2018-04-17 Finance Minutes - Laserfiche WebLink

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FinanceCommittee Minutes.......................................................................................................................................April 17, 2018 Fire Impact Fee Ordinance Section 15: 16.26.120 Exemptions B.6.c. Should the property owner satisfy the criteria in TMC Section 16.26.120.B.6., a and b, and the Fire Chief determines a fee reduction is in the best interest of the City, the fees will be reduced, based on the following table: Park Impact Fee Ordinance Section 15 16.28.120 Exemptions B.6.c. Should the property owner satisfy the criteria in TMC Section 16.28.120.B.6., a and b, and the Director determines a fee reduction is in the best interest of the City, the fees will be reduced, based on the following table: UNANIMOUS APPROVAL AS AMENDED. FORWARD TO APRIL 23, 2018 COMMITTEE OF THE WHOLE. Business & Occupation Tax C. Staff provided the Committee with an overview of Business & Occupation (B&O) tax rates, implementation, and projected revenues. Tukwila does not currently impose a B&O tax, and 43 Rates and threshold affect the amount of revenue generated and the number of businesses taxed, and can also be used to shape economic development by both encouraging and discouraging types of businesses. Although a B&O tax would increase revenues for City operations, it would also increase workload, personnel costs, and systems costs. Kent has four FTE for implementation and administration, and Renton and Shoreline both have one FTE. Councilmembers asked clarifying questions and requested that further discussions on this item include information about scaling the tax to be higher for larger commercial businesses as well as how much the personnel cost would be for implementation of sample rates/thresholds. DISCUSSION ONLY. Sales Tax Revenue Sector Trends D. Staff presented the Committee with an overview of sales tax revenue sector trends sales tax revenue is under projections and also has the lowest average increase for 2011-2017 compared with Auburn, Burien, Kent, Renton and King County. The presentation included a regional snapshot, large-sector movement, and small-sector movement. DISCUSSION ONLY. 2017 4 Quarter Sales Tax & Miscellaneous Revenue Report E.th Staff presented the 2017 4th Quarter Sales Tax and Miscellaneous Revenue Report, including details on retail sales tax, gambling tax, and admissions tax revenues with sale tax broken out by industry classifications. Total sales tax collections for 2017 were $98 thousand below 2016 and $1.2 million below budget. The largest sector decline of ($115,985) occurred in wholesale trade and the largest sector increase of $105,608 occurred in miscellaneous: unclassifiable establishments. DISCUSSION ONLY.