►
From YouTube: June 9, 2021 Board of Estimate and Taxation
Description
Additional information at
https://lims.minneapolismn.gov
B
Good
afternoon
welcome
to
the
regular
meeting
of
the
board
of
estimate
taxation.
I
am
not
david
wheeler,
the
president
of
the
board
of
estimate.
I
am
carol
becker
vice
president
of
the
board
of
estimate
taxation
and
I'm
going
to
be
chairing
the
meeting
today.
B
As
we
begin,
I
will
note
for
the
record
that
this
meeting
has
remote
participation
by
members
as
authorizer
minnesota
statute,
section
13d021
due
to
the
declared
local
health
pandemic,
the
city
will
be
recording
and
posting
this
meeting
on
the
city's
website
and
youtube
channel
as
a
means
of
increasing
public
access
and
transparency.
Just
for
everybody
who
wants
to
check
out
the
board
of
estimate
meeting
is
public
subject
to
the
open
meeting
law
at
this
time.
I'll
ask
the
clerk
to
call
the
role,
so
we
maybe
may
verify
the
presence
of
a
quorum
clerk.
C
C
B
Let
the
record
reflect.
We
have
a
quorum,
we'll
now
proceed
to
our
agenda,
a
copy
which
was
posted
on
the
city's
legislative
information
management
system,
which
is
available
at
lims.minneapolismn.gov.
For
all
voting.
We
will
use
the
roll
call
procedure
so,
first
off
we
have
the
adoption
of
the
agenda.
B
C
B
A
D
A
D
B
D
A
C
C
B
C
A
D
C
B
B
D
B
Motion
passes
the
resolution
is
adopted.
Item
sixth
in
the
agenda
is
a
financial
update
for
the
department
of
finance
and
property
services.
The
presentation
will
be
given
by
lyle
hodges
I'll
invite
mr
hodges
to
give
that
presentation.
F
President
wheeler
vice
president
becker
members
of
the
board,
my
name
is
lyle,
hodges,
I'm
the
controller
from
finance
and
property
services.
I'm
here
to
present
the
fourth
quarter:
financial
status
of
select
city
funds.
The
numbers
presented
here
are
still
unaudited.
F
F
F
Overall
cash
and
investment
position
as
of
december
31
2020
is
approximately
994.1
million,
that
is
in
comparison
to
a
december
31
2019
balance
of
approximately
987.7
million.
F
We
met
balanced
reserve,
our
cash
balance
reserve
requirements
in
in
all,
but
two
major
funds.
Those
funds
were
the
sanitary
sewer
fund,
which
fell
short
due
to
delayed
bond
sales
and
related
capital
spending.
F
Of
course,
we
never
want
to
miss
our
cash
balance
targets,
but
in
this
case
both
of
these
situations
aren't
terribly
critical.
The
sanitary
sewer
fund
can
can
sell
some
more
bonds
this
year
to
replenish
their
capital
needs
and
then,
of
course,
depending
on
the
economic
recovery.
F
The
parking
fund
may
well
pick
up
as
well
this
year,
so
just
something
to
consider
next
slide,
please
looking
at
the
general
funds
specifically,
you
know
the
definition
here.
It's
used
to
account
for
all
financial
resources,
except
for
those
that
are
required
to
be
accounted
for
or
reported
in
another
fund.
F
Our
year-end
general
fund
balance
was
168.6
million.
That
was
a
40.5
million
dollar
increase
compared
to
the
2019
year-end
balance
we
did
meet
and
exceed
our
17
minimum
fund
balance
requirement,
as
defined
in
financial
policy.
F
F
The
budgetary
reductions
that
were
enacted
in
2020
helped
reduce
spending
significantly
and
got
us
to
meet
and
exceed
this
fund
balance
requirement.
F
The
original
adopted
budget
in
2020
included
10
million
dollars
of
planned
use
of
fund
balance,
as
we
got
into
the
year
and
obviously
things
rapidly
changed.
There
were
two
phases
of
budgetary
reductions
that
reduced
our
general
fund
expenditure
budget
by
39
million
dollars.
F
At
the
end
of
the
year,
general
fund
expenditures
were
actually
9.8
million
under
even
that
reduced
budget,
and
then
on
the
inflow
side,
we
did
reduce
a
transfer
in
from
the
downtown
assets
fund
by
22
million
dollars.
That
was,
of
course,
to
help
preserve
the
cash
in
the
downtown
assets
fund
and
then
again,
as
I
mentioned
before,
the
cares
act.
Funding
that
we
received
was
also
deposited
into
the
general
fund,
helping
offset
the
costs
that
we
incurred
general
fund
cash
balance
at
year.
End
2020
was
184.5
million.
F
That's
a
38.2
million
dollar
increase
as
compared
to
the
2019
year
on
cash
balance.
F
On
this
side,
we
show
a
lot
of
numbers
in
the
chart
at
the
top
there
specific
revenues
by
category
and
then
a
graphical
representation
down
below
you
know
a
lot
to
take
in
here
there's
a
couple
lines:
the
second
line
down
there,
local
taxes-
you
can
see
if
you
look
all
the
way
back
to
the
2017
column.
F
You
know
previously,
we
recorded
local
taxes
in
the
general
fund,
of
course,
beginning
in
2018
and
continuing
through
2020
those
taxes
go
to
the
downtown
assets
fund
and
then
we
transfer
those
in
that
transfer
in
is
on
the
second
line
from
the
bottom
and
there
you
can
see
between
2019
and
2020.
It
decreased
significantly
and
again,
that
was
to
preserve
the
cash
in
the
downtown
assets
fund.
F
So
a
couple
couple
bullet
point
details
on
the
2020
revenue.
We
did
end
the
year
slightly
behind
our
average
collections.
We
look
back
three
years
and
we
say
overall,
on
average,
we
collect
about
105.6
percent
of
our
budget.
2020
revenue
was
was
slightly
over
budget,
but
only
100.5
percent
of
that
budget.
F
The
largest
shortfalls
were
in
licenses
and
permits
franchise
fees
and
fines
and
forfeits.
You
know
as
you
as
you'd,
expect
those
decreases
or
shortfalls
were
in
those
categories
that
are
generally
more
dependent
upon
economic
activity.
F
Other
categories
like
state
aids,
property
taxes,
investment
income,
those
fared
much
better
and
then
again
we
did
recognize
that
32.3
million
dollars
of
federal
cares
funding
in
the
general
fund
in
2020.
next
slide.
A
F
F
F
Overall
expenditures
for
2020,
like
I
mentioned
before,
we
ended
at
9.8
million
less
than
that
final
budget,
taking
into
account
all
the
reductions
that
actually
means
that
we
ended
37.5
million
less
than
our
original
budget
again
those
spending
reduction
measures
and
the
budgetary
reductions
were
quite
effective
at
reducing
spending.
F
So
in
2020
we
spent
approximately
98.1
percent
of
the
reduced
budget.
Typically,
we
end
slightly
more
under
budget.
So
over
the
past
three
years
we
average
about
96.6
of
budgeted
expenditures,
so
a
little
bit
closer
to
budget
this
year,
but
again
with
all
the
reductions
and
everything
going
on.
That's
a
fairly
good
accomplishment.
F
F
Significant
special
revenue
funds
presented
in
this
report
include
the
convention
center
target
center.
Our
mpd
forfeiture
gambling
special
revenue
fund,
neighborhood,
community
relations,
reg
services,
grants
and
cpeds
special
revenue
funds.
Total
fund
balance
that
year
end
2020,
for
this
group
was
356.7
million.
That's
a
14
million
dollar
increase
again.
F
That
was
driven
by
increases
in
the
downtown
assets
and
cped
fund,
where
we
were
able
to
preserve
resources,
and
it
was
offset
somewhat
by
losses
at
the
convention
center,
where
of
course,
we
we
had
classes
once
the
conventions
were
shut
down.
F
Yeah,
so
this
is
where
collectively
you
know,
we
include
all
of
the
cped
special
revenue
funds,
which
are
funded
by
tif
dollars
and
a
lot
of
other
sources
of
revenue
that
were
less
impacted.
So,
while
we
did
experience
a
decrease,
of
course
in
the
sales
tax
overall,
this
group
of
funds
was
able
to
maintain
its
fund
balance
and
again.
This
includes
everything
from
our
federal
grant.
Funds
which
were
you
know,
continuously
funded
in
2020.
F
It
also
includes
things
like
our
retirement
funds,
which
again
those
are
funded
by
state
aids
and
things
like
that
that
weren't
weren't
lost
in
2020.
So
you
know
again
taking
the
group
as
a
whole
smooths
out
some
of
those
losses
that
we
did
see
in
the
sales
tax.
B
Okay
and
on
the
previous
slide,
where
you
were
showing
the
expenditures
by
department
it
looked
like,
there
was
an
increase
from
2019
to
2020
in
police
expenditures,
one
more
back
this,
yes,
so
police,
which
is
the
green,
appears
to
go
up
between
2019
and
2020..
Despite
the
fact,
my
understanding
is
we're
down
some
200
cops.
F
E
Maybe
you
can
help
us
get
more
of
this
information
which
we
have
been
requesting,
but
we
have
been
repeatedly
requesting
more
information
from
finance
and
mppt
about
that
transition.
E
Mpedia
did
say
that
they
expect
to
see
salary
savings
this
year
because
of
the
attrition,
but
they
are
still
they're
still
requesting.
They
also
that
department
gets
significant
overtime
which
they
usually
spend
and
then
come
back
and
ask
us
to
backfill,
which
our
other
departments
don't
do
just
to
be
clear.
So
it
is
why
we
ask
more
questions
about
how
it's
being
used.
You
know,
cpad
didn't
go,
spend
five
million
dollars
to
help
homeless
people
at
the
encampments
last
summer
and
then
come
back
and
ask
us
to
backfill
it
if
they
had.
E
Perhaps
we
wouldn't
have
had
the
crisis
in
our
parks
that
we
saw
so
I
do
think
that
this
you're
asking
good
questions.
We
have
also
been
asking
similar
questions.
I
know
some
of
it
might
not
be
that
it
may
not
just
be
at
people's
fingertips,
but
at
some
point
our
city
needs
to
understand
how
these
costs
are
being
broken
out
between
the
different
departments.
B
Yeah
we're
going
to
come
up
with
some
other
a
words
I
guess
so.
Thank
you
very
much.
I
very
much
appreciate
that.
If
you
do
get
any
information
along
those
lines,
the
board
staff
would
love
to
see
it
so
anyway,
continue
on
mr
hodges.
Thank
you
very
much.
F
Thank
you.
So
again,
you
know.
We
we've
made
efforts
to
reserve
cash
and
fund
balance
and
the
special
revenue
funds.
Where
we
could.
You
know
we,
we
refinanced
some
debt.
In
the
convention
center
fund,
there
was
a
26
million
payment
that
was
due
in
2020
that
was
refinanced
for
five
years,
helping
us
to
save
some
money
there
and
then
again
mentioning
the
the
decrease
in
the
transfer
out
of
the
downtown
assets
fund.
F
Again,
you
know,
as
you
pointed
out
and
and
has
been
brought
up,
we'll
be
monitoring
the
cash
and
fund
balances
in
these
funds
throughout
2021,
especially
to
to
make
sure
that
we're
we're
meeting
our
goals
there
and
then
just
a
final
note.
These
funds,
as
the
name
implies
and,
as
the
definition
says,
you
know,
they're
less
flexible,
because
the
revenue
is
for
a
specific
purpose.
We
don't
have
as
much
ability
to
repurpose
that
money
for
other
uses,
they're
fairly
restricted.
F
So
next
slide.
A
F
F
F
I
will
say
at
this
point
referencing
back
to
my
comment
about
these
numbers
being
unaudited
as
we
went
through
the
audit,
a
financial
position
can
change
and
it
most
drastically
changed
in
the
internal
service
funds
because
of
an
update
to
our
actual
actuarial
report
that
we
receive
for
the
self-insurance
fund,
which
increased
significantly
the
liability
that
we
booked
for
lawsuits
and
workers
comp
claims
in
that
self-insurance
fund,
and
so
when
you,
when
you
get
the
100
financial
statements
here
in
a
few
weeks,
if
you
look
at
the
the
fund
balance
for
these
funds
or
in
that
position
for
these
funds
collectively,
it
will
be
quite
a
bit
lower
than
this
total
cash.
B
Again,
to
just
ask
so
this
net
position
is,
is
basically
doesn't
have
the
I
mean
we
just
made
a
really
big
payout
in
in
in
2020,
and
yet
the
fund
balance
is
going
up
and
that's
a
that
was
a
cash
transaction.
That's
not
an
accrual.
B
F
Right
vice
president
becker,
a
good
question
there
too
and
again
here.
I
think
it's
probably
a
situation
where,
when
we
aggregate
all
the
funds
together-
and
we
look
at
all
the
activity
across
the
funds,
this
is
a
fairly
diverse
group
of
funds.
So
it
includes
everything
from
our
rent
to
our
fleet
vehicles
being
serviced
and
that
net
position
number
incorporates
all
the
activities
in
all
the
funds.
F
And
so
when
we
look
at
things
like
you
know,
inflows
that
we
receive
for
our
medical
benefits,
premiums
versus
outflows
for
those
medical
insurance
costs.
Things
like
that
can
can
impact
the
net
position
and
and
maintain
it,
even
though
we
have
some
of
the
larger
payouts
in
any
given
year.
F
So
I
think
here
again,
if
you
look
at
the
pdf
report,
fun
by
fun
you'll
see
some
differences
in
the
way
that
the
net
position
ended,
but
again
collectively
they're
they're
in
a
good
position,
and
the
reason
that's
important
when
I
get
down
to
the
the
last
bullet
point
here,
is
that,
unlike
the
special
revenue
funds,
these
internal
service
funds,
we
have
a
little
bit
more
flexibility
and
we
can.
F
Of
vice
president,
back
again,
I
believe
in
our
medical
self-insurance
fund,
we
we
were
able
to
realize
some
savings
this
year.
I
think
there
was
a
general
slowdown
in
people
visiting
their
care
providers
this
year,
so
we
were
able
to
to
realize
something
in
that
narrow
piece
of
the
self
insurance
fund.
F
F
We
can
spend
cash
on
a
capital
asset
which
will
have
zero
impact
on
that
position,
but
it
will
decrease
cash
so
and,
as
I
mentioned
previously
in
my
my
answer
answer
we
these
these
funds
have
a
little
more
flexibility
in
their
use,
and
so,
as
we
look
to
reduce
plan
spending
in
some
areas
by
delaying
projects
and
deferring
upgrades,
we
can
actually
reduce
billings
to
other
city
funds
next
slide.
Please.
F
F
F
Here
again,
it's
worth
noting
when
we
look
at
the
audited
financial
statements.
You'll
probably
see
variations
due
to
things
that
we
book
for
the
audit,
like
pension
liabilities,
capital
asset
changes,
things
like
that
cash
in
these
funds.
That
year
end
2020
was
93.7
million,
again,
a
decrease
of
41.1
million
from
the
2019
year-end
cash
balance,
and
primarily
that
can
be
traced
back
to
some
of
those
revenue
losses.
F
Like
I
mentioned
in
the
parking
fund,
and
then
we've
got
ongoing
capital
projects
that
use
up
cash
as
well,
and
we've
got
debt
service
obligations
as
well.
So
these
funds-
you
know
this-
is
where
we're
at
for
2020.
B
F
Vice
president
becker,
so
our
official
reports
are
on
a
quarterly
basis.
We,
we
do
a
second
third
and
fourth
quarter
report,
so
our
second
quarter
report
will
be
published
in
the
first
couple
weeks
of
august
and
that
would
be
kind
of
the
first
sort
of
you
know,
public
display
of
where
we're
at
we
do
utilizing
the
open,
gov
website
platform
that
financial
transparency
platform
we
post
our
balances
by
fund
throughout
the
year.
F
B
Yeah,
I
I
used
to
be
the
sales
tax
manager
for
the
city
and
you
had
used
to
produce
a
monthly
report
on
the
actuals
and
we
had
a
projection
budget
to
actual
by
month.
So
we
could
measure
when
we
went
through
an
economic
downturn,
how
much
money
we
had
lost
and
it
doesn't
sound
like
that's
being
done
anymore,
but
it
would
be
very
useful
if
that
were
happening,
especially
for
the
parking
fund
and
the
sales
tax
fund
in
particular.
So
I
have
no
ability
whatsoever
to
compel
you
to
do
that,
but
it
would
be
helpful.
B
A
D
Are
you
thank
you
good
good
to
have
you
here
londell
I
was.
I
was
missing
in
action
too,
miss
becker.
Thank
you
very
much,
president
becker
or
vice
president
becker
who's.
Now
acting
as
president.
Thank
you
so
much,
mr
hodges,
I
I
I
really
appreciate
the
fact,
and
I
can
I
can
tell
that
staff
has
really
done
an
outstanding
job
in
terms
of
dealing
with
a
very,
very
difficult
situation
in
in
the
course
this
past
year,
and
you
know
that
kind
of
stewardship.
D
There's
nothing
very
sexy
about
it,
but
it's
really
important
and-
and
I
think,
keeping
the
city
in
a
healthy
position
and
a
very
unhealthy
time
is,
is
really
important.
And
I
I
want
to
say
thank
you
to
you
and
I
want
to
say
thank
you
to
all
the
staff
who
work
so
hard
on
this
to
to
keep
us
in
a
situation
where,
where
we've
been
able
to
to
make
decisions
and
function.
D
Well
in
the
midst
of
of
times
of
crises-
and
I
I
I
want
the
public
to
know
what
an
outstanding
staff
we
have
in
the
city.
Thank
you.
B
B
If
not,
then
I'm
going
to
say
thank
you
to
mr
hodges
great
presentation,
look
forward
to
seeing
more
of
it,
it's
great
work
and
it's
important
because
it
helps
us
all
shape
our
conversations
of
where
the
city
is
going
and
ms
bender.
I
also
appreciate
your
comments
because
I
think
we're
all
having
these
same
questions
that
I
will
then
direct
the
clerk
to
receive
and
file
that
report.
B
The
only
thing
left
on
our
agenda
is
adjournment
with
that
we've
concluded
all
the
business
to
come
before
the
board.
Without
objection,
we
stand
adjourned
next
meeting
june
23rd.
Thank
you
very.