FC111220FINANCE COMMITTEE MEETING
November 12, 2020
Elected Officials Present Virtually
Council President Fraley-Monillas
Councilmember Luke Distelhorst
Councilmember Vivian Olson
Other Guests
Daniel Johnson, Edmonds Waterfront Center CEO
1. CALL TO ORDER
Staff Present Virtually
Dave Turley, Acting Finance Director
Angie Feser, Parks, Rec. & Cultural Serv. Dir.
Scott Passey, City Clerk
Jeff Taraday, City Attorney
The Edmonds City Council virtual online PSPP Committee meeting was called to order at 6:00 p.m.
by Council President Fraley-Monillas.
2. COMMITTEE BUSINESS
1. Waterfront Center Project Update
Ms. Feser introduced Daniel Johnson, Edmonds Waterfront Center CEO, who provided an update:
Program Update
o Home Delivered meals 7-day / week
o Tele-health with MSW & RN
o Regular check -in calls to members
o Online programs: 300-400 participants/week
o New County SHIBA contract —25 advisors
o Tech help for Seniors —expanding (grant from Verdant and youth geek squad)
o All programs & services free
Construction Update
o Second floor complete
o First floor —finishing north stair and coffee kiosk, landscaping
o Testing systems
o Final inspections underway
o Certificate of Occupancy December 7th
o Virtual Ribbon cutting in December TBD, Rick Steves will help produce
Photographs
o Exterior and waterfront park
o Interior — community lounge, north stairs
o Second floor reception area
o Kitchen
Fundraising Update
o Raised $14.2M toward $16.5M goal
o To date received 98% of pledges
o $375,000 in private lending
o $2M Construction Line of Credit
o Recent gift $50K for solar + $50K matching
o Will continue fundraising until last dollar is raised
Looking forward
o Continue / expand online program offerings & tele-health
11/12/20 Finance Committee Minutes, Page 2
o Developing COVID-19 Safety Protocol
o Opening based on State and Snohomish County Health Department guidelines
o Preparing for year of restricted use
o Bank extended interest only payment through 2021
Questions and discussion followed regarding bookings and inquiries, how the center will operate
without bookings for next six months, proposed decrease in the City's contribution to the Center,
whether the Waterfront Center would be used as emergency cold weather shelter (board makes final
decision), and inviting city staff/community members to discussions about using Waterfront Center as
emergency cold weather shelter.
Action: Information only
2. September 2020 Quarterly Financial Report
Mr. Turley highlighted:
• Edmonds faring better than most of our neighbors
• Overall General Fund revenues of $26.98M are only 5.8% behind last year and only 6.9%
behind budget
• Year to date sales tax revenues are only behind the budgeted amount by 4.7% and more
surprisingly we are behind last year's actual collections through September 3011 by only 5.7%
• General Fund expenditures for the 9 months ended September 30 are $31.1 M or 14.7% under
the budgeted amount for that period
• The General Fund as a whole has spent only 63% of its annual budget
• Total fund balance for the General Fund and Subfunds on September 30, 2020 is $14.96 M, or
approx. 30% of the 2020 expenditure budget for those funds
• Business Improvement District — collected 80% of revenues 75% through year
• Real Property/Property Tax and EMS Property Tax at 54%, a large amount will be collected in
November, expect to collect 100%
• Edmonds CARES Fund distributed over $800,000 through September
• Comparison of current year, budget and prior year — General Fund and REET (1.65% ahead
of budget), sales tax — down 4.72%
• General Fund expenditures - 14.71 % under budget (comparison of current year, budget and
prior year)
• Investment portfolio summary
• Will make revenue presentation at next week's Council meeting
Questions and discussion followed regarding recovery projections; King County, Snohomish County
and State economic forecasts; and a suggestion for committee members to forward questions to staff
and schedule quarterly financial reports on the Consent Agenda instead of a presentation to full
Council.
Action: Schedule on Consent Agenda.
3. ADJOURN
The meeting was adjourned at 6:38 p.m.