2017-03-21 Finance Minutes - Laserfiche WebLink

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FINANCE COMMITTEE • . f 1 • City Council Finance Committee Meeting Minutes March 21, 2017- 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod Staff: David Cline, Peggy McCarthy, Vicky Carlsen, Jay Wittwer, Laurel Humphrey CALL TO ORDER: Chair Seal called the meeting to order at 5:30 p.m. I. PRESENTATIONS II. BUSINESSAGENDA A. Ordinance: Updating Structure of Public Safety Bond Financial Oversight Committee Staff is seeking Council approval of an ordinance that would amend Ordinance 2509 to make specifications about the makeup of the Public Safety Bond Financial Oversight Committee more general. The original ordinance specified that the Committee would include five members comprising two residents, two members of the business community, and one member from a nonprofit located in Tukwila. The Council later adopted a Charter for the Committee by Resolution 1892 that specified five members comprising two residents, two members from the business community, and one "at- large" member who could be from the residential, business or nonprofit category. The proposed ordinance specifies only "at least five members" so that if future changes are desired by Council or necessitated by circumstance, only the Charter will need to be amended. This will also eliminate the inconsistency across the legislative documents. The Committee agreed with the proposed change but requested that staff seek legal advice regarding the definition of "the economic life of the Project" regarding the Financial Oversight Committee's duration. RETURN TO COMMITTEE. B. Applications for the Public Safety Bond Financial Oversight Committee The City Council is seeking to appoint membership of the Public Safety Bond Financial Oversight Committee as authorized by Ordinance 2509 and Resolution 1892. The Charter provides for a committee of five members including two residents, two members from the business community and one at -large member. The Committee reviewed the ten applications received by the City and unanimously recommended the following individuals: Jun Castillo (resident), Sean Goode (resident), Jessica Jerwa (resident), Andy Reiswig (business), and Randy Coplen (business). UNANIMOUS APPROVAL. FORWARD TO MARCH 27, 2017 COMMITTEE OF THE WHOLE. C. 2016 General Fund Preliminary Results Staff updated the Committee on the preliminary 2016 Annual Financial Report which summarizes the general state of the General Fund. Preliminary results reveal a positive General Fund impact of $462 thousand, revenues of $58.9 million, and expenditures of $58.5 million. DISCUSSION ONLY.