HomeMy WebLinkAbout2017-03-21 Finance MinutesFINANCE COMMITTEE
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City Council Finance Committee
Meeting Minutes
March 21, 2017- 5:30 p.m. - Hazelnut Conference Room, City Hall
Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod
Staff: David Cline, Peggy McCarthy, Vicky Carlsen, Jay Wittwer, Laurel Humphrey
CALL TO ORDER: Chair Seal called the meeting to order at 5:30 p.m.
I. PRESENTATIONS
II. BUSINESSAGENDA
A. Ordinance: Updating Structure of Public Safety Bond Financial Oversight Committee
Staff is seeking Council approval of an ordinance that would amend Ordinance 2509 to make
specifications about the makeup of the Public Safety Bond Financial Oversight Committee
more general. The original ordinance specified that the Committee would include five
members comprising two residents, two members of the business community, and one
member from a nonprofit located in Tukwila. The Council later adopted a Charter for the
Committee by Resolution 1892 that specified five members comprising two residents, two
members from the business community, and one "at- large" member who could be from the
residential, business or nonprofit category. The proposed ordinance specifies only "at least five
members" so that if future changes are desired by Council or necessitated by circumstance,
only the Charter will need to be amended. This will also eliminate the inconsistency across the
legislative documents. The Committee agreed with the proposed change but requested that
staff seek legal advice regarding the definition of "the economic life of the Project" regarding
the Financial Oversight Committee's duration. RETURN TO COMMITTEE.
B. Applications for the Public Safety Bond Financial Oversight Committee
The City Council is seeking to appoint membership of the Public Safety Bond Financial
Oversight Committee as authorized by Ordinance 2509 and Resolution 1892. The Charter
provides for a committee of five members including two residents, two members from the
business community and one at -large member. The Committee reviewed the ten applications
received by the City and unanimously recommended the following individuals: Jun Castillo
(resident), Sean Goode (resident), Jessica Jerwa (resident), Andy Reiswig (business), and Randy
Coplen (business). UNANIMOUS APPROVAL. FORWARD TO MARCH 27, 2017 COMMITTEE OF
THE WHOLE.
C. 2016 General Fund Preliminary Results
Staff updated the Committee on the preliminary 2016 Annual Financial Report which
summarizes the general state of the General Fund. Preliminary results reveal a positive General
Fund impact of $462 thousand, revenues of $58.9 million, and expenditures of $58.5 million.
DISCUSSION ONLY.
Finance Committee Minutes ...................................................................................................... ............................... March 21, 2017
D. January 2017 Department Budgets -to- Actuals
in response to Financial Policy GF -5 adopted along with the 2017 -2018 biennial budget, staff
provided a report on expenditures compared to allocated budget for each department for the
month of January 2017. Staff will be providing this report monthly. DISCUSSION ONLY.
III. MISCELLANEOUS
Adjourned at 6:29 p.m.
1 71 l �._ � Committee ChairApproval
Minutes by LH