2018-02-21 Finance Minutes - Laserfiche WebLink

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&CH;H=?#IGGCNN?? -CHON?MȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚȚ&?<LO;LS Ǵǳț ǴǲǳǺ Public Safety Plan Financing C. Committee members and staff continued the discussion on financing the Public Safety Plan budget gap. Using feedback from the February 6, 2018 meeting, staff began building an iterative financial planning matrix that will evolve to show financial implications of potential policy decisions. There are currently two versions, one showing 20-year councilmanic bonds and one showing 30-year, both including the full cost of debt service and annual payment. Land sales, one-time funds and ongoing REET 1 are also reflected. Staff provided a review of new revenue options available to the Council, including levy lid lift, voter-approved bond, B&O tax, Transportation Benefit District (voter-approved and councilmanic), Local Improvement District, reexamination of existing taxes/fees, Utility Tax, and Utility Franchise Fee. Councilmember Robertson asked that Line 8 of the new revenue table show which fees and taxes Tukwila currently collects. Staff asked the Committee which of these options should be investigated further for inclusion in the planning matrix. The Committee made it clear they were not interested in a levy lid lift or additional bond measure. The following items were requested: Possibility of structuring a B&O tax because businesses are a large consumer of public- safety related services and such a tax could provide more parity with the residential population; any such tax would be levied only on larger businesses Local Improvement District Staff then reviewed the follow ups to requests made at the last meeting as shown underlined in the packet. Committee members and staff next reviewed the financial planning matrices described above. Councilmember Robertson asked for a list of City-owned properties. Staff will add to the financial planning matrix discussion, and the next meeting will include discussion on potential changes to operations and capital project prioritization. RETURN TO COMMITTEE. Potential Sale of City Properties D. Staff is seeking Council approval of a process to sell three parcels of City-owned land at 3747 South 146 Street (formerly Travelers Choice Motel), 12026 42 Avenue South (formerly thnd Allentown fire station), and the Longacres Parcel (north of Longacres Way). If the Council approves of the process, staff will solicit proposals and negotiate terms, then return to the Council to execute purchase and sale agreements. Councilmembers Quinn and Robertson were supportive of the plan to sell all three properties for reasons outlined in the memo. Councilmember Kruller supports the sale of the Allentown and Longacres property, but not the former Travelers Choice property on the grounds that the value could grow significantly. Several City officials will be attending a regional economic forecast conference that may provide information on this. DIVIDED RECOMMENDATION. FORWARD TO FEBRUARY 26, 2018 COMMITTEE OF THE WHOLE.