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FC080817FINANCE COMMITTEE MEETING August 8, 2017 Elected Officials Present Councilmember Diane Buckshnis (Chair) Councilmember Dave Teitzel Staff Present Scott James, Finance Director Dave Turley, Assistant Finance Director Jeannie Dines, Recorder The meeting was called to order at 7:06 p.m. in Council Chambers. Committee members and staff briefly discussed action items at the last meeting. The Policy Matrix was added to the agenda. June Quarterly Financial Report Mr. Turley highlighted the following on the June Quarterly Report: • The economy continues to do well • Fund 112 revenues through June are at 14%, staff is behind on billing grants • Fund 112 expenditures are only at 28% • Building maintenance expenditures only at 24% • REET 1 expenditures only at 1 % • REET 2 expenditures only at 16% • Water Fund expenditures only at 25% (investigate with Public Works staff) Mr. James and Mr. Turley responded to questions and discussion followed regarding establishing a procedure related to billing grants, hiring an additional staff person in Finance and including the position in the 2018 budget, Fund 112 revenues versus expenditures, EMS Levy, increase in Woodway law protection revenue, fire/emergency services to Woodway, traffic infraction penalties and NC traffic infraction revenue, effect the decrease in infractions has on revenue, increase in investment interest, building maintenance expenditures, capital budgeting, and Councilmembers attending budget training, and hiring staff versus contracting. Committee members commended staff on increased investment interest. Staff will provide job description for new Finance position at September 12 Finance Committee meeting. Action: Schedule on Full Council 2. Amendments to Chapter 3.75, Business Improvement District Mr. Doherty reviewed proposed amendments. He and Mr. James responded to questions regarding what category real estate offices are in, ability to appeal the business classification, maintenance projects the BID proposes via their budget, and payment collection schedule. Action: Schedule for short presentation to full Council on August 15 3. Amendments to Downtown Business Improvement District By -Laws Mr. Doherty reviewed proposed amendments and responded to questions regarding the number of board members and the number of BID members in collections for delinquent payments. 08/08/17 Finance Committee Minutes, Page 2 Action: Schedule on Consent Agenda 4. NEW ITEM: Policy Matrix Mr. James distributed and reviewed a Finance Policy Matrix as of August 2017 and policy amendment and development schedule. The following Finance Committee review schedule was established: August 22 Contracting and Purchasing Policy September 12 Capital Asset Policy September 26 Facility Condition Report October 10 Street Condition Report October 10 Financial Reporting Policy and rescind Ordinance 3789 2018 Reserve Policy Action: See above schedule 4. NEW ITEM: Admiral Way Sidewalk Councilmember Teitzel provided a visual of the proposed location of a crossing on Admiral Way. The next Port Commission meeting will include this as an agenda item. The Port has expressed willingness to split the cost with the City. A brief discussion followed regarding the location and design of the crossing. Action: Finance Committee agreed with this being a Council decision package The meeting was adjourned at 8:30 p.m.