[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.

Finance Committee 6/15/2026

Transcript