FC120820FINANCE COMMITTEE MEETING
December 8, 2020
Elected Officials Participating Virtually Staff Participating Virtually
Council President Adrienne Fraley-Monillas Dave Turley, Finance Director
Councilmember Vivian Olson (joined at 6:01 p.m.) Scott Passey, City Clerk
Councilmember Luke Distelhorst
CALL TO ORDER
The Edmonds City Council virtual online Finance Committee meeting was called to order at 6:00 p.m.
by Council President Fraley-Monillas.
2. COMMITTEE BUSINESS
1. October 2020 Monthly Financial Report
Mr. Turley highlighted:
• October is 83% through year
• General Fund revenues are at 71 % (property taxes will be received in November)
• Expenditures are at $78.8M, the increase from 2019 due primarily to Edmonds CARES Fund,
Parks Capital Construction Fund, Utility Funds, Equipment Rental (transfer to General Fund)
• Local retail sales and use tax at $6.7M, $6.9M this time last year, only 34% behind last year
• Property taxes slightly above 2019
• Revenue from Charges for Goods and Services $4.3M this year compared to $5.2M in 2019,
primarily due to parks programs that did not operate
• General Fund expenditures at $35M compared to $49M budget
o Two months left in year
o Professional services under budget because overbudgeted fire contract
o Interfund Subsidizes below budget because $2M transfer of Civic Field did not happen
o Construction Projects below budget because recorded in Repairs and Maintenance
• General Fund Expenditures by Department - very similar to last year
o REET 1 & 2 - collected more than budget and more than 2019
o Sales and Use Tax - only 3.5% below budget through October
o Gas Utility Tax - above budget and above 2019, reflects people at staying home
o Non -Departmental - below budget, budgeted $8.5M, only spent $7.4M for fire contract
• Investment Portfolio summary: -$54M in cash and investments.
Questions and discussion followed regarding the financials reflecting lower taxes from restaurants and
businesses, car sales slightly lower, less travel and more local spending, telephone utility tax under
budget and lower than 2019, future budget amendment for fire contract when Snohomish County Fire
settles their labor contract, and the CD for the senior center. Committee members requested identifying
the partner agency (e.g. ECA, senior center) in the Agency/Issuer column on the Investment Portfolio
Summary.
Action: Send to Councilmembers and Schedule on Consent Agenda
2. Fourth Quarter Budget Amendment
Mr. Turley explained the purpose of a budget amendment is to include things not anticipated when the
budget was approved. He reviewed the proposed amendments:
12/08/20 Finance Committee Minutes, Page 2
• Increase in fee due to change in State Lobbyist
• Goods and services reimbursed by other entities for training conducted by Police Department
• NPDES Pro Software Purchase
• Police Vehicle Replacement (vehicle totaled in May 2020)
• Additional spending authority for Firemen's Pension Fund
• Increase to Police Department budget for salaries/benefits related to COVID-19 response and
EPOA Commissioned Officers contract settled in July
• Moves CARES Funds as allocated by Ordinance 4196 to associated funds where reimbursable
expenditures were made
Questions and discussion followed regarding the amendments.
Action: Schedule on Consent Agenda.
3. ADJOURN
The meeting was adjourned at 6:31 p.m.