06/10/2014 Finance CommitteeFINANCE COMMITTEE MEETING MINUTES
June 10, 2014
Councilmembers Present Staff Present
Councilmember Kristiana Johnson Scott James, Finance Director
Council President Diane Buckshnis Jeannie Dines, Recorder
The meeting was called to order at 6:25 p.m. Councilmember Johnson advised the order of the
agenda items would be reversed.
C. Washington State Local Government Investment Poo! ILGIP Resolution
Mr. James reviewed materials in the packet including the resolution, Transaction Authorization Form
and prospectus, explaining LGIP is providing participants the prospectus as a result of recently
amended WACs. By signing the updated resolution, the governing body acknowledges it has
received, read and understood the prospectus. He described how funds accumulate in the LGIP, how
transfers are made and funds invested the Snohomish County Pool.
Action: Schedule on Consent Agenda
B. Report of the Edmonds Public Facilities District (EPFD)
Councilmember Johnson explained the Interlocal Agreement requires quarterly reports to City
Council. The intent is to have a quarterly report presented to the Finance Committee and forwarded to
the City Council on the Consent Agenda and an annual report made to the full Council.
Public Facilities District/Edmonds Center for the Arts (ECA) Executive Director Joe Mclalwain
distributed and reviewed a Management's Discussion and Analysis, Financial Statements, and notes
to the Financial Statement as well as a 5 -year Comparative Analysis illustrating the growth and
change of the EPFD over the last 5 years. He described their improved cash position this year
compared to last year due to increased contributed revenue and ticket sales.
Dr. Peter Knutsen, ECA Board Member/ECA Finance Committee Chair, reviewed the 5 year
comparative analysis, pointing out increases in operating revenue each year. He also reviewed cash
flows from operating activities, sales tax rebates and intergovernmental receipts; principal payments
on long term debt; and net cash borrowed from the City. Mr. Mclalwain anticipated the PFD will need
to borrow $160,000-$170,000 from the City in 2014 for debt payments. Council President Buckshnis
requested long term projections and trends.
PFD Board President Rob Rinehart was also present.
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Action: Schedule this report on Consent Agenda. Schedule 2nd quarter report at August Finance
Committee meeting.
A. 2014 April Budgetary Financial Report
Mr. James reviewed the report, noting there were few remarkable items. Councilmembers
complimented Mr. James on the addition of footnotes that describe anomalies.
06-10-14 Finance Committee Minutes, Page 2
Mr. James responded to Councilmembers' questions and discussion ensued regarding the report,
upgrading the Chamber audio/visual equipment, upgrading the City Hall phone system, increases in
development -related revenue, underspending that was reported in 2014 budget as revenue, and
surveying the condition of City buildings.
Action: Schedule on Consent Agenda
D. Public Comment — None
The meeting was adjourned at 7:35 p.m.