Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, May 15, 2019 5:30 PM Room 207 1. CALL TO ORDER Chair Cooper called the meeting to order at 5:30 p.m. 2. ROLL CALL Present: 3 - Chair Jim Cooper, Committee member Jessica Bateman and Committee member Lisa Parshley 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 19-0461 Approval of April 17, 2019 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 19-0450 Budget Snapshot - Comprehensive Annual Financial Report Fiscal Services Director Nanci Lien presented information on the City's Comprehensive Annual Financial Report (CAFR). The information was provided. 6.B 19-0431 Briefing on Commercial Parking Tax Options and Impacts Community Planning and Development Parking Program Analyst Max DeJarnatt presented information on the options and impacts related to implementing a commercial parking tax. The discussion was completed. 6.C 19-0451 Discuss the Scope, Authorization, and Use of a Budget Stabilization Reserve City of Olympia Page 1 Finance Committee Meeting Minutes May 15, 2019 Administrative Services Director Debbie Sullivan presented information on the scope, authorization and use of budget stabilization reserves. The discussion was completed. 6.D 19-0452 Briefing on Legislative House Bill 1406 - a Change in Sales Tax Related to Investments in Affordable and Supportive Housing Ms. Lien provided a briefing on Legislative House Bill 1406. Home Fund Manager Cary Retlin spoke to limitations and uses of the bill. The information was provided. 6.E 19-0453 Briefing on First Quarter Budget Report Fiscal Services Budget Analyst Joan Lutz and Ms. Lien presented the first quarter budget report. Chair Cooper requested sales taxes numbers be included in the next report. The information was provided. 7. REPORTS AND UPDATES Ms. Sullivan provided a brief update on the use of Engage Olympia as a tool to increase public involvement in the budget process and how the project will be kicked off at a future Council meeting. Committee member Parshley requested a budget snapshot on the topic of bonding be added to a future Finance Committee meeting. 8. ADJOURNMENT The meeting was adjourned at 7:19 p.m. City of Olympia Page 2