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00:00:02,880 --> 00:00:06,720
Second by Councilman Second.
Second by Councilman Second. All those

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in favor
>> Aye.

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» Abstain?
With the no resolution driven ordinance

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Ordinance 5A, 7061526.

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» So, this
>> So, this is Yep, this ordinance is

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uh essentially the same ordinance you
guys saw last month and approved. Uh

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there we had to make some technical
edits. One of those being the number of

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multi-family homes that's listed. Um
it's been updated to reflect the

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taxpayer agreement and the updated
project agreement that was approved by

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Council. So, those are some technical
edits that were made. And then with the

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process, EDC had to approve a piece
before it can be formally adopted. So,

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that's why you guys are seeing this back
before you. Um

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you guys can suspend the rules and pass
on this reading and it'll be fine. If

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you feel more comfortable to just have
first reading, the developer we can

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still close on the bonds by the August
time frame. But, just with the technical

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edit and the correction of the process,
that's why you're seeing this before you

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once again.
>> [clears throat]

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» Just some changes to some detail.
>> Yeah. Yeah, no changes to the size. It's

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still the conduit debt that's going to
be bought um by the developer. As I

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mentioned last month, the developer has
worked with Hagerman Capital. So,

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Hagerman Capital is going or sorry,
Hegman Capital is going to buy that bond

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for them. So, that's why you see those
referenced in the documents. But, it it

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is developer backed and as we talked
about, that doesn't count against our

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debt limit and it's not debt of the city
in any way and we are not responsible

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for the debt service payments.

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00:01:58,200 --> 00:02:03,120
» Any questions for Lisa on this
correction that we're having to make in

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00:02:01,280 --> 00:02:06,080
the accounting?
So, I'll recommend full approval

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tonight.
>> I'll make a motion.

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» I'll second the motion. I'll second.
>> I'll second.

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00:02:09,240 --> 00:02:12,160
» Seconded by John. All those in favor,
please say I.

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» I.
>> Opposed, nay. Carried.

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Moving on to regular items, 2026 update.
>> So, I'm going to share my screen for you

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guys very quickly.
Um can you guys see that?

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00:02:28,040 --> 00:02:33,520
» Yes.
>> All right, let me know if I need to

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00:02:31,480 --> 00:02:36,400
bump it up a little, but just to kind of
walk through, I know you guys had asked

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00:02:35,200 --> 00:02:41,880
for
financial update. So, this is a package

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that I put together each month and send
on to the mayor and to Elliot to kind of

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review and it walks through pretty much
kind of all the areas we're

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00:02:51,000 --> 00:02:57,840
interested in. So, just from a quick
overview

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00:02:55,440 --> 00:02:59,600
um this really hits
>> Could you make that a little bit bigger,

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00:02:59,000 --> 00:03:02,239
please?
>> Yeah.

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00:03:00,560 --> 00:03:06,320
» Is that a little bit better?
>> Yeah. Let me know. That better?

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00:03:05,320 --> 00:03:12,640
» That's good. Thank you.
>> Okay. Yeah. So, this is general fund

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revenue. So,
just kind of takes what you guys saw in

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the 2026 approved budget, does a kind of
a pro rata amount, kind of where are we

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00:03:21,800 --> 00:03:29,480
favorable or unfavorable.
Um so, how 5 months through the year,

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00:03:26,720 --> 00:03:34,000
where are we? Obviously, as you guys are
well aware, property taxes don't come in

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00:03:32,280 --> 00:03:40,480
ratably. So, that's where you kind of
see some unfavorable variances on the

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00:03:36,800 --> 00:03:47,080
very top column. And then, the very
bottom line, I'll uh

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00:03:43,160 --> 00:03:51,600
uh go a little bit bigger, but in May,
we received our special distribution for

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local income tax. As you guys will
recall, we do factor that into the

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00:03:54,200 --> 00:04:02,480
budget when we do it. Um it is
calculated. It was what we expected, but

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00:03:59,240 --> 00:04:07,280
the reason the LIT looks high is because
we did receive that special distribution

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00:04:05,160 --> 00:04:12,720
in May, and that's just something that
occurs when the balances get too high,

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00:04:10,240 --> 00:04:17,440
and it's money that we were owed, but we
finally

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00:04:13,840 --> 00:04:19,239
uh received that. So, that's kind of a
high level

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00:04:18,727 --> 00:04:25,080
» [clears throat]
>> um kind of things are about where we

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00:04:22,400 --> 00:04:32,800
would expect just kind of early in this
year. Nothing to kind of be, you know,

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00:04:28,840 --> 00:04:38,320
aware of that's concerning. Um fire
protection, we always do twice a year

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00:04:36,320 --> 00:04:42,240
kind of semi-annually, so that's that
big line down here.

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00:04:40,480 --> 00:04:46,760
Um
uh interest income, we're continuing to

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00:04:43,760 --> 00:04:52,080
keep an eye on, and I'm working on kind
of trying to project that get that up a

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little higher, but that's one that's uh
we're looking at, but um overall kind of

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where we would expect in the general
fund for for May.

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Um
The So, that's revenue. This is really

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general fund expense kind of broken out
by the departments. So, really the

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approved budget that you guys approved
uh down there matches

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00:05:17,440 --> 00:05:25,919
again kind of that pro rata assumption.
So, kind of over here, as you can see,

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um
again, everybody's a little bit where

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00:05:27,680 --> 00:05:37,160
we'd expect. Police is having some um
personnel, we're watching that. Um

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personnel's really high at the beginning
of the year for a variety of reasons. A

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lot of that, if you guys will recall,
we've had a lot [clears throat] of

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discussion about 27 pays in 2026.
One of the things that happened is

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January was a three paycheck month. So,
that does not happen

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very often, but we started off the year
with that. So, again, continuing to kind

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of keep keep eyes on that. And as you
guys will see down here, this is really

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00:06:04,760 --> 00:06:12,240
just all our major categories, kind of
where we are in there.

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00:06:10,280 --> 00:06:19,040
Personnel, obviously, our biggest
expenditure. A lot of that is related to

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health insurance, which we do at the
beginning of each quarter. So, it

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00:06:20,880 --> 00:06:27,109
doesn't go really ratably very well
there.

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00:06:24,840 --> 00:06:29,600
So, that's um
>> [clears throat]

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00:06:27,240 --> 00:06:35,520
» the general fund. Everything else has
been pretty good. I will just hit kind

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00:06:32,200 --> 00:06:41,080
of on NVH. As you guys know, there was
suspension of the gas tax. So, [snorts]

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00:06:38,680 --> 00:06:45,600
we are still receiving gas tax
distributions from the state, and that's

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00:06:43,840 --> 00:06:47,800
reflected here.
But,

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00:06:47,200 --> 00:06:51,840
um
we'll continue to see. I would assume

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00:06:49,720 --> 00:06:56,000
that that will pick back up. The tax
will start, and we'll continue to be

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00:06:54,000 --> 00:07:02,640
pretty strong. But, that revenue is
pretty good on that. So, we look at

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00:06:58,880 --> 00:07:09,000
that. We look at sewer operations.
Um pretty much everything in line on

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00:07:05,760 --> 00:07:13,200
sewer. Uh I look really high there, as
you guys can see.

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00:07:10,919 --> 00:07:17,680
Um my budget can has the pilot payment,
which you guys are aware of. But, that

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00:07:15,240 --> 00:07:22,040
pilot payment was made. So, I have a
little bit of a

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00:07:19,480 --> 00:07:26,640
higher variance there for me.
Um Jonathan's crushing it right now in

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00:07:24,960 --> 00:07:29,960
sewer, and
uh helping uh

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00:07:28,040 --> 00:07:35,840
account for my variance being a little
high. But, everything with sewer looks

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00:07:32,800 --> 00:07:42,880
in line. Um I'll show you stormwater. As
you guys are aware, we pivoted this

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year, and we are now doing stormwater as
part of your sewer bill.

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00:07:45,080 --> 00:07:53,720
So, have had really
great results with that change. And so,

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00:07:51,760 --> 00:07:59,440
storm water is continuing to come in pro
rata over the year, which is a big

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00:07:55,480 --> 00:08:06,520
change for us, but everything is in line
with that. So, those are kind of the big

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00:08:03,000 --> 00:08:11,240
funds, and then I will show you you guys
are well aware Monica kind of got

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00:08:08,600 --> 00:08:16,680
slashed in the health department. She's
picked up a lot of revenue elsewhere,

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particularly on the vaccines,
out there doing sports physicals, also.

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But, she's continuing to come in line
with her budget as expected, and

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00:08:25,800 --> 00:08:34,159
hopefully will maybe exceed her revenue
budget a little more, which would be be

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00:08:31,000 --> 00:08:37,800
great as she's, you know, working to
really supplement slashed funding that

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she,
you know, has gotten from the state and

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elsewhere. But, those are kind of just a
quick overview. Yeah.

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00:08:43,760 --> 00:08:48,920
» Can you go over the food and beverage
real quick?

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» Yeah. Yeah.
Yeah.

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Yeah.
Yeah.

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00:08:53,120 --> 00:08:57,760
» Okay, don't confuse it with the health
event center

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done for the city of Fishers. You know,
we passed a food and beverage

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00:08:59,400 --> 00:09:05,560
tax to help pay for that does raise
revenue wise, but this shows we

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00:09:03,240 --> 00:09:09,600
are historical in year to date through
the months, and you can see we just

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00:09:07,120 --> 00:09:12,880
continue to climb April of this year
416,000

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00:09:11,240 --> 00:09:19,560
dollars in one month on our food and
beverage. So, we started 24,

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00:09:15,839 --> 00:09:26,520
I guess if you go April from 24 to 50 to
272 to 416, 305, 347, 354. So, month

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00:09:24,240 --> 00:09:30,440
over month, year over year, an increase
in our food and beverage revenue, which

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00:09:28,320 --> 00:09:34,640
I I can't say it's all related to having
the event center, but it's certainly uh

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economic development because
some some strong numbers here. So,

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that's a good news story for us. Uh you
know, we budget exclusive $4 million we

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think this year, which all goes to our
debt service payment

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00:09:43,680 --> 00:09:48,280
uh to the event center. And I think
we're on pace to exceed that, which is

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fantastic.
>> So, yeah, you guys can see it. And as

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you guys know, there is a little bit of
a lag, so you do see some spikes. But,

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00:09:54,560 --> 00:10:01,720
um seeing really great numbers. And in
all honesty, we've only continued to see

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00:10:00,040 --> 00:10:08,160
the food and beverage continue to
increase as we've gone through here. So,

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I will say the 416 was an outlier where
we had a major

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00:10:10,720 --> 00:10:15,960
uh
business catch-up on their their tax.

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But, then to come back in the next month
with 354, it's still another strong

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00:10:18,880 --> 00:10:27,360
strong month. And that month did not
have someone catching up. So, you know,

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if we can keep 350 or higher as we go
through this at our new normal, that's

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just great for the economic development
fund

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00:10:32,560 --> 00:10:38,880
um to pay that debt service as we move
through things. So, that'll just

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continue to go up. And I know we get a
question a lot of are we collecting from

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everybody? And every so often, we go
through and match up who has a food

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permit who from the health department
with who has remitted from

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uh the state and so kind of match those
up. There's not a lot from a compliance

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00:10:57,960 --> 00:11:05,760
perspective you can do from the city. We
uh I have my team and we send out

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00:11:03,640 --> 00:11:10,560
letters that say, "Hey, you have a food
and beverage you have a permit with the

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00:11:07,760 --> 00:11:14,520
health department, you are probably
liable for food and beverage tax. You

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00:11:12,880 --> 00:11:18,400
need to remit this."
Um unfortunately, the state's the one

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00:11:16,040 --> 00:11:23,960
that has to audit them and make them
pay. But, we do send out uh I call them

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00:11:21,720 --> 00:11:30,377
friendly reminder letters to everyone to
make sure they're aware of their

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00:11:26,880 --> 00:11:34,720
liability on the food and beverage side.
>> [clears throat]

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00:11:32,360 --> 00:11:39,040
» So, those I was just going to hit the
major funds. I don't know if anybody

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00:11:36,520 --> 00:11:44,133
else has a question about um any other
funds that I didn't discuss here or just

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00:11:42,040 --> 00:11:45,560
a general overall
>> [clears throat]

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00:11:44,920 --> 00:11:48,800
» um
>> I have a comment to make. Number one,

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00:11:47,320 --> 00:11:51,480
this is great.
Glad you're putting this together. It's

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00:11:49,920 --> 00:11:56,120
kind of a nice snapshot of what's going
on financially with sitting Secondly, I

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00:11:53,880 --> 00:12:00,680
wouldn't mind if it's if the dollars
have us distributed out to

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00:11:59,120 --> 00:12:05,200
a bunch of financial committee members
every month so they can get a look at um

155
00:12:03,440 --> 00:12:08,000
So we have a chance to review it and
bring up any questions at the monthly

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00:12:06,720 --> 00:12:11,600
finance meeting.
So if we could get a copy of this, it

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00:12:09,200 --> 00:12:15,120
would be great. So thank you.
>> Yeah, more than happy to to put that out

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00:12:13,840 --> 00:12:18,200
there and
after I send that on and we disseminate,

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00:12:17,160 --> 00:12:21,640
yeah.
I think that that is definitely

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00:12:20,160 --> 00:12:26,920
definitely doable.
So I will um show you that we do look at

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00:12:24,360 --> 00:12:31,840
the impact fees too and just um
we had such a stellar year last year on

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00:12:29,320 --> 00:12:37,120
park impact fees and but uh road impact
fees. That's not happening currently,

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00:12:34,440 --> 00:12:41,960
but obviously we had enough last year to
cover a lot of that, but impact fees are

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00:12:39,600 --> 00:12:47,920
so development driven. Um
it's kind of a high year or a low year,

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00:12:44,640 --> 00:12:52,160
but nothing concerning on that front cuz
we were not expecting another

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00:12:49,600 --> 00:12:57,640
astronomical year. So pretty much in
line there on the the impact fees, but

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00:12:55,400 --> 00:13:00,600
yeah, happy to answer any questions you
guys might have.

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00:12:59,720 --> 00:13:05,440
» Any questions, please, on that
particular document?

169
00:13:03,240 --> 00:13:09,200
Thank you, Lisa. That was wonderful. Um
next item on the agenda is personal

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00:13:06,839 --> 00:13:15,600
property tax TIF area update.
>> Yes. Um I get to be really really nerdy

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00:13:12,320 --> 00:13:25,080
here, so watch out everybody. Um
so Senate Bill 1 made an adjustment to

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00:13:20,560 --> 00:13:31,320
personal property and so what it did was
eliminate the 30% floor for new property

173
00:13:29,320 --> 00:13:38,680
placed in service
except as everyone interpreted it for

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00:13:35,160 --> 00:13:43,720
businesses in a TIF district. So, just a
quick, really nerdy accounting talk

175
00:13:41,920 --> 00:13:46,960
really fast.
Um

176
00:13:44,560 --> 00:13:51,640
Personal property is the value of the
assets inside a building. So, you can

177
00:13:49,080 --> 00:13:56,040
have personal property, I'm just going
to say valued at a hundred thousand. You

178
00:13:54,080 --> 00:14:03,680
go through and you say that property is
expected to last 10 years. And so,

179
00:13:59,480 --> 00:14:09,200
every, you know, every year that value
decreases. So, what the 30% floor did

180
00:14:07,320 --> 00:14:15,880
was say, if you have a hundred thousand
dollar asset that has a 10-year life, at

181
00:14:12,400 --> 00:14:19,480
year 10, that value is zero. But, with
the 30% floor, it's kind of like that

182
00:14:17,920 --> 00:14:26,360
value stays
roughly, very very generalized at

183
00:14:23,400 --> 00:14:34,160
300,000. So, it could never go to zero,
no matter how old that asset was, you

184
00:14:29,760 --> 00:14:42,000
were still paying a semblance of uh
tax on a value of that asset. So,

185
00:14:37,880 --> 00:14:46,320
obviously, removing the 30% floor has
some impact of you don't get as much

186
00:14:44,400 --> 00:14:52,640
property tax anymore or personal
property tax on that. So, that's

187
00:14:49,480 --> 00:14:58,720
concerning. However, they did say in a
TIF district that

188
00:14:55,640 --> 00:15:04,920
that doesn't exist anymore. So,
initially, the Hamilton County

189
00:15:02,440 --> 00:15:11,120
uh auditor assessor's office, they had
got a list of all businesses that were

190
00:15:08,200 --> 00:15:16,360
in TIF districts and were prepared to
look at all those personal property tax

191
00:15:12,839 --> 00:15:20,600
returns and accurately track those
businesses. I think, John, when we had

192
00:15:18,400 --> 00:15:25,640
talked last month, we were concerned
about whether

193
00:15:22,320 --> 00:15:29,280
the county would be able to
comprehensively track and know what was

194
00:15:27,960 --> 00:15:34,600
in
a TIF district. That was And so, when I

195
00:15:31,960 --> 00:15:39,640
talked to them, they do have that.
However,

196
00:15:36,200 --> 00:15:47,400
the state has taken the approach and
informed the county that the 30% floor

197
00:15:44,720 --> 00:15:53,840
only applies to
personal property tax TIF districts. It

198
00:15:51,520 --> 00:15:59,080
The state is saying it doesn't apply to
just a general business located in a TIF

199
00:15:56,800 --> 00:16:04,040
district. They can go to zero.
Um that was not the interpretation that

200
00:16:01,600 --> 00:16:08,280
we had, that Barnes & Thornburg had,
that everybody had.

201
00:16:05,840 --> 00:16:12,320
Um so, we're continuing to work with
Barnes & Thornburg and work on that kind

202
00:16:11,120 --> 00:16:16,880
of
I'm going to say language or

203
00:16:14,000 --> 00:16:21,960
interpretation because that is clearly a
how it was not interpreted by

204
00:16:19,320 --> 00:16:27,360
anyone outside the state. Um
so, we're continuing to work on that,

205
00:16:23,720 --> 00:16:33,080
but I think the key takeaway is that the
county was ready to track individualized

206
00:16:31,280 --> 00:16:38,720
businesses, and I think that was
probably, to me, the biggest concern we

207
00:16:35,440 --> 00:16:43,520
had. Is there a mechanism to make sure
that they are not going to zero, and

208
00:16:40,760 --> 00:16:48,160
that they're still getting that 30%
limitation? So, that's kind of where we

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stand on that. Happy to answer more
questions, and sorry for the nerdiness

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there.
>> [clears throat]

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» Well, from one nerd to another, it's
fine.

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» [snorts]
>> Any questions for Lisa on this

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particular item? Just something I think
out of

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and I'm going to make sure that we get
every single every single dollar and

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still on the way. So, any questions?
>> So, we're uh obviously continuing to

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work and track that, but I think the
Like I said, I was impressed that the

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county was ready and willing and had had
a list of all the businesses and had

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actually informed those businesses that
they were not that they were not

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eligible to
you know go to zero. They were still

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subject to the 30% floor and then they
got different guidance. So

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we should get that straightened out but
they are ready to go and I feel

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comfortable that they're going to track
pretty closely those businesses once

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able.

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» I think the new business

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» The audit will be complete.
>> The audit is going pretty well. I

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actually Emily was from Forbes was on my
flight on Sunday so

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which is a very small world. She's down
for a Forbes conference

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but we're working on wrapping everything
up. We had a little bit of a delay and a

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change in that we are now pulling in the
Fishers Event Center into the financial

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statements. So you'll see that when we
release the audit and when that gets

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completed but that kind of took a couple
of weeks of discussion amongst everybody

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to get that kind of
treated accordingly but yeah we're on

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track.

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Because technically if you look at the
terms of the agreement

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all of the assets like the money in the
bank account for the terms of the

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agreement is the cities.
It's the terms of the way the lease

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agreement and the things are written
that we should pick that up.

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That
the bank account and the money in there

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and the activities kind of flow with the
city. So that was kind of

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so
>> You got an asset that's being financed

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by
city revenue and

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and all that choice is our it's our
asset. It's the city's asset, right?

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» Yeah.
Yeah.

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So, in that So, that will be and
there'll be testing done on that in the

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city. So, we had had discussions about
audits for the Event Center. Now is it

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coming under the Fishers umbrella, it
kind of eliminates the need to go out

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and we were looking at another like
audit to do and so this will get tested

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as part of the city's audit in
correlation since we're pulling it in

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now.
>> So, that's probably going to be an

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increase in our fee.
>> Probably. We uh

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I have talked to um ASM and both Tony
and I at the events at Event Center had

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talked about what the fee would be for
them to do an audit. So, we'll carve out

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that piece and at least put that with
the Event Center.

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Um and we had talked about that.
>> Okay.

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» Doing that previously.

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» Anything further,
anything else, folks?

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Get back to you, Bob. I'll have a motion
to adjourn.

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» Thank you, guys.
Good night.

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» Good night, Marissa. See you.
>> Yeah.

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» Bye. Thanks, guys. Good night.
>> See you, Alyssa. Thank you.

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» Thank you, guys.
>> Good night.