visit Dublin Ohio. The budget going into 2020 was r•• $1.2 million. The 2020 actual was just $583,397 in Hotel/Motel taxes. This amount does not include the $300,000 subsidy provided by the City as part of the Dublin Restart Plan. Mr. Stiffler explained that for 2021, due to the unknown nature of the Hstel tax and seasonal nature of the revenue, the City provided a six month subsidy which a planned reevaluation in May. The budget was $480,000 which assumed an estimated 60% decline. Year-to-clate, they have been paid $231,751. Mr. Stiffler stated that the Visit Dublin Ohio subsidy will be reviewed at the May Finance Committee Meeting. Review of 2021 Hotel Motel Bed Ta2� GLants Mr. Stiffler shared that even in a tough year in 2020, the City still spent approximately $110,000 of the $200,000 budgeted for Hotel Motel Grants. In 2021, the Finance Committee recommended, and Council approved $185,442 in grant funding with an additional $14,558 remaining to approve. Year-to-date there have been no money expended, but here are no canceled events just yet. Mr. Stiffler asked the Committee • feedback regarding • to disburse the $14,558. Ms. Alutto stated that the grant applications that did not get awarded their full requested amount would be the applications reviewed in May. Mr. Keeler stated that he would like to have review of what was requested and already awarded. He would also like to • when this discussion takes place, what events were planned • did not occur which leaves money on the table. Ms. Alutto stated that the Committee discussed having that review on an on-going basis. She added that it is more meaningful when the applicants attend the meeting. Mr. Stiffier inquired as to whether or not an additional application would be needed. Ms. Alutto stated that she did not feel an additional application was necessary, She would like the applicants to talk about the gap between what was requested and awarded. Ms. Alutto asked that the topic of the future of this program and the amount budgeted be added to the agenda for a summer/fall future meeting for discussion. INWWW"i March 16, 2021 Page 5 of 6 Mr. Stiffler stated that he will be sending messages out to Committee members regarding the next two meetings. # March 16, 2021 Page 6 of • Clef f COU NL,-