Finance Committee

City of Lynnwood Finance Committee – Regular Finance Committee Meeting Minutes November 19, 2025 1. Call to Order 2. Roll Call Present at the meeting were: George Hurst-Chairperson, Nick Coelho-Council President, Patrick Decker- Councilmember, Julie Moore-Assistant City Administrator, Michelle Meyer-Finance Director and Estee Milburn-Council Executive Assistant. 3. Financial Reports 3.A. Sales Tax Report Director Meyer shared the October sales tax report. Revenues from January through August sales remained below budget, reflecting ongoing declines and resulting in a year-to-date shortfall. Note there is a two-month delay on reporting. Also to note, the spike in the Manufacturing & Wholesale Trade is from a one-time payment from one vendor. 4. Discussion Item 4.A. Follow-Up Information: 2025-2026 Budget Staff included responses to the four out of nine budget questions from Council that were addressed during the November 17, 2025, City Council Meeting. Director Meyer provided clarification on the updated health insurance cost estimate; projected at roughly double the amount already budgeted; a projected 4% cost increase for premiums was included, but actual rates will be over 8%. The budgeted amounts were based on a snapshot of staffing at the time so there will be differences stemming from changes in staffing and vacant positions listed as single-coverage rates. 4.B. Opioid Funding Request: Lynnwood Municipal Court Director Meyer presented the proposal to purchase drug-testing kits at a cost of $10,000 per quarter, which would be incorporated into the mid-biennium budget adjustment. The cost includes 300 testing kits and meets all MOU requirements. This purchase supports individuals on probation and includes the analyzer’s one-time cost. 5. Adjourn The meeting was adjourned at 4:02 pm.