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FINANCE COMMITTEE <br />Meeting Minutes <br />• . f 1 • <br />City Council Finance Committee <br />April 18, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall <br />Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod <br />Staff: Peggy McCarthy, Vicky Carlsen, Joseph Todd, Gail Labanara, Chris Flores, Laurel <br />Humphrey <br />Guests: Duncan Brown & Dylan Locati, Public Financial Management, Inc.; Stacey Lewis, <br />Pacifica Law Group <br />CALL TO ORDER: Chair Seal called the meeting to order at 5:30 p.m. <br />I. PRESENTATIONS <br />II. BUSINESSAGENDA <br />A. 2017 -2018 Capital Funding Plan <br />Staff and guests from Public Financial Management, Inc. (PFM) and Pacifica Law Group <br />provided an overview of the 2017 -2018 Capital Funding Plan. The adopted 2017 -2018 Biennial <br />Budget and 2017 -2022 Capital Improvement Plan includes issuance of limited tax general <br />obligation (LTGO) bonds to help finance the 42nd Avenue South and 53rd Avenue South <br />residential street projects and the Public Works shops replacement in the Public Safety Plan. <br />An $8.4 million bond sale for the residential streets project is being considered for issuance this <br />summer. The TIB Redevelopment bond anticipation note matures on December 1, 2017, and if <br />developer proceeds are not received to pay off the debt as planned, the City will need to <br />refinance or use an alternate payment source. It may be possible to apply the UTGO Public <br />Safety bonds to this debt, but the Public Safety Plan ordinance will likely need to be amended. <br />PFM's recommendation will likely be to renew or extend the line of credit. This topic will return <br />to committee later this year, as there is time to plan for the December 1 maturity date. <br />DISCUSSION ONLY. <br />B. Ordinance: Removing Tukwila Municipal Code 3.32.040 <br />Staff is seeking Council approval of an ordinance that would remove Tukwila Municipal Code <br />Section 3.32.040 " Unbudgeted Equipment or Fixed Assets." This provision requires Mayor and <br />Committee (not full Council) approval of unbudgeted capital equipment or fixed assets costing <br />between $5,000- $39,999. These requests are infrequent and cause confusion in the <br />organization. Under this proposal, City processes will be streamlined as the existing TMC <br />3.32.030, "Bids," requiring Council approval of all purchases over $40,000, will serve as the <br />Council's clearly defined authority. Staff noted that once Tukwila's population reaches at least <br />