City Council - Budget and Finance Committee

City of Bellingham Finance and Economic Development Committee Minutes October 12, 2020, 2:05 PM Mayor Seth Fleetwood Contact: (360) 778-8200, ccmail@cob.org Council Members, Pinky Vargas, Chair www.cob.org/council Lisa Anderson, Hollie Huthman All meetings are held in the City Hall Council Chambers at 210 Lottie Street, Bellingham, WA, unless otherwise noted. Call to Order Roll Call Present: Committee Chair Pinky Vargas, Fourth Ward Committee Member Lisa Anderson, Fifth Ward Committee Member Hollie Huthman, At-Large Council Standing Committee Meetings: Open to the public to attend. Note: there is generally no public comment period for Committee sessions. Standing Committee Members receive reports and information, ask questions and, when appropriate, vote on a recommended action for consideration by the full Council at the Regular Meeting. The notice of Committee Meetings identified below also serves as notice of Special Meetings of the City Council at the times identified as Council Members who are not members of the committee routinely attend and participate in the Committee Meetings. Committee Chairs give a report of the Committee Meeting at the Regular Meeting in the evening prior to deliberation and formal vote in the order shown below: Finance and Economic Development Pinky Vargas, Chair Lisa Anderson, Hollie Huthman 22778 1. An Ordinance Amending the 2019-2020 Biennial Budget Increasing p. 3 Appropriations and Transferring Funds and Authorizing Retirement of the Drake Note Debt The City purchased the Big Rock Garden Park property in 1992 from George Drake through a 30-year financing agreement with Mr. Drake. This ordinance provides the budget authority to pay off the remaining principle to George Drake's estate and authorizes the Finance Director to retire the debt. By retiring the debt, this saves the City about three thousand dollars in interest over the next two years. Lisa Anderson moved to recommend approval. Finance and Economic Development Committee Minutes Page 1 October 12, 2020  MOTION CARRIED 3-0. 22779 2. An Ordinance Amending the 2019-2020 Biennial Budget in the Radio p. 7 Communications Fund In 2019, the City replaced the radio tower on Sehome Hill. That work exceeded the overall budget for the project and did not leave enough budgeted funds to remove the old tower. Public Works is now ready to remove the tower and requires $500,000 in additional budget authority to contract out the work. In addition, the City’s outside services activity to other agencies has exceeded budget expectations. This activity is supported by revenues from other agencies and has resulted in approximately $50,000 in increased revenues and commensurate operational activies. Council Members asked questions. Hollie Huthman moved to recommend approval. MOTION CARRIED 3-0. Adjournment There being no further comments, the meeting adjourned at 2:19 PM. Finance and Economic Development Committee Minutes Page 2 October 12, 2020