Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, February 21, 2018 5:30 PM Room 207 1. CALL TO ORDER Committee member Bateman called the meeting to order at 5:30 p.m. 2. ROLL CALL Chair Cooper participated in the meeting via WebEx video conference. Present: 3 - Chair Jim Cooper, Committee member Jessica Bateman and Committee member Lisa Parshley 3. APPROVAL OF AGENDA The agenda was approved. 4. APPROVAL OF MINUTES 4.A 18-0182 Approval of January 17, 2018 Finance Committee Meeting Minutes The minutes were approved. 5. COMMITTEE BUSINESS 5.A 18-0170 Budget Snapshot - Labor/Wages/Benefits Fiscal Services Director Dean Walz presented information on labor costs, wages, and benefits. The presentation included total labor costs, costs as percentage of operating budget, cost of living increases, total benefit cost and percentage of changes in premiums, pension rates and Medical cost. Historical expenses and projections were presented. The information was provided. 5.B 18-0154 Banking Request for Proposal (RFP) Update Mr. Walz introduced Terry McCall from Government Portfolio Services. Mr. McCall is the consultant hired to assist the City with the Request for Proposal (RFP) process for Banking Services. Working with socially responsible partners is important to Olympia City Council. Mr. Walz presented a draft list of questions to be included in the RFP. The open-ended questions attempt to ascertain the bank's level of social and environmental responsibility. City of Olympia Page 1 Finance Committee Meeting Minutes February 21, 2018 Chair Cooper and Committee member Bateman requested minor changes in the wording of two questions. The RFP should be out in early March. Results should be back in April. The discussion was completed. 5.C 18-0166 Review Long Term Financial Strategy Ms. Sullivan reviewed the Long Term Financial Strategy (LTFS) principles developed in December 1999. The LTFS serves as a solid strategy to guide financial decisions. The information was provided. 5.D 18-0164 Review of 2017 Year-End Numbers Mr. Walz informed the Committee there is $34,831 left over from 2017 to be allocated. Mr. Hall recommends the full balance go toward strategic bio-hazard remediation, which was underfunded in 2017. Chair Cooper agreed. Mr. Cooper suggested moving hazard trees into the Capital Facilities Plan since it always gets left unfunded. Mr. Hall has information coming soon on this topic (ways to obtain consistent funding for hazard trees). Chair Cooper moved, seconded by Committee member Parshley, to accept Mr. Hall's recommendation to use year-end funds of $34,831 for bio-hazard remediation. The motion passed. 5.E 18-0165 Oral Report - Community Conversations Administrative Services Director Debbie Sullivan thanked the Committee for approving funds to hold the Community Conversations meeting on April 14, 2018. Ms. Sullivan recommends one or two Councilmembers attend this Community Conversations meeting. Committee member Bateman suggested Steve Hall assist with identifying two Councilmembers to attend who have complimentary personality profiles. Community Planning & Development Senior Planner Stacey Ray provided an update on the invitation, design, and purpose of the meeting. An invitation is currently in draft form and includes the meeting's purpose -- to listen to citizens' top prioritites allowing them to influence the City budget and objectives. Several methods of capturing data will be employed. How we follow-up afterward is being considered carefully. The report was completed. 6. REPORTS AND UPDATES - None 7. ADJOURNMENT The meeting adjourned at 7:12 p.m. City of Olympia Page 2