HomeMy WebLinkAbout2010-10-20 Finance and Safety Minutes sy
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Finance and Safety Committee
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FINANCE AND SAFETY COMMITTEE
Meeting Minutes
October 20, 2010 5:00 p.m.; Conference Room #3
PRESENT
Councilmembers: De' Sean Quinn, Chair; Allan Ekberg and Kathy Hougardy
Staff: Shawn Hunstock, Peggy McCarthy, Nick Olivas, Steve Lancaster and Kimberly Matej
CALL TO ORDER: Chair Quinn called the meeting to order at 5:02 p.m.
I. PRESENTATIONS
No presentations.
II. BUSINESS AGENDA
A. Bankine Services AOreement
Staff is seeking Council approval to enter into a contract with US Bank for services as the City's primary
banking institution for the period of January 1, 2011, through December 31, 2014.
This past July the City sent out a request for proposal to five banks that met the City's minimum banking
requirements; those banks were US Bank, Key Bank, Wells Fargo Bank, Bank of America and West
Coast Bank. West Coast Bank did not respond to the request as they do not believe they have the capacity
to offer the City full services. After a thorough evaluation of proposals as well as interview processes,
staff indentified US Bank and Key Bank as the most competitive choices to provide primary banking
services to the City. Finance staff continued to analyze the fees and costs associate with banking at each
entity, and indentified US Bank as the best choice for the City's current financial and service needs.
Committee Member Ekberg inquired about the consideration of banking entities such as BECU. Staff
reported that credit unions are not insured by the Washington State Public Deposit Protection
Commission (PDPC), who approves which banks can hold state and local government deposits.
UNANIMOUS APPROVAL. FORWARD TO OCTOBER 25 COW FOR DISCUSSION.
B. City Council Preliminary 2011 -12 Budget Review
The Committee reviewed the 2011 -12 Biennial Budget pages as listed below in preparation of full
Council discussion and review of the budget.
SECTION 1 Budget Pages 1 CIP Pages
Insurance Fund LEOFF1 1 OF -44 1 1
Firemen's Pension Fund 1 OF -45 1
Fire 1 GF -119 to GF -141 1
Fire Reserve Equipment 1 OF -9 1
Committee Member Ekberg requested the annual calls for service for the Fire Department be provided for
2008 and 2009, and be broken down by station, as appropriate.
C. First Review of Revenue Proiections for 2011 -12 Budget
Due to meeting time constraints, this item will be moved to the next Finance Safety Committee
meeting for discussion.
Finance Safety Committee Minutes October 19. 2010 Paae 2
III. MISCELLANEOUS
Meeting adjourned at 5:59 p.m.
Next meeting: Tuesday, November 2, 2010 5:00 p.m. Conf. Room #3
40 Committee Chair Approval
Minutes by KAM. Reviewed by SH.