The URL can be used to link to this page

Home My WebLink About2007-07-16 Finance and Safety Minutes Ci Finznce& Saf Committee FINANCE AND SAFETY COMMITTEE Meeting Minutes July /6,2007-5:00/zm. PRESENT Connoi|nmembem: Jim Huggodon, Chair; Joan Hernandez and Dennis Robertson Staff DooIoruuuo, DJ Baskin, KeviuFubror, Rhonda Berry and Kimberly Mu1 j Guests: Chuck Parrish CALL 1[OORDER: Committee Chair Duogerton called the meeting tn order u15:02p.om. 1. PRES ENTATIONS No presentations. H. BUSINESS AGENDA A. Variance for Installation of an Above Ground Stand-bv Generator at 18700 Orillia Road South Staff is requesting Council approval to grant u variation that would uUovv issuance of permit to install an above ground diesel fuel tank for service to u generator u1 18700 Odl|iuRoud South. This request comes as u result of\/crizooWireless' desire to euaoro system reliability of the \/erizou cellular network during times of inclement weather such uo the December 2UO6 windstorm. The generator would hc located within the far west property limits of the Bow Lake Transfer Station; not visible from 1'5 but visible from within the transfer station property. Staff ix supportive oy the \/miznn request and has required the company toprovide appropriate landscape screening if the variance io approved hv full Council. Staff must ocoore Council approval for this pen variance since it bnmb/cm the installation of an above ground fuel tank located in a zoning classification which generally restricts such tanks. Previous exceptions similar to this have been approved. UNANIMOUS APPROVAL. FORWARD TO JULY 23 COW' B. Fireworks Diuohaee Permit for Private Event Staff has approved uFircvrorko Discharge Permit for 8utunjuy, August 18 2007, ut approximately A:00 a.m. for the residence located at 16456 53'` 9(uco South. On this date and at this location a onito»n'ypcuiDc wedding ceremony will take place. As a ouuttcc of tradition for good luck and pnnoperhv u string of firecrackers will be discharged as the ceremony closes. Conditional approval of the permit includes neighbor notification of the festivities as well as u site visit from fire prevention personnel to cmonno safe discharge preparation. EWORMATION ONLY. C. Sales Tax Revenue lJndutc Kevin discussed the sales tax revenue memo and accompanying charts that were included in the Cornnoh1ce agenda packet. Currently, sales tax revenue is 6.45% above estimated receipts. 1dcul6' it is best for the City to nouiotuio u 4% range variance. As with last month's report, staff attributes umajority of the revenue iooncume to new construction. Tukwila io currently experiencing u very unique construction upsurge, and dio necessary for staff to monitor this trend and consider use of one-time revenues if the growth continues. It is also important to protect the City from using these extra funds for duy-to'duyneeds. Staff commented that construction will cuiuo the property huno for uononooruiul properties; however, these properties are uoacoocd at u one-time value and iu the years following, it really just builds up our axaryscd valuation rate. Finance & Safetv Committee Minutes Julv 16, 2007 - Paqe 2 The Committee was reminded that the increase in construction activity has represented the overall increase in our projections, and that road construction is exempt from sales tax. INFORMATION ONLY. ill. ANNOUNCEMENTS No announcements. IV. MISCELLANEOUS A. Kevin provided the Committee with a response to information that was requested at the July 2, 2007, Finance and Safety Committee meeting. A spreadsheet was distributed outlining authorized bonds, respective maturity dates, outstanding balances and annual payments including principal and interest. The following information was provided: . Amount of the City's indebtedness. broken down by amounts of the oril!inalloans With non-utility related debt, there are four funds where the City has issued councilmatic bonds. The attached spreadsheet, submitted by staff, breaks down the specific loans by authorized amount and outstanding balance. . Amount of the annual debt service payments The City's current annual debt service payments total almost $2.5 million. . Amount the City currently owns on the Tukwila Villal!e property Derek will be covering this inquiry during his discussion of Tukwila Village at tonight's City Council meeting. . Amount of annual debt service payments for Tukwila Villal!e bonded indebtedness Kevin is still working on compiling this information. He is researching the original files and trying to extrapolate information. Difficulties are resulting because this was a combined bond. . Amount of bondine capacity the City has left As of December 31, 2006, the amount of legal bonding capacity the City had left was just under $35 million; however, Council policy provides for a 75% bonding limitation reducing the allowable bonding amount to $19.9 million. The calculation for this capacity is based on the City's total assessed valuation, consideration of current indebtedness and financial liability (including compensated absences - employee buyout for retirement including sick leave, vacation time, etc.). B. Joan expressed her concern regarding the same day scheduling of the 2007 Mid Year Budget Review and the IAFF Candidate Forum for August 2. She inquired if the Mid Year Budget Review could possibly be rescheduled for another day. The issue will be discussed at tonight's full Council meeting. C. DJ Baskin reported that the Police Department was recently notified of a grant authorization in the amount of $29,453 from the 2007 Edward Byrne Justice Assistance Grant Program. This funding is to be utilized for items not currently budgeted. The proposed uses for the funding are: 1. Crime Scene Mapping and Incident Response Preparation 2. Utilize Existing Technology to Monitor Pawned Property 3. Enhance Emergency Operations Center in Police Department (training room and equipment) Matching funds are not required for the grant; however, all interested parties must have an opportunity to respond to the proposed use for funds. INFORMATION ONLY. Meeting adjourned at 6:06 p.m. Next meeting: Monday, August 6, 2007 - 5:00 p.m. - Conference Room 3 $;1'/ fI Committee Chair Approval Minutes by KAM. 1999 Limited GO Streets /Facilities Fund 207 2000 Limited GO Facilities Fund 208 2003 Limited GO Streets Fund 209 2003 Limited GO Refunding Facilities Fund 210 2003 Limited GO Golf Course Fund 209 Total Non -voted Bonding Capacity Remaining @ 12/31/2006 ($59,219,003 - $24,494,996 outstanding) 75% Policy Limit ($59,219,003 x 75% = $44,414,252) Authorized Maturity Date $ 10,000,000 $ 2,551,600 $ 6,277,500 $ 4,195,000 $ 5,772,500 $ 28,796,600 $ 34,724,007 $ 19,919,256 December 2019 December 2015 December 2023 December 2014 December 2023 Annual Payment Outstanding (P &I) Principal Interest $ 7,585,000 $ 1,755,000 $ 6,277,500 $ 3,235,000 $ 4,547,500 $ 23,400,000 $ 832,305 $ 250,000 $ 468,518 $ 489,000 $ 434,615 $ 2,474,438 $ 420,000 $ 160,000 $ 230,000 $ 350,000 $ 215,000 $ 1,375,000 $ 412,305 $ 90,000 $ 238,518 $ 139,000 $ 219,615 $ 1,099,438