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FC121118FINANCE COMMITTEE MEETING December 11, 2018 Elected Officials Present Councilmember Dave Teitzel (Chair) Councilmember Diane Buckshnis Staff Present Scott James, Finance Director Dave Turley, Assistant Finance Director Jeannie Dines, Recorder The meeting was called to order at 6:00 p.m. in the Jury Meeting Room. Review of Small and Attractive Assets Policy and Revised Capital Asset Policy Mr. Turley explained the primary reason a Small and Attractive Assets Policy was created separate from the Capital Asset Policy was in response to auditor comments. Mr. Turley responded to questions regarding the rationale for increasing the threshold from $75,000 to $100,000 for the Waste Water Treatment Plant and the notification process for missing assets. Action: Schedule on Consent Agenda 2. Review of October Financial Report Mr. James and Mr. Turley responded to Council questions regarding building maintenance expenditures 2017 compared to 2018, once per month property tax deposits, record sales tax revenues, non -traffic infraction penalties, professional services for City Council (Windward), salary lines that are lower than 80% budget to actual, technology rental fund charges, investment earnings, and lower building permit and plan check fees as well as softening car sales a potential indicator of the economy softening. Mr. James advised he plans to bring the Facility Maintenance Fund 016 to the Finance Committee in January. Action: Schedule on Consent Agenda. Present yearend Financial Report to full Council in February 3. Fund Balance / Reserve Policy Planning Councilmember Teitzel explained the goal of this item is to discuss what information is needed to discuss this at the next Finance Committee meeting. Ms. Judge is gathering information from 15 mid- size cities in the Puget Sound region regarding their practices. Information to be provided included a matrix of the 15 cities, MSRC guidance, input from Mike Bailey, transcript of the June 12 Finance Committee meeting, and the draft policy. To assist with this discussion Mr. James offered access to a SharePoint library he established with 30+ documents regarding fund balance reserves including information from GFOA, MSRC, etc. Action: Discuss at February Finance Committee meeting (Councilmember Teitzel absent from January committee meeting) The meeting was adjourned at 6:30 p.m.