Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, October 21, 2020 5:30 PM Online and via phone Register to attend: https://us02web.zoom.us/j/88970969330? pwd=d1N0UytMcEorVWIydUJDemwxN2cwZz09 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 Cheryl Selby and Committee member Lisa Parshley 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT Josh Gobel and Ryan DiCrescenzo spoke. 5. APPROVAL OF MINUTES 5.A 20-0841 Approval of October 14, 2020 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 20-0827 Budget Snapshot - Utility Tax Revenue Finance Director Nanci Lien reported utility tax makes up about 12% of the total General Fund Revenue or about $10.5 million. Ms. Lien reviewed utility tax the City collects (electricity, natural gas, cable, telephone, private solid waste collectors, and City utilities) and how the revenue is used. The report was received. 6.B 20-0826 Briefing on the 2021 Preliminary Operating Budget Ms. Lien reported on revenue assumptions and projections. City Manager Jay Burney reported there is a 2021 General Fund shortage of City of Olympia Page 1 Finance Committee Meeting Minutes October 21, 2020 approximately $2 million that could be balanced by using 2020 projected year-end funds or by using some of the Budget Stabilization Reserve funds. He noted staff will bring budget information to the Finance Committee meeting November 18 for further discussion. The information was provided. 7. REPORTS AND UPDATES Ms. Lien reported on a potential change to the way Lodging Tax funds are distributed to the Washington Center for Performing Arts. Ms. Lien also reported the City will be filing for reimbursement for the entire CARES Act distribution amount allotted to the City. 8. ADJOURNMENT The meeting was adjourned at 7:09 p.m. City of Olympia Page 2