2017-05-02 Finance Minutes - Laserfiche WebLink

Browse Search

FINANCE COMMITTEE Meeting Minutes City Council Finance Committee May 2, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod Staff: Peggy McCarthy, Vicky Carlsen, Laurel Humphrey CALL TO ORDER: Chair Seal called the meeting to order at 5:30 p.m. I. PRESENTATIONS II. BUSINESSAGENDA A. Ordinance: Removing Tukwila Municipal Code 3.32.040 Staff previously proposed an ordinance that would remove Tukwila Municipal Code Section 3.32.040 "Unbudgeted Equipment or Fixed Assets." This provision requires Mayor and Committee (not full Council) approval of unbudgeted capital equipment or fixed assets costing between $5,000- $39,999. Following the Committee of the Whole's referral of this item back to Committee, staff is seeking direction on how to appropriately streamline purchasing practices. The Committee discussed the pros and cons of several options as outlined in the packet. They requested that staff return to Committee with a proposal that leaves TMC 3.32.040 in the Code as is, but with an accompanying financial policy that clarifies the interpretation to mean that if sufficient appropriation exists to cover a proposed fixed asset or capital purchase (under $40,000) it is deemed budgeted. "Unbudgeted" will mean that the department's capital asset line item has insufficient budget for the desired purchase. The Committee made it clear that regardless of the amount, purchases with a policy implication should always be reviewed by the Council. RETURN TO COMMITTEE. B. 20164 th Quarter Cash and Investment Report Staff presented the 4th Quarter Cash and Investment Report for 2017, including information on the City's portfolio components, performance, policy compliance and liquidity analysis, fund cash and investment balances, and investment environment. At December 31, 2016, the portfolio totaled $93.3 million comprising $82.9 million in cash and cash equivalents and $10.55 million in longer term investments. Councilmember McLeod would like more information about land sales and staff will follow up. INFORMATION ONLY.