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HomeMy WebLinkAbout2009-09-22 Finance and Safety MinutesFINANCE AND SAFETY COMMITTEE Meeting Minutes September 22, 2009 5:00 p.m.; Conference Room #3 PRESENT Councilmembers: Pam Linder, Chair; Joe Duffie and De'Sean Quinn Staff: Shawn Hunstock, Bob Giberson, and Kimberly Matej Guests: Jeremy Eide CALL TO ORDER: Chair Linder called the meeting to order at 5:00 p.m. I. PRESENTATIONS No presentations. City of Tukwila Finance and Safety Committee II. BUSINESS AGENDA A. Seattle Southside Visitor Center Lease This item has been removed from the Committee Agenda, per agreement of the full Council at the Regular Council meeting on September 21, 2009. Since the Seattle Southside Visitor Center Lease is currently in draft form and changes at the staff level are anticipated, Council felt it would be more efficient to review the item once staff has made final changes. Due to time constraints, this item will move directly to the next scheduled COW on September 28, 2009 instead of returning to Committee on October 6. FORWARD TO SEPTEMBER 28 COW FOR DISCUSSION. B. Resolution Ordering the Cancellation of Outstanding. General Fund Claims and Payroll Checks. Municipal Court Checks and Foster Golf Gift Cards Staff is seeking approval of an annual resolution writing -off unredeemed and outstanding items which will be reported to the Washington State Department of Revenue by November 1, 2009. This year's cancellations total $4,602.33. All cancellations will be remitted to the Washington State Department of Revenue Unclaimed Property Section. UNANIMOUS APPROVAL. FORWARD TO SEPTEMBER 28 COW. C. Resolution Opposing Initiative 1033 At the request of the City Council, staff is bringing forward a resolution which opposes Initiative 1033 (I- 1033). Initiative 1033 is scheduled to be on the November 3 General Election ballot. If approved, I -1033 would limit the growth of state, county and city revenue to the annual inflation and population growth. Committee members suggested adding additional language to the resolution that would strengthen the understanding of the initiative's impact on the City, including identifying basic levels of service (i.e.: fire and police) and recession concerns. The Committee discussed possible ways of notifying voters of the importance of opposing this initiative. Shawn Hunstock, Finance Director, will follow -up with the City Attorney to address some of these suggestions and will report out at the September 28 COW. UNANIMOUS APPROVAL. FORWARD TO SEPTEMBER 28 COW. D. Ordinance and Policy Regarding Utility Leak Adiustments Staff is seeking full Council approval of a policy, and subsequent approval of an ordinance, that will provide utility customers with occasional fiscal relief on their water and /or sewer bill due to high consumption as a result of a water leak. Finance Safety Committee Minutes September 22. 2009 Paae 2 We have approximately, 10 -20 instances a year that would be eligible for a utility leak adjustment under this policy. The policy is based on the following parameters: Adjustment of no more than two billings cycles (two months). One leak adjustment per 12 -month period, per account. Water only adjustments cannot exceed a credit of $500. Adjustments will be limited to $5,000 for and combination of water and /or sewer charges, regardless of customer type. Currently, the City of Tukwila is the only member of Cascade Water Alliance who does not have a water and sewer leak adjustment policy. It was also suggested by WCIA that the City implement a formal mechanism to respond to such adjustments. UNANIMOUS APPROVAL. FORWARD TO SEPTEMBER 28 COW FOR DISCUSSION. E. City Investment Update As required by Finance Policy 03 -17, Shawn Hunstock, Finance Director, provided the Committee with a quarterly investment report. Previously, this report has not been presented to the Committee on a regular basis. Shawn reviewed the City's Investment Portfolio Summary with the Committee and stated that we continue to strive for increased returns on investments, but the economic climate makes it extremely challenging at this time. Investments are diversified. Shawn explained that although CD's are not necessarily common among cities, we are currently earning more with CD investments than with the State. Additionally, the CD's we hold with USBank essentially cover the City's bank fees. For example, the CD's earn interest in which we, in turn, use to pay off bank fees. A majority of these cash investments are related to non General Fund monies. INFORMATION ONLY. III. MISCELLANEOUS Meeting adjourned at 5:50 p.m. Next meeting: Wednesday, October 6, 2009 5:00 p.m. Conference Room #3 Committee Chair Approval Minutes by KAM. Reviewed by SH.