2018-05-22 Finance Minutes - Laserfiche WebLink

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City of Tukwila City Council Finance Committee FINANCE COMMITTEE Meeting Minutes May 22, 2018 - 5:30 p.m. - Hazelnut Conference Room, City Hall Councilmembers: De'Sean Quinn, Chair; Dennis Robertson, Kate Kruller Staff: David Cline, Stephanie Brown, Erika Eddins, Gail Labanara, Jay Wittwer, Vicky Carlsen, Laura Crandall, Rachel Bianchi Guest: Mohamed Ahmed, student CALL TO ORDER: Committee Chair Quinn called the meeting to order at 5:30 p.m. I. PRESENTATIONS II. BUSINESS AGENDA A. Compensation Policy Proposed Timeline Staff updated the Committee on a proposed process and timeline for the review and potential amendment to Resolution 1796, which sets the policy for compensation and benefits for employees. At the March 20, 2018 meeting, the Finance Committee requested that the process include an updated market study, input from non -represented employees, background on decision band methodology, analysis on gender neutrality, desk audits, performance reviews, appeals, merit pay and compression, and a full Council work session to understand the background. The Committee agreed with the proposed timeline, which includes a June Council work session, Committee review over July and August, and potential action in September. Staff will work with the Chair on the work session agenda. DISCUSSION ONLY. B. Preliminary Six -Year Financial Forecast/Public Safety Plan Financing Staff presented the first preliminary six-year financial forecast using the new financial modeling tool Whitebirch, which was previewed for the Committee at the last meeting. The new tool provides greater predictive accuracy, monitors for structural deficits, and models flexible scenarios. As before with "Attachment A," the projections show a decrease in the third biennium, which the City addresses through course corrections each year via the budget. The preliminary results show that 2018 is balanced and meets our financial policies. As expected, ongoing revenues are not in alignment with ongoing expenses due to decreasing sales tax and capital project. Staff included an unidentified new revenue source beginning in 2019 to address the flattening sales tax and elimination of sales tax mitigation. Committee members discussed the forecast and requested the following changes: • Update the History of Six -Year Plan Forecasts vs. Actuals graph to include 2017. • Expand the forecast to the next level of detail (for example, open the Business Tax line to show the sub categories and amounts)