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City of Tukwila <br />City Council Finance Committee <br />FINANCE COMMITTEE <br />Meeting Minutes <br />September 19, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall <br />Councilmembers: Thomas McLeod, Acting Chair; Dennis Robertson, Kathy Hougardy <br />Staff: Jay Wittwer, Vicky Carlsen, Craig Zellerhoff, Chris Flores, Rachel Bianchi, Laurel <br />Humphrey <br />CALL TO ORDER: Committee Chair Seal called the meeting to order at 5:30 p.m. <br />I. PRESENTATIONS <br />II. BUSINESS AGENDA <br />A. 2017 2nd Quarter Cash & Investment Report <br />Staff presented the 2nd Quarter Cash and Investment Report for 2017, including information on <br />the City's portfolio components, performance, policy compliance and liquidity analysis, fund <br />cash and investment balances, and investment environment. At June 30, 2017, the portfolio <br />totaled $96.708 million comprising $82.504 million in cash and cash equivalents and $14.205 <br />million in longer term investments. DISCUSSION ONLY. <br />B. July 2017 Department Budget -to -Actuals Report <br />Staff provided a report on expenditures compared to allocated budget for each department for <br />the month of July 2017. DISCUSSION ONLY. <br />C. Fire Department Budget <br />Staff briefed the Committee on an anticipated budget overage in the Fire Department's 2017 <br />budget. This is largely due to fewer than anticipated retirements this year and a full slate of five <br />filled pipeline positions. Retirements have averaged three a year since 2012 yet there has been <br />only one in 2017 so far. There are also unpredictable expenditures related to the deployments <br />to hurricane impacted areas. Reimbursements for these deployments will likely not be received <br />until next year, so the expenditure in 2017 will require a budget amendment. Staff is currently <br />analyzing the Fire Department budget in greater detail and will return to Committee with <br />additional information. RETURN TO COMMITTEE. <br />III. MISCELLANEOUS <br />Adjourned at 5:57 p.m. <br />Committee Chair Approval <br />Minutes by LH <br />