HomeMy WebLinkAboutCOW 2005-04-25 Item 4E - Review - Financial Policies Co UNCIL AGENDA SYNOPSIS
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ITEM INFORMATION
CAS NUMBER: 05-072 ORIGINAL AGENDA DATE: 04/25/05
AGENDA ITEM TITLE Review Financial Policy Decision Tree
CATEGORY Discussion Motion Resolution Ordinance Bid Award Public Hearing Other
Mtg Date 04/25/05 Mtg Date Mtg Date Mtg Date Mtg Date Mtg Date Mtg Date
SPONSOR Council Mayor Adm Svcs DCD Finance Fire Legal P&R Police PIS
SPONSOR'S Attached for review and discussion with the Committee of the Whole is a decision tree that
SUMMARY has been reviewed with the Finance and Safety Committee. This tool is being utilized to
develop a policy framework for the Tukwila South Development Proposal.
REVIEWED BY COW Mtg. CA &P Cmte F &S Cmte Transportation Cmte
Utilities Cmte Arts Comm. Parks Comm. Planning Comm.
DA'IE: 04/18/05
RECOMMENDATIONS:
SPONSOR /ADMIN.
COMMri r E Review and seek input of the Committee of the Whole
COST IMPACT FUND SOURCE
EXPENDITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED
So So So
Fund Source:
Comments:
MTG. DATE RECORD OF COUNCIL ACTION
04/25/05 1
MTG. DATE ATTACHMENTS
04/25/05 Finance Director Memo dated April 19, 2005
Decision Tree Document- Tukwila South Fiscal Policy
Finance Safety Committee minutes dated 4/18/05
City of Tukwila
6200 Southcenter Boulevard. Tukwila, Washington 98188
Steven M. Mullet, Mayor
Committee of the Whole
Il-
From:
Kevin A, Fuhrer, Finance Director
Date:
April 19, 2005
Subject:
Financial Policies Development Update
One of the 2005 goals for the Finance Department is to develop a series of
draft financial policies. Over the span of the last several months, the
Finance and Safety Committee has been developing/reviewing draft
financial policies. The broad areas under review include the topics of debt,
the financial planning model, and general financial policies.
On Monday, April 18, the committee met to begin initial policy development
relative to the Tukwila South Development Proposal. A decision tree
process was employed with the underlying objective of identifying a
framework upon which a draft policy may be formulated,
Given the magnitude of the proposed project, it is the desire of the
committee to share and discuss the decision tree with the Committee of the
Wh~le and to seek your input. I have attached the decision tree document
for your review.
I look forward to reviewing this information with you on Monday, April 25.
Phone: 206-433-1800 · City Hall Fax: 206-433-1833 · www.ci.tukwila.wa.us
Decision Tree - Tukwila South Fiscal Policy
Finance and Safety Committee
April 18,2005
Present:
Dennis Robertson, Chair; Pam Carter, Dave Fenton
Kevin Fuhrer, Rhonda Berry, Derek Speck, Nick Olivas, Pat Brodin, Jim Morrow,
Jane Cantu, Steve Lancaster, Lisa Verner, Lucy Lauterbach; Sue Carlson-La
Pianta
1. Kev Card Access Public Works is working toward a more secure entry system for City Hall
and the 6300 building. They asked for bids for access controls for the two buildings. The lowest
bid came from Customer Security Systems with a bid of$83,883.10. A new system will be able
to track who enters which building at what time, and offers customizable automatic door locking.
The bid will allow the city to create identity cards for employees. When an employee leaves,
hislher acc,ess will be removed from the system. The $84,000 bid includes keying all interior
doors in the two buildings, and it's possible those all won't need to be on the system. It was
easier to include them now and take them off later than to add them to a lower priced contract.
Dave asked.ifMary Miotke has been involved, and Pat said she was. Pam asked abou~
emergency access by police or fire. Jim said that it will work very similarly to the way it is now.
He also said if the power goes out there is back up battery power that will be activated. The
main doors to the two buildings will be open during business hours. Funding for the project is in
the 303 budget. Recommend contract with Custom Security Systems for $83,883,10 to COW
and Re2ular Meetin2s. . . ,
\It 2. Financial Policies Kevin had prepared a new draft of the financial policies based on
l' comments from the last meeting when the topic was discussed. The committee went through the
policies, and suggested some editing changes. There was a lively discussion about procedures for
expenditures for both CIP and for other purposes. Policy OF 5 was amended to apply to non-CIP
grants, where grant applications will be reported to the appropriate committee. In the main body
of the policies a section on Capital Expenditures had a split among the three members. The
controversial issue related to capital grants with local matching requirements, and how much
Council approval was needed before application for those grants, Pam C noted the current CIP
policy is for staff to get committee approval with a report to Council before application for the
grant, with Council approval for the grant to be accepted. The draft in the financial policies said
those grant applications should get Council approval. Another provision was to have capital
improvement proj ects of "limited benefit" to be paid by the developer. Committee members
wanted to be sure that meant projects like Cascade View surface water project and the
Allentown/Foster Point projects were still allowed with the new policy. Reschedule draft
policies.
3. Tukwila Vallev South Fundin2 Kevin provided a color-coded decision tree for funding
options for TVS, The first decision about whether to participate in the TVS proj ect was
affirmative from all three members. The second issue was whether the city should issue bonds,
and if so at what level. Kevin said he had talked to bond underwriters who told him that a city
should only bond about 750/0 of their capacity. Though they can bond more, it could have an
impact on their bond rating. Considering Tukwila's bonding capacity (including $26 m. in