FC111417FINANCE COMMITTEE MEETING
November 14, 2017
Elected Officials Present
Councilmember Diane Buckshnis (Chair)
Councilmember Dave Teitzel
Staff Present
Scott James, Finance Director
Dave Turley, Assistant Finance Director
Jerrie Bevington, Recorder
The meeting was called to order at 9:35 p.m. in Council Chambers.
Write-off of Accounts Receivable
Mr. Turley reviewed four old accounts receivable proposed to be written off because they have been
deemed uncollectible. A brief discussion followed regarding the PERS contribution for a former
employee that the State determined was an employee not temporary and the State pursuing other
jurisdictions for PERS contributions.
Action: Schedule on Consent
2. PFD/ECA Discussion
Councilmember Teitzel raised the issue of how the City should look at the PFD/ECA, such as whether
it is a cost center, and how it compares to similar operations in the region such as Federal Way and
Mt. Vernon. Councilmember Buckshnis offered to forward Councilmember Teitzel and staff an email
from ECA Executive Director Joe Mclalwain with former Finance Director Roger Neumeier's white
paper regarding the EPFD/ECA.
Discussion followed regarding Councilmember Pesto's interpretation of what happened with the
building when the PFD sales tax rebate ended, the PFD's repayment of the loan with the City, the
PFD refunding their bonds on their own or via the City refunding the bonds, the senior center versus
the PFD/ECA, the ECA's recent addition of a director of operations, other PFDs' performance, GASB
48, determining a reasonable expectation of the Edmonds PFD's performance, financial support other
PFDs receive from the city they are located in, the EPFD's inquiry whether the City wants to refinance
the bonds to get a lower interest rate and save money, the EPFD's financial adviser, comparable
performing arts centers, and documents that would need to be revised if the bonds were refunded.
Committee members and staff review the white paper and Mr. James determine the EPFD Board's
decision regarding refunding the bonds.
Action: Discussion only
The meeting was adjourned at 10:10 p.m.