HomeMy WebLinkAbout2017-05-02 Finance MinutesFINANCE COMMITTEE
Meeting Minutes
City Council Finance Committee
May 2, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall
Councilmembers: Verna Seal, Chair; Kathy Hougardy, Thomas McLeod
Staff: Peggy McCarthy, Vicky Carlsen, Laurel Humphrey
CALL TO ORDER: Chair Seal called the meeting to order at 5:30 p.m.
I. PRESENTATIONS
II. BUSINESSAGENDA
A. Ordinance: Removing Tukwila Municipal Code 3.32.040
Staff previously proposed an ordinance that would remove Tukwila Municipal Code Section
3.32.040 "Unbudgeted Equipment or Fixed Assets." This provision requires Mayor and
Committee (not full Council) approval of unbudgeted capital equipment or fixed assets costing
between $5,000- $39,999. Following the Committee of the Whole's referral of this item back to
Committee, staff is seeking direction on how to appropriately streamline purchasing practices.
The Committee discussed the pros and cons of several options as outlined in the packet. They
requested that staff return to Committee with a proposal that leaves TMC 3.32.040 in the Code
as is, but with an accompanying financial policy that clarifies the interpretation to mean that if
sufficient appropriation exists to cover a proposed fixed asset or capital purchase (under
$40,000) it is deemed budgeted. "Unbudgeted" will mean that the department's capital asset
line item has insufficient budget for the desired purchase. The Committee made it clear that
regardless of the amount, purchases with a policy implication should always be reviewed by
the Council. RETURN TO COMMITTEE.
B. 20164 th Quarter Cash and Investment Report
Staff presented the 4th Quarter Cash and Investment Report for 2017, including information on
the City's portfolio components, performance, policy compliance and liquidity analysis, fund
cash and investment balances, and investment environment. At December 31, 2016, the
portfolio totaled $93.3 million comprising $82.9 million in cash and cash equivalents and $10.55
million in longer term investments. Councilmember McLeod would like more information
about land sales and staff will follow up. INFORMATION ONLY.
Finance Committee Minutes ........................................................................................................ ............................... April 18, 2017
III. MISCELLANEOUS
Adjourned at 6:20 p.m.
li - --- --Committee Chair Approval
Minutes by LH