FC092617FINANCE COMMITTEE MEETING
September 26, 2017
Elected Officials Present Staff Present
Councilmember Diane Buckshnis (Chair) Scott James, Finance Director
Councilmember Dave Teitzel Dave Turley, Assistant Finance Director
Mayor Dave Earling (intermittently) Shane Hope, Development Services Director
Mary Ann Hardie, HR Director
The meeting was called to order at 7:40 p.m. in Council Chambers. PFD Bond Refinancing was
added to the agenda.
1. Budget Approval and New Job Descriptions for Two Employee Positions
Ms. Hope reviewed the proposed new Environmental Programs Manager job description:
• High level of responsibility for implementing state, federal and local environmental
regulations/programs
• Few comparables in cities Edmonds' size
• Makes sense with Edmonds' emphasis on environmental protection
• Position currently filled by Senior Planner Kernen Lien
• Senior Planner is NR12, new position would be NR 14
• Additional salary/benefits for 4t" quarter 2017: $1,761
• Additional salary/benefits for 2018: $12,939
In response to questions, Ms. Hope explained there is no special training/certification for this position;
the job description includes extensive experience in implementing environmental programs. This will
not be a new position but a change to the existing position. Larger jurisdictions such as Seattle and
King County have this position.
Ms. Hope reviewed the proposed new Senior Plans Examiner job description:
• Requires higher level of expertise, particularly with commercial
• Provides a ladder for career growth
• Not a new position, internal candidate
• Additional salary/benefits 4th quarter 2017: $1,403
• Additional salary/benefits 2018: $5,610
Ms. Hope responded to questions regarding advanced training/experience for the position, retaining
the existing Plans Examiner position, and minimum qualifications.
Action: Forward both to PSP Committee with recommendation for approval by Finance Committee
2. PFD Bond Refinancing
Mr. James distributed information prepared by Scott Bauer, Northwest Municipal Advisors, the City's
financial adviser regarding potentially refunding the PFD bond. He has requested Mr. Bauer prepare a
price comparison of issuing the bonds in the City's name versus the PFD and whether to extend the
bonds from the current term of 2025 to 2030. Another consideration is whether to include the
outstanding contingent loan into the reissue. Staff's recommendation is the same term and not to
include the contingent loan.
09/26/17 Finance Committee Minutes, Page 2
Committee requests for information:
• Legal opinion about ensuring the PFD would be responsible for the bond payments and what
would happen if they defaulted
• PFDs outstanding debt
• Balance sheet now and with and without bond refund (ensure balance sheet reflects liability to
City)
• How PFD plans to repay contingent loan
• PFD financials and cash flow
• Amount PFD has borrowed from the City in the last five years
Mr. James commented on a 2% fee added to ECA tickets dedicated to capital reserves, ECA's facility
condition assessment report, the City having first right of refusal on PFD issuing any more debt, and
the ECA's recent hiring of an operations manager.
Discussion followed regarding the City's bond rating, the PFD's balance sheet, the loss and
restoration of financial data from a server crash, other PFDs in Snohomish County, extension of PFD
legislation, revenue generated by the recent PFD auction, benefits of refinancing bonds, concern the
Council has no oversight of the PFD/ECA, and whether it would be less expensive to have a contract
agency manage the ECA.
Action: Provide above information for next Finance Committee meeting
Finance Committee meeting on October 10th or 24th to include discussion of new Finance position.
The meeting was adjourned at 8:15 p.m.