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2011.02.04 CC Retreat Agenda Packet                 AGENDA EDMONDS CITY COUNCIL City Hall, Brackett Meeting Room 121 - 5th Avenue North, Edmonds FEBRUARY 4 AND 5, 2011 City Council Retreat                 FRIDAY, FEBRUARY 4   08:30 - 08:45 am     Introduction / Retreat Goals   08:45 - 10:00 am     Mayor's Comments / Directors' Reports   AM-3702     Real Estate Excise Tax (REET) Fund Information   10:00 - 10:15 am     Break   10:15 - 12:00 pm     Reports / Q & A from EDC, Port, Planning Board, FD1   12:00 - 01:30 pm     Lunch   01:30 - 04:00 pm     Setting Council Priorities   04:00 - 04:15 pm     Public Comment   04:15 - 04:30 pm     Day 1 Wrap Up   SATURDAY, FEBRUARY 5   09:00 - 10:30 am     Council 2011 Action Plan   10:30 - 10:45 am     Break   10:45 - 12:00 pm     Action Plan (continued)   Packet Page 1 of 13 12:00 - 12:30 pm     Wrap Up   Packet Page 2 of 13 AM-3702   Item #: City Council Retreat Date: 02/04/2011 Time:  Submitted By:Carrie Hite Department:Parks and Recreation Review Committee: Committee Action: Type:Information  Information Subject Title     Real Estate Excise Tax (REET) Fund Information Recommendation from Mayor and Staff For information. Previous Council Action Discussion from Council Meeting on January 25, 2011. Narrative See attached. Attachments REET Information Form Review Inbox Reviewed By Date City Clerk Sandy Chase 01/26/2011 01:20 PM Mayor Mike Cooper 01/26/2011 04:56 PM Final Approval Sandy Chase 01/27/2011 08:51 AM Form Started By: Carrie Hite Started On: 01/26/2011 10:16 AM Final Approval Date: 01/27/2011  Packet Page 3 of 13 CI T Y C O U N C I L M E E T I N G JA N U A R Y 2 5 , 2 0 1 1 RE E T F u n d i n g D i s c u s s i o n Pa c k e t Pa g e 4 of 13 RE E T F u n d i n g It e m RE E T 1 : R C W 8 2 . 4 6 . 0 1 0 ( 6 ) R E E T 2 : R C W 8 2 . 4 6 . 0 3 5 Fu n d / T i t l e 12 6 : S p e c i a l C a p i t a l I m p r o v e m e n t F un d 12 5 : P a r k I m p r o v e m e n t F u n d St a t e A l l o w a b l e P r o j e c t s Fi r s t q u a r t e r p e r c e n t o f R E E T re c e i p t s s o l e l y o n c a p i t a l p r o j e c t s . “p u b l i c w o r k s p r o j e c t s o f a l o c a l go v e r n m e n t f o r p l a n n i n g , ac q u i s i t i o n , c o n s t r u c t i o n , re c o n s t r u c t i o n , r e p a i r , r e p l a c e m e n t , Se c o n d q u a r t e r p e r c e n t o f R E E T so l e l y o n c a p i t a l p r o j e c t s , d e f i n e d a s : “ p u b l i c w o r k s p r o j e c t s o f a l o c a l go v e r n m e n t f o r p l a n n i n g , ac q u i s i t i o n , c o n s t r u c t i o n , re c o n s t r u c t i o n , r e p a i r , r e p l a c e m e n t , re h a b i l i t a t i o n , o r i m p r o v e m e n t o f ro a d s , h i g h w a y s , s i d e w a l k s , s t r e e t an d r o a d l i g h t i n g s y s t e m s , t r a f f i c si g n a l s , b r i d g e s , d o m e s t i c w a t e r sy s t e m s , s t o r m a n d s a n i t a r y s e w e r sy s t e m s , pa r k s , r e c r e a t i o n a l fa c i l i t i e s , la w e n f o r c e m e n t f a c i l i t i e s , fi r e p r o t e c t i o n f a c i l i t i e s , t r a i l s , li b r a r i e s , a d m i n i s t r a t i v e a n d j u d i c i a l fa c i l i t i e s … . ” ac q u i s i t i o n , c o n s t r u c t i o n , re c o n s t r u c t i o n , r e p a i r , r e p l a c e m e n t , re h a b i l i t a t i o n , o r i m p r o v e m e n t o f ro a d s , h i g h w a y s , s i d e w a l k s , s t r e e t an d r o a d l i g h t i n g s y s t e m s , t r a f f i c si g n a l s , b r i d g e s , d o m e s t i c w a t e r sy s t e m s , s t o r m a n d s a n i t a r y s e w e r sy s t e m s , a n d pl a n n i n g , co n s t r u c t i o n , r e c o n s t r u c t i o n , re p a i r , r e h a b i l i t a t i o n , o r im p r o v e m e n t o f p a r k s . Ed m o n d s C u r r e n t P o l i c y Sp e c i a l i z e d C a p i t a l P r o j e c t s De b t S e r v i c e Fi r s t $ 7 5 0 , 0 0 0 a l l o c a t e d t o P a r k Im p r o v e m e n t F u n d 1 2 5 . E x c e s s t o be a l l o c a t e d t o S t r e e t C o n s t r u c t i o n Im p r o v e m e n t F u n d 1 1 2 . Pa c k e t Pa g e 5 of 13 Ci t y o f E d m o n d s P o l i c y 10 - 1 7 - 2 0 0 0 C OU N C I L M E M B E R E A R L I N G M O V E D , S E C O N D E D B Y C O U N C I L P R E S I D E N T M I L L E R , THAT FU N D S 1 2 5 A N D 1 2 6 N O T B E U S E D F O R T H E A N D E R S O N C E N T E R C A P I T A L I M P R O V E M E N T P R O J E C T AN D T H O S E F U N D S C O N T I N U E T O B E U S E D F O R P A R K S A N D R E C R E A T I O N A C Q U I S I T I O N A N D DE V E L O P M E N T P U R P O S E S . ” M o t i o n c a r r i e d 5 - 2 . 10 - 8 - 0 2 C I T Y C O U N C I L A P P R O V A L O F E D M O N D S P U B L I C F A C I LI T I E S D I S T R I C T B U S I N E S S P L A N , A N D RE L E A S E O F T W O M I L L I O N D O L L A R C O N T R I B U T I O N F R O M T H E 1 ST QU A R T E R P E R C E N T R E A L E S T A T E EX C I S E T A X ( R E E T ) T O T H E E D M O N D S C E N T E R F O R T H E A R T S P R O J E C T . C OU N C I L T H E N R E I T E R A T E D T H A T TH E 1 ST QU A R T E R P E R C E N T R E E T I S D E D I C A T E D T O T H E A C Q U I S I T I O N A N D P U R C H A SE OF PARK AND EX C I S E T A X ( R E E T ) T O T H E E D M O N D S C E N T E R F O R T H E A R T S P R O J E C T . C OU N C I L T H E N R E I T E R A T E D T H A T TH E 1 ST QU A R T E R P E R C E N T R E E T I S D E D I C A T E D T O T H E A C Q U I S I T I O N A N D P U R C H A SE OF PARK AND CU L T U R A L C A P I T A L P R O J E C T S T H R O U G H C I T Y C O U N C I L D I R E C T I V E . 03 - 0 5 - 2 0 0 4 – Ci t y C o u n c i l R e t r e a t , u n d e r “ C o u n c i l F i n a n c i a l S t a b i l i t y P o l i c y S t a t e m e n t ” o b j e c t i v e s i n c l u d e : Co n t i n u e d e d i c a t e d R E E T f u n d i n g t o b e u s e d f o r p a r k s , r e c r e a t i o n , a n d c u l t u r a l a c q u i s i t i o n a n d de v e l o p m e n t p u r p o s e s . 06 - 0 6 - 2 0 0 6 – T h e f o l l o w i n g p u b l i c h e a r i n g w a s h e l d : PU B L I C H E A R I N G O N T H E P O T E N T I A L USE OF REAL ES T A T E E X C I S E T A X ( R E E T ) R E V E N U E T O F U N D T R A N S P O R T A T I O N P R O J E C T S . Th i s i s t h e m e e t i n g w h e r e a m o t i o n w a s m a d e t o d e d i c a t e t h e f i r s t $ 7 5 0 , 0 0 0 p e r y e a r f r o m R E E T 2 r e v e n u e s t o P a r k I m p r o v e m e n t Fu n d 1 2 5 a n d d e d i c a t e t h e e x c e s s t o t h e S t r e e t C o n s t r u c t i o n I m p r o v e m e n t F u n d 1 1 2 . T h e m o t i o n c a r r i e d un a n i m o u s l y . Pa c k e t Pa g e 6 of 13 Ed m o n d s C i t y C o d e 3. 2 9 . 0 1 0 , i m p o s i n g R E E T f o r S pe c i a l C a p i t a l Im p r o v e m e n t F u n d ( Fu n d : 1 2 6 ). Al l p r o c e e d s f r o m t h e t a x i m p o s e d b y t h i s s e c t i o n …s h a l l b e u s e d f o r c a p i t a l i m p r o v e m e n t s , i n c l u d i n g …s h a l l b e u s e d f o r c a p i t a l i m p r o v e m e n t s , i n c l u d i n g th o s e l i s t e d i n R C W 3 5 . 4 3 . 0 4 0 ( n o w R C W 82 . 4 6 . 0 1 0 ) . ( O r d . 2 4 6 2 , 1 9 8 4 ) Pa c k e t Pa g e 7 of 13 Ed m o n d s C i t y C o d e 3. 2 9 . 0 1 5 , i m p o s i n g a d d i t i o n a l R E E T . R ev e n u e s g e n e r a t e d f r o m t h i s t a x s h a l l b e u s e d s o l e l y fo r t h e f i n a n c i n g o f p r o j e c t s s p e c i f i e d i n a c a p i t a l fa c i l i t i e s p l a n e l e m e n t o f a c o m p r e h e n s i v e p l a n fa c i l i t i e s p l a n e l e m e n t o f a c o m p r e h e n s i v e p l a n ap p r o v e d b y t h e c i t y c o u n c i l . ( O r d . 3 0 3 1 , 1 9 9 5 ) . 3. 2 9 . 0 1 7 C r e a t i o n o f r e a l e s t a t e e x c i s e t a x 2 p a r k s im p r o v e m e n t f u n d i n t o w h i c h s h a l l b e d e p o s i t e d a l l pr o c e e d s o f t h e t a x i m p o s e d b y E C C 3 . 2 9 . 0 1 5 . Pa c k e t Pa g e 8 of 13 RE E T 1 - F u n d 1 2 6 2 0 0 7 - 2 0 1 1 De s c r i p t i o n 20 0 7 A c t u a l s 2 0 0 8 A c t u a l s 2 0 0 9 A c t u a l s 20 1 0 A c t u a l s a s of 1 2 / 3 1 / 2 0 1 0 (1 / 2 4 / 2 0 1 1 ) 2 0 1 1 B u d g e t Fu n d 1 2 6 R E E T 1 Be g i n n i n g C a s h 30 7 , 0 5 7 1 , 0 8 4 , 0 5 2 9 0 2 , 6 7 7 4 4 2 , 7 5 5 3 4 2 , 1 5 9 Re v e n u e Lo c a l R e a l E s t a t e T a x - F i r s t 1, 4 2 5 , 4 4 2 69 4 , 8 5 9 52 0 , 0 8 5 61 4 , 7 4 3 700,000 Lo c a l R e a l E s t a t e T a x - F i r s t 1, 4 2 5 , 4 4 2 69 4 , 8 5 9 52 0 , 0 8 5 61 4 , 7 4 3 700,000 In v e s t m e n t I n t e r e s t 51 , 0 2 4 2 8 , 8 6 2 1 2 , 0 0 4 1, 6 3 2 0 To t a l R e v e n u e 1, 4 7 6 , 4 6 6 1 , 3 2 1 , 7 8 8 5 3 2 , 0 9 0 6 1 6 , 3 7 5 7 0 0 , 0 0 0 Ex p e n d i t u r e Su p p l i e s 4, 5 0 0 7 , 3 4 9 0 0 0 Mi s c e l l a n e o u s 30 4 30 4 60 7 0 0 La n d 0 0 2 9 0 , 5 0 2 0 0 In t e r f u n d T r a n s f e r O u t 68 , 9 1 1 8 6 9 , 7 1 7 7 2 , 0 4 0 70 , 7 9 2 6 9 , 4 8 0 De b t P r i n c i p a l 40 5 , 2 9 0 4 2 0 , 9 9 9 4 4 1 , 0 9 5 4 6 1 , 5 8 1 4 8 1 , 6 7 7 De b t I n t e r e s t 22 0 , 4 6 6 2 0 4 , 7 9 5 1 8 7 , 7 6 7 1 6 8 , 2 2 3 1 4 8 , 4 2 5 To t a l E x p e n d i t u r e s 69 9 , 4 7 1 1 , 5 0 3 , 1 6 3 9 9 2 , 0 1 1 7 0 0 , 5 9 6 6 9 9 , 5 8 2 En d i n g C a s h 1, 0 8 4 , 0 5 2 9 0 2 , 6 7 7 4 4 2 , 7 5 5 3 5 8 , 5 3 5 3 4 2 , 5 7 7 Pa c k e t Pa g e 9 of 13 RE E T 2 - F u n d 1 2 5 2 0 0 7 - 2 0 1 1 De s c r i p t i o n 2 0 0 7 A c t u a l s 2 0 0 8 A c t u a l s 2 0 0 9 A c t u a l s 20 1 0 A c t u a l s a s o f 12 / 3 1 / 2 0 1 0 (1 / 2 4 / 2 0 1 1 ) 2 0 1 1 B u d g e t RE E T 2 - P a r k s & T r a n s p o r t a t i o n S u m m a r y Be g i n n i n g C a s h 5 , 4 4 2 , 9 1 8 4 , 5 5 9 , 8 4 9 3 , 9 6 5 , 1 0 0 1 , 5 7 0 , 0 1 6 1 5 0 , 3 1 6 Re v e n u e Lo c a l R e a l E s t a t e T a x - 2 n d H a l f 1, 4 2 5 , 4 4 2 6 9 4 , 8 5 9 5 2 0 , 0 8 5 61 4 , 7 4 3 7 0 0 , 0 0 0 In v e s t m e n t I n t e r e s t 25 5 , 9 1 4 1 0 4 , 5 8 9 4 7 , 7 7 4 1, 9 0 9 0 Ot h e r M i s c e l l a n e o u s R e v e n u e 0 0 1 6 , 3 7 8 72 4 0 In t e r f u n d T r a n s f e r I n 0 0 5, 3 5 0 0 0 In t e r f u n d T r a n s f e r I n 0 0 5, 3 5 0 0 0 To t a l R e v e n u e s 1, 6 8 1 , 3 5 6 7 9 9 , 4 4 8 5 8 9 , 5 8 8 6 1 7 , 3 7 6 7 0 0 , 0 0 0 Ex p e n d i t u r e Su p p l i e s 41 , 1 1 4 4 4 , 7 9 3 5 7 , 1 3 1 43 , 5 9 1 3 0 , 0 0 0 Pr o f e s s i o n a l S e r v i c e s 49 , 4 1 5 3 9 9 , 5 6 3 4 0 0 , 0 2 3 27 1 , 1 3 6 3 3 0 , 0 0 0 Co m m u n i c a t i o n s 28 0 0 0 0 A d v e r t i s i n g 51 7 0 0 0 0 Re n t a l L e a s e 2, 0 1 5 24 5 1 , 3 1 8 0 0 Re p a i r a n d M a i n t e n a n c e 61 , 6 4 5 9 8 , 3 4 3 1 4 0 , 0 9 0 66 , 0 6 9 6 5 , 0 0 0 In t e r g o v e r n m e n t a l S e r v i c e s 0 4 2 , 5 0 0 0 25 , 0 0 0 0 In t e r f u n d S e r v i c e s 0 4 1 , 4 3 4 1 1 1 , 3 2 6 18 6 , 9 0 2 0 La n d 0 4 0 , 7 5 0 0 0 0 Co n s t r u c t i o n P r o j e c t s 1, 6 3 3 , 3 4 3 6 0 0 , 7 6 1 2 , 1 7 5 , 0 9 0 1 , 2 1 5 , 5 6 4 4 0 , 0 0 0 In t e r f u n d T r a n s f e r O u t 77 6 , 3 4 8 1 2 5 , 8 0 8 9 9 , 6 9 4 0 1 5 8 , 0 0 0 To t a l E x p e n d i t u r e s 2, 5 6 4 , 4 2 5 1 , 3 9 4 , 1 9 7 2 , 9 8 4 , 6 7 2 1, 8 0 8 , 2 6 3 6 2 3 , 0 0 0 En d i n g C a s h 4, 5 5 9 , 8 4 9 3 , 9 6 5 , 1 0 0 1 , 5 7 0 , 0 1 6 37 9 , 1 2 9 2 2 7 , 3 1 6 Pa c k e t Pa g e 10 of 13 RE E T 1 2 6 D e b t E x p e n d i t u r e s 2 0 1 0 RE A L E S T A T E E X C I S E T A X 1 , P A R K S A C Q F U N D 12 6 Pu r p o s e 20 1 0 P a y m e n t s RE A L E S T A T E E X C I S E T A X DE B T S C H E D U L E S 1/ 2 5 / 2 0 1 1 20 0 1 B O N D S , B - P R I N C I P A L M a r i n a B e a c h p u r c h a s e 10 0 , 0 0 0 $ 20 0 1 B O N D S , B - I N T E R E S T M a r i n a B e a c h p u r c h a s e 82 , 6 6 8 20 0 7 L T G O B O N D - P R I N C I P A L Fr a n c i s A n d e r s o n C t r . S e i s m i c P r o j e c t 15 , 9 9 0 20 0 7 L T G O B O N D - I N T E R E S T Fr a n c i s A n d e r s o n C t r . S e i s m i c P r o j e c t 13 , 8 8 2 19 9 8 R E F B O N D P R I N C I P A L Ci t y H a l l A c q u i s i t i o n a n d D e v e l o p m e n t 34 5 , 5 9 1 19 9 8 R E F B O N D I N T E R E S T Ci t y H a l l A c q u i s i t i o n a n d D e v e l o p m e n t 71 , 6 7 3 20 0 2 L T G O I s s u e RE E T S h a r e o f E d m o n d s C t r f o r t h e A r t s 70 , 7 9 2 Gr a n d T o t a l 70 0 , 5 9 6 $ Pa c k e t Pa g e 11 of 13 19 9 8 L T G O D e b t S c h e d u l e RE E T 1 A l l o c a t i o n Pr i n c i p a l I n t e r e s t T o t a l D / S O / S B a l a n c e 20 1 0 1,3 1 9 , 8 6 4 $ 20 1 0 1,3 1 9 , 8 6 4 $ 20 1 1 3 6 0 , 2 9 7 5 7 , 1 5 9 4 1 7 , 4 5 6 9 5 9 , 5 6 7 20 1 2 3 7 5 , 0 0 3 4 1 , 8 4 6 4 1 6 , 8 4 9 5 8 4 , 5 6 4 20 1 3 2 8 6 , 7 6 7 2 5 , 7 2 1 3 1 2 , 4 8 8 2 9 7 , 7 9 7 20 1 4 2 9 7 , 7 9 7 1 3 , 1 0 3 3 1 0 , 9 0 0 0 To t a l s 1 , 3 1 9 , 8 6 4 1 3 7 , 8 2 8 1 , 4 5 7 , 6 9 2 Pa c k e t Pa g e 12 of 13 RE E T F u n d i n g Qu e s t i o n s ? Qu e s t i o n s ? Pa c k e t Pa g e 13 of 13