HomeMy WebLinkAbout2020-11-09 Finance Minutes4
d.91?City Councit•Committee
Meeting Minutes
No vember 9, 2020 - 5:30 p. m. - Electronic Meeting due to COVID-19 Emergency
Councilmembers Present- Verna Seal, Chair; Kathy Hougardy, Zak Idan
Staff Present.• Rachel Bianchi, Sherry Wright, Gail Labanara, Vicky Carlsen, Tony
Cullerton, Laurel Humphrey
Chair Seal called the meeting to order at 5:30 p.m.
I. BUSINESSAGENDA
A. Resolution: 2021 Legislative Agenda
Staff is seeking Council approval of a resolution to adopt the 2021 Legislative Agenda.
Item(s)requiring follow-up
Add item relating to bank de-risking/financial inclusion
Committee Recommendation
Unanimous approval. Forward to November 16, 2020 Regular Meeting.
B. Financial Policies Legislation
Staff is seeking Council approval of a resolution adopting revised Financial Policies, a
resolution adopting a Purchasing Policy, and an ordinance amending Tukwila Municipal
Code Chapter 3.32.
Item(s) needing follow-up:
• Add "The City shall, whenever practical and advantageous, pursue grant funding" to the
beginning of Financial Policy 5a.
• Add reference to TMC REET provision to Financial Policy 60.
• Clarify that committee approvals are needed prior to applying for grants requiring a local
match.
• Remove "to the extent possible" from the first sentence in Purchasing Policy 4D.
• Change first sentence of Purchasing Policy 15A to "The contractor or consultant may be
required to provide the City with a Certificate of Insurance..."
Committee Recommendation
Unanimous approval. Forward to November 23, 2020 Committee of the Whole.
Finance Committee Minutes......................................................................................................................November9, 2020
C. City Council 2021-2022 Travel Budget
Staff is seeking a Committee recommendation on the 2021-2022 Council travel budget,
initially proposed as a 50% reduction from 2019-2020.
Committee Recommendation
Unanimous approval to proceed with the 50% reduction ($15k per year) in the proposed
budget, subject to adjustment if revenues return.
D. 2020 3rd Quarter Cash & Investment Report
As of September 30, 2020, the portfolio totaled $75.6 million comprising $71.6 million in cash
and cash equivalents and $4.0 million in longer term investments.
Committee Recommendation
Discussion only.
II. MISCELLANEOUS
The meeting adjourned at 6:52 p.m.
Committee Chair Approval
Minutes by LH