2019-06-24 Finance Minutes - Laserfiche WebLink

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Finance Committee Minutes June 24, 2019 B. Public Safety Plan: UTGO & LTGO Bond Ordinances Staff is seeking Council approval of an ordinance to authorize the issuance of not to exceed $40.885 million in Unlimited Tax General Obligation (UTGO) bonds and not to exceed $25 million in Limited Tax General Obligation (LTGO) bonds for the Public Safety Plan. This bond issuance is provided for in the 2019-2020 biennial budget and costs will be reduced by timing LTGO with UTGO bonds. Mr. Brown provided an overview of the financings including background, timing considerations, and milestones. Committee members asked clarifying questions and asked for an updated debt service chart. UNANIMOUS APPROVAL. FORWARD TO JULY 8, 2019 COMMITTEE OF THE WHOLE. C. Contract: Health Care Broker Services Staff is seeking Council approval of a contract with USI Insurance for healthcare broker services in an annual amount of $90,000, not to exceed $7,500.00 per month, for a term of 36 months. The City received five responses to its Request For Proposals, and USI was determined to be the most qualified based upon experience and service. Funding for this contract exists within the 502 medical plan fund. Councilmember Hougardy asked if service providers would change. Staff replied that minor adjustments may be made but it is into the intent to change providers. Chair McLeod asked if there is a cost savings associated with the change in brokers. Staff said that there may be savings associated with benefit changes but the immediate benefit is the customer service to employees. Councilmember Quinn stated appreciation for the City engaging in a competitive bidding process for this service. UNANIMOUS APPROVAL. FORWARD TO JULY 8, 2019 COMMITTEE OF THE WHOLE. D. April 2019 Department Budget-to-Actuals Report Staff presented the Committee with the April 2019 Financial Report, which describes the general state of departmental expenditures and highlights significant trends. General Fund expenditures totaled $22.4 million as compared to the allocated budget of $22.8 million. The allocated budget reflects year-to-date spending patterns of the previous year. Significant unbudgeted events include the East Marginal Way power pole accident on April 5 and the February snowstorms. A claim totaling $245K has been initiated with the Washington Cities Insurance Authority for reimbursement of the expenses associated with the power pole incident. Unbudgeted costs associated with the snowstorms total $81,497. 11 of 14 General Fund departments were under their allocated budget. Fire, Street Maintenance & Operations, and Community Development have overages due to pipeline positions and overtime costs, snow and power pole events, professional services and structural code compliance review respectively. DISCUSSION ONLY. III. MISCELLANEOUS AdjourJed at 6:29 p.m. Committee Chair Approval Minutes by LH