HomeMy WebLinkAbout2017-09-19 Finance MinutesCity of Tukwila
City Council Finance Committee
FINANCE COMMITTEE
Meeting Minutes
September 19, 2017 - 5:30 p.m. - Hazelnut Conference Room, City Hall
Councilmembers: Thomas McLeod, Acting Chair; Dennis Robertson, Kathy Hougardy
Staff: Jay Wittwer, Vicky Carlsen, Craig Zellerhoff, Chris Flores, Rachel Bianchi, Laurel
Humphrey
CALL TO ORDER: Committee Chair Seal called the meeting to order at 5:30 p.m.
I. PRESENTATIONS
II. BUSINESS AGENDA
A. 2017 2nd Quarter Cash & Investment Report
Staff presented the 2nd 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 June 30, 2017, the portfolio
totaled $96.708 million comprising $82.504 million in cash and cash equivalents and $14.205
million in longer term investments. DISCUSSION ONLY.
B. July 2017 Department Budget -to -Actuals Report
Staff provided a report on expenditures compared to allocated budget for each department for
the month of July 2017. DISCUSSION ONLY.
C. Fire Department Budget
Staff briefed the Committee on an anticipated budget overage in the Fire Department's 2017
budget. This is largely due to fewer than anticipated retirements this year and a full slate of five
filled pipeline positions. Retirements have averaged three a year since 2012 yet there has been
only one in 2017 so far. There are also unpredictable expenditures related to the deployments
to hurricane impacted areas. Reimbursements for these deployments will likely not be received
until next year, so the expenditure in 2017 will require a budget amendment. Staff is currently
analyzing the Fire Department budget in greater detail and will return to Committee with
additional information. RETURN TO COMMITTEE.
III. MISCELLANEOUS
Adjourned at 5:57 p.m.
Committee Chair Approval
Minutes by LH