HomeMy WebLinkAbout2010-03-02 Finance and Safety MinutesFINANCE AND SAFETY COMMITTEE
Meeting Minutes
March 2, 2010 5:00 p.m.; Conference Room #3
CALL TO ORDER: Chair Quinn called the meeting to order at 4:59 p.m.
I. PRESENTATIONS
No presentations.
III. MISCELLANEOUS
Meeting adjourned at 5:34 p.m.
Next meeting: Tuesday, March 16, 2010 5:00 p.m. Conference Room #3
Committee Chair Approval
Minutes by KAM.
City of Tukwila
Finance and Safety Committee
PRESENT
Councilmembers: De' Sean Quinn, Chair; Allan Ekberg and Kathy Hougardy
Staff: Peggy McCarthy, Bruce Linton, Nick Olivas, Steve Lancaster and Kimberly Matej
Guest: Chuck Parrish
II. BUSINESS AGENDA
A. City Investment Renort
As an information only item, staff provided the quarterly update to the Committee regarding investment
reports relative to the requirements set forth by Finance Policy 03 -17.
Peggy McCarthy reported on the City's state of affairs regarding investments. She distributed an updated
Investment Portfolio Summary as of December 31, 2009. She reported that rates are low and are
anticipated to remain low for sometime, at least six months or more. Return rates are considerably lower
than has been experienced for many years.
Peggy explained that due to recent requirements issued by the Public Deposit Protection Commission
(PDPC), some banks are hesitant to accept public fund (local government) deposits. Cash equivalents and
long -term investments were also reviewed, with a note that the City is functioning as best it can in
consideration of the low return on investments. INFORMATION ONLY.
B. Sales Tax Renort
Peggy reviewed sales tax revenue through December 31, 2009. Receipts for December continued to be
below budget estimates. Overall, 2009 receipts were below budget by over $3.5 million, and fell below
actual receipts for 2008 by over $1.5 million. Sales receipts were down over 26% for the year from
budget estimates. The City received at total of $1,589,000 in streamlined sales tax mitigation payments
which is included in the sales receipts totals above. INFORMATION ONLY.