[0:02] Second by Councilman Second.
Second by Councilman Second. All those
[0:05] in favor
>> Aye.
[0:07] » Abstain?
With the no resolution driven ordinance
[0:11] Ordinance 5A, 7061526.
[0:15] » So, this
>> So, this is Yep, this ordinance is
[0:19] uh essentially the same ordinance you
guys saw last month and approved. Uh
[0:24] there we had to make some technical
edits. One of those being the number of
[0:29] multi-family homes that's listed. Um
it's been updated to reflect the
[0:35] taxpayer agreement and the updated
project agreement that was approved by
[0:40] Council. So, those are some technical
edits that were made. And then with the
[0:45] process, EDC had to approve a piece
before it can be formally adopted. So,
[0:52] that's why you guys are seeing this back
before you. Um
[0:57] you guys can suspend the rules and pass
on this reading and it'll be fine. If
[1:01] you feel more comfortable to just have
first reading, the developer we can
[1:05] still close on the bonds by the August
time frame. But, just with the technical
[1:10] edit and the correction of the process,
that's why you're seeing this before you
[1:15] once again.
>> [clears throat]
[1:17] » Just some changes to some detail.
>> Yeah. Yeah, no changes to the size. It's
[1:22] still the conduit debt that's going to
be bought um by the developer. As I
[1:27] mentioned last month, the developer has
worked with Hagerman Capital. So,
[1:34] Hagerman Capital is going or sorry,
Hegman Capital is going to buy that bond
[1:39] for them. So, that's why you see those
referenced in the documents. But, it it
[1:44] is developer backed and as we talked
about, that doesn't count against our
[1:48] debt limit and it's not debt of the city
in any way and we are not responsible
[1:54] for the debt service payments.
[1:58] » Any questions for Lisa on this
correction that we're having to make in
[2:01] the accounting?
So, I'll recommend full approval
[2:04] tonight.
>> I'll make a motion.
[2:07] » I'll second the motion. I'll second.
>> I'll second.
[2:09] » Seconded by John. All those in favor,
please say I.
[2:11] » I.
>> Opposed, nay. Carried.
[2:14] Moving on to regular items, 2026 update.
>> So, I'm going to share my screen for you
[2:22] guys very quickly.
Um can you guys see that?
[2:28] » Yes.
>> All right, let me know if I need to
[2:31] bump it up a little, but just to kind of
walk through, I know you guys had asked
[2:35] for
financial update. So, this is a package
[2:39] that I put together each month and send
on to the mayor and to Elliot to kind of
[2:45] review and it walks through pretty much
kind of all the areas we're
[2:51] interested in. So, just from a quick
overview
[2:55] um this really hits
>> Could you make that a little bit bigger,
[2:59] please?
>> Yeah.
[3:00] » Is that a little bit better?
>> Yeah. Let me know. That better?
[3:05] » That's good. Thank you.
>> Okay. Yeah. So, this is general fund
[3:10] revenue. So,
just kind of takes what you guys saw in
[3:15] the 2026 approved budget, does a kind of
a pro rata amount, kind of where are we
[3:21] favorable or unfavorable.
Um so, how 5 months through the year,
[3:26] where are we? Obviously, as you guys are
well aware, property taxes don't come in
[3:32] ratably. So, that's where you kind of
see some unfavorable variances on the
[3:36] very top column. And then, the very
bottom line, I'll uh
[3:43] uh go a little bit bigger, but in May,
we received our special distribution for
[3:49] local income tax. As you guys will
recall, we do factor that into the
[3:54] budget when we do it. Um it is
calculated. It was what we expected, but
[3:59] the reason the LIT looks high is because
we did receive that special distribution
[4:05] in May, and that's just something that
occurs when the balances get too high,
[4:10] and it's money that we were owed, but we
finally
[4:13] uh received that. So, that's kind of a
high level
[4:18] » [clears throat]
>> um kind of things are about where we
[4:22] would expect just kind of early in this
year. Nothing to kind of be, you know,
[4:28] aware of that's concerning. Um fire
protection, we always do twice a year
[4:36] kind of semi-annually, so that's that
big line down here.
[4:40] Um
uh interest income, we're continuing to
[4:43] keep an eye on, and I'm working on kind
of trying to project that get that up a
[4:48] little higher, but that's one that's uh
we're looking at, but um overall kind of
[4:55] where we would expect in the general
fund for for May.
[5:00] Um
The So, that's revenue. This is really
[5:04] general fund expense kind of broken out
by the departments. So, really the
[5:11] approved budget that you guys approved
uh down there matches
[5:17] again kind of that pro rata assumption.
So, kind of over here, as you can see,
[5:24] um
again, everybody's a little bit where
[5:27] we'd expect. Police is having some um
personnel, we're watching that. Um
[5:35] personnel's really high at the beginning
of the year for a variety of reasons. A
[5:40] lot of that, if you guys will recall,
we've had a lot [clears throat] of
[5:44] discussion about 27 pays in 2026.
One of the things that happened is
[5:49] January was a three paycheck month. So,
that does not happen
[5:54] very often, but we started off the year
with that. So, again, continuing to kind
[5:59] of keep keep eyes on that. And as you
guys will see down here, this is really
[6:04] just all our major categories, kind of
where we are in there.
[6:10] Personnel, obviously, our biggest
expenditure. A lot of that is related to
[6:15] health insurance, which we do at the
beginning of each quarter. So, it
[6:20] doesn't go really ratably very well
there.
[6:24] So, that's um
>> [clears throat]
[6:27] » the general fund. Everything else has
been pretty good. I will just hit kind
[6:32] of on NVH. As you guys know, there was
suspension of the gas tax. So, [snorts]
[6:38] we are still receiving gas tax
distributions from the state, and that's
[6:43] reflected here.
But,
[6:47] um
we'll continue to see. I would assume
[6:49] that that will pick back up. The tax
will start, and we'll continue to be
[6:54] pretty strong. But, that revenue is
pretty good on that. So, we look at
[6:58] that. We look at sewer operations.
Um pretty much everything in line on
[7:05] sewer. Uh I look really high there, as
you guys can see.
[7:10] Um my budget can has the pilot payment,
which you guys are aware of. But, that
[7:15] pilot payment was made. So, I have a
little bit of a
[7:19] higher variance there for me.
Um Jonathan's crushing it right now in
[7:24] sewer, and
uh helping uh
[7:28] account for my variance being a little
high. But, everything with sewer looks
[7:32] in line. Um I'll show you stormwater. As
you guys are aware, we pivoted this
[7:38] year, and we are now doing stormwater as
part of your sewer bill.
[7:45] So, have had really
great results with that change. And so,
[7:51] storm water is continuing to come in pro
rata over the year, which is a big
[7:55] change for us, but everything is in line
with that. So, those are kind of the big
[8:03] funds, and then I will show you you guys
are well aware Monica kind of got
[8:08] slashed in the health department. She's
picked up a lot of revenue elsewhere,
[8:13] particularly on the vaccines,
out there doing sports physicals, also.
[8:20] But, she's continuing to come in line
with her budget as expected, and
[8:25] hopefully will maybe exceed her revenue
budget a little more, which would be be
[8:31] great as she's, you know, working to
really supplement slashed funding that
[8:36] she,
you know, has gotten from the state and
[8:39] elsewhere. But, those are kind of just a
quick overview. Yeah.
[8:43] » Can you go over the food and beverage
real quick?
[8:46] » Yeah. Yeah.
Yeah.
[8:51] Yeah.
Yeah.
[8:53] » Okay, don't confuse it with the health
event center
[8:55] done for the city of Fishers. You know,
we passed a food and beverage
[8:59] tax to help pay for that does raise
revenue wise, but this shows we
[9:03] are historical in year to date through
the months, and you can see we just
[9:07] continue to climb April of this year
416,000
[9:11] dollars in one month on our food and
beverage. So, we started 24,
[9:15] I guess if you go April from 24 to 50 to
272 to 416, 305, 347, 354. So, month
[9:24] over month, year over year, an increase
in our food and beverage revenue, which
[9:28] I I can't say it's all related to having
the event center, but it's certainly uh
[9:32] economic development because
some some strong numbers here. So,
[9:36] that's a good news story for us. Uh you
know, we budget exclusive $4 million we
[9:40] think this year, which all goes to our
debt service payment
[9:43] uh to the event center. And I think
we're on pace to exceed that, which is
[9:46] fantastic.
>> So, yeah, you guys can see it. And as
[9:50] you guys know, there is a little bit of
a lag, so you do see some spikes. But,
[9:54] um seeing really great numbers. And in
all honesty, we've only continued to see
[10:00] the food and beverage continue to
increase as we've gone through here. So,
[10:05] I will say the 416 was an outlier where
we had a major
[10:10] uh
business catch-up on their their tax.
[10:13] But, then to come back in the next month
with 354, it's still another strong
[10:18] strong month. And that month did not
have someone catching up. So, you know,
[10:24] if we can keep 350 or higher as we go
through this at our new normal, that's
[10:29] just great for the economic development
fund
[10:32] um to pay that debt service as we move
through things. So, that'll just
[10:37] continue to go up. And I know we get a
question a lot of are we collecting from
[10:42] everybody? And every so often, we go
through and match up who has a food
[10:47] permit who from the health department
with who has remitted from
[10:52] uh the state and so kind of match those
up. There's not a lot from a compliance
[10:57] perspective you can do from the city. We
uh I have my team and we send out
[11:03] letters that say, "Hey, you have a food
and beverage you have a permit with the
[11:07] health department, you are probably
liable for food and beverage tax. You
[11:12] need to remit this."
Um unfortunately, the state's the one
[11:16] that has to audit them and make them
pay. But, we do send out uh I call them
[11:21] friendly reminder letters to everyone to
make sure they're aware of their
[11:26] liability on the food and beverage side.
>> [clears throat]
[11:32] » So, those I was just going to hit the
major funds. I don't know if anybody
[11:36] else has a question about um any other
funds that I didn't discuss here or just
[11:42] a general overall
>> [clears throat]
[11:44] » um
>> I have a comment to make. Number one,
[11:47] this is great.
Glad you're putting this together. It's
[11:49] kind of a nice snapshot of what's going
on financially with sitting Secondly, I
[11:53] wouldn't mind if it's if the dollars
have us distributed out to
[11:59] a bunch of financial committee members
every month so they can get a look at um
[12:03] So we have a chance to review it and
bring up any questions at the monthly
[12:06] finance meeting.
So if we could get a copy of this, it
[12:09] would be great. So thank you.
>> Yeah, more than happy to to put that out
[12:13] there and
after I send that on and we disseminate,
[12:17] yeah.
I think that that is definitely
[12:20] definitely doable.
So I will um show you that we do look at
[12:24] the impact fees too and just um
we had such a stellar year last year on
[12:29] park impact fees and but uh road impact
fees. That's not happening currently,
[12:34] but obviously we had enough last year to
cover a lot of that, but impact fees are
[12:39] so development driven. Um
it's kind of a high year or a low year,
[12:44] but nothing concerning on that front cuz
we were not expecting another
[12:49] astronomical year. So pretty much in
line there on the the impact fees, but
[12:55] yeah, happy to answer any questions you
guys might have.
[12:59] » Any questions, please, on that
particular document?
[13:03] Thank you, Lisa. That was wonderful. Um
next item on the agenda is personal
[13:06] property tax TIF area update.
>> Yes. Um I get to be really really nerdy
[13:12] here, so watch out everybody. Um
so Senate Bill 1 made an adjustment to
[13:20] personal property and so what it did was
eliminate the 30% floor for new property
[13:29] placed in service
except as everyone interpreted it for
[13:35] businesses in a TIF district. So, just a
quick, really nerdy accounting talk
[13:41] really fast.
Um
[13:44] Personal property is the value of the
assets inside a building. So, you can
[13:49] have personal property, I'm just going
to say valued at a hundred thousand. You
[13:54] go through and you say that property is
expected to last 10 years. And so,
[13:59] every, you know, every year that value
decreases. So, what the 30% floor did
[14:07] was say, if you have a hundred thousand
dollar asset that has a 10-year life, at
[14:12] year 10, that value is zero. But, with
the 30% floor, it's kind of like that
[14:17] value stays
roughly, very very generalized at
[14:23] 300,000. So, it could never go to zero,
no matter how old that asset was, you
[14:29] were still paying a semblance of uh
tax on a value of that asset. So,
[14:37] obviously, removing the 30% floor has
some impact of you don't get as much
[14:44] property tax anymore or personal
property tax on that. So, that's
[14:49] concerning. However, they did say in a
TIF district that
[14:55] that doesn't exist anymore. So,
initially, the Hamilton County
[15:02] uh auditor assessor's office, they had
got a list of all businesses that were
[15:08] in TIF districts and were prepared to
look at all those personal property tax
[15:12] returns and accurately track those
businesses. I think, John, when we had
[15:18] talked last month, we were concerned
about whether
[15:22] the county would be able to
comprehensively track and know what was
[15:27] in
a TIF district. That was And so, when I
[15:31] talked to them, they do have that.
However,
[15:36] the state has taken the approach and
informed the county that the 30% floor
[15:44] only applies to
personal property tax TIF districts. It
[15:51] The state is saying it doesn't apply to
just a general business located in a TIF
[15:56] district. They can go to zero.
Um that was not the interpretation that
[16:01] we had, that Barnes & Thornburg had,
that everybody had.
[16:05] Um so, we're continuing to work with
Barnes & Thornburg and work on that kind
[16:11] of
I'm going to say language or
[16:14] interpretation because that is clearly a
how it was not interpreted by
[16:19] anyone outside the state. Um
so, we're continuing to work on that,
[16:23] but I think the key takeaway is that the
county was ready to track individualized
[16:31] businesses, and I think that was
probably, to me, the biggest concern we
[16:35] had. Is there a mechanism to make sure
that they are not going to zero, and
[16:40] that they're still getting that 30%
limitation? So, that's kind of where we
[16:45] stand on that. Happy to answer more
questions, and sorry for the nerdiness
[16:50] there.
>> [clears throat]
[16:52] » Well, from one nerd to another, it's
fine.
[16:54] » [snorts]
>> Any questions for Lisa on this
[16:57] particular item? Just something I think
out of
[17:00] and I'm going to make sure that we get
every single every single dollar and
[17:02] still on the way. So, any questions?
>> So, we're uh obviously continuing to
[17:08] work and track that, but I think the
Like I said, I was impressed that the
[17:14] county was ready and willing and had had
a list of all the businesses and had
[17:19] actually informed those businesses that
they were not that they were not
[17:24] eligible to
you know go to zero. They were still
[17:27] subject to the 30% floor and then they
got different guidance. So
[17:32] we should get that straightened out but
they are ready to go and I feel
[17:36] comfortable that they're going to track
pretty closely those businesses once
[17:40] able.
[17:45] » I think the new business
[17:49] » The audit will be complete.
>> The audit is going pretty well. I
[17:56] actually Emily was from Forbes was on my
flight on Sunday so
[18:01] which is a very small world. She's down
for a Forbes conference
[18:07] but we're working on wrapping everything
up. We had a little bit of a delay and a
[18:13] change in that we are now pulling in the
Fishers Event Center into the financial
[18:18] statements. So you'll see that when we
release the audit and when that gets
[18:25] completed but that kind of took a couple
of weeks of discussion amongst everybody
[18:30] to get that kind of
treated accordingly but yeah we're on
[18:34] track.
[18:40] Because technically if you look at the
terms of the agreement
[18:45] all of the assets like the money in the
bank account for the terms of the
[18:49] agreement is the cities.
It's the terms of the way the lease
[18:55] agreement and the things are written
that we should pick that up.
[19:02] That
the bank account and the money in there
[19:05] and the activities kind of flow with the
city. So that was kind of
[19:11] so
>> You got an asset that's being financed
[19:13] by
city revenue and
[19:17] and all that choice is our it's our
asset. It's the city's asset, right?
[19:21] » Yeah.
Yeah.
[19:24] So, in that So, that will be and
there'll be testing done on that in the
[19:28] city. So, we had had discussions about
audits for the Event Center. Now is it
[19:34] coming under the Fishers umbrella, it
kind of eliminates the need to go out
[19:38] and we were looking at another like
audit to do and so this will get tested
[19:43] as part of the city's audit in
correlation since we're pulling it in
[19:45] now.
>> So, that's probably going to be an
[19:48] increase in our fee.
>> Probably. We uh
[19:54] I have talked to um ASM and both Tony
and I at the events at Event Center had
[20:01] talked about what the fee would be for
them to do an audit. So, we'll carve out
[20:07] that piece and at least put that with
the Event Center.
[20:12] Um and we had talked about that.
>> Okay.
[20:15] » Doing that previously.
[20:18] » Anything further,
anything else, folks?
[20:22] Get back to you, Bob. I'll have a motion
to adjourn.
[20:25] » Thank you, guys.
Good night.
[20:30] » Good night, Marissa. See you.
>> Yeah.
[20:31] » Bye. Thanks, guys. Good night.
>> See you, Alyssa. Thank you.
[20:35] » Thank you, guys.
>> Good night.