2018-11-06 Finance Minutes - Laserfiche WebLink

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Finance Committee Minutes November 6, 2018 B. TAX LEVY LEGISLATION Staff is seeking Council approval of two ordinances relating to property tax: one that would increase the City's Regular Property Tax Levy from 2018, and one that would levy general and excess property taxes. These ordinances are presented to the Council on an annual basis. According to the King County Assessor, the projected assessed value for Tukwila is $6,709,378,301. The ordinance to set the general tax levy also includes the excess levy related to the Public Safety Plan, which will be assessed as long as the bonds are outstanding. The total excess levy requirement for 2019 is $2,840,000 with an approximate levy rate of $0.43 per thousand. The maximum allowable levy is estimated to be $3.49003, but due to the 1% limitation, the preliminary levy rate is estimated to be $2.37331. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 13, 2018 COMMITTEE OF THE WHOLE. C. BUDGET LEGISLATION Staff is seeking Council approval of an ordinance to adopt the 2019-2020 Biennial Budget and a resolution to adopt the 2019-2020 Financial Planning Model and Capital Improvement Program. These are the legislative mechanisms to adopt the budget and CIP but the Council still has budget discussion scheduled for the next several Council meetings. FORWARD TO NOVEMBER 13, 2018 COMMITTEE OF THE WHOLE FOR PUBLIC HEARING. D. RESOLUTION: FINANCIAL POLICIES Staff is seeking Council approval of a resolution that would amend the General Financial Policies that are included as appendices to the adopted Budget and Capital Improvement Program. The policies represent values and expectations for financial planning, budging, accounting, report and other management practices. Revisions for the next biennium include two new policies and minor adjustments to the others. Proposed new policy FP-7 would clarify the interpretation of TMC 3.32.040 to mean that if sufficient appropriation exists to cover a capital purchase within the Mayor's signing authority, it is deemed budgeted and does not require Committee approval. Proposed new policy GF-6 states that the City Council will receive a list of contracts on a quarterly basis, proposed to begin in 1st Quarter 2019. Councilmember Kruller questioned whether the proposed interpretation of "unbudgeted" in TMC 3.32.040 would reduce Council's visibility to certain transactions. Councilmember Robertson expressed that Council time could be better spent on more impactful issues and he supports the interpretation. Committee Chair Quinn indicated this interpretation, along with the new policy on contract reporting, would move the Council forward. Policy GF-5 was also discussed, though no revisions to this policy were proposed. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 13, 2018 COMMITTEE OF THE WHOLE. E. AGREEMENT: BUSINESS LICENSING Staff is seeking Council approval of an agreement with the Washington State Department of Revenue Business License Services (BLS) to establish the terms under which BLS will act as the City's agent for processing business licenses. Engrossed House Bill 2005 requires any city with a general business license to partner with the state on a combined license service. UNANIMOUS APPROVAL. FORWARD TO NOVEMBER 19, 2018 REGULAR CONSENT AGENDA.