Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, March 17, 2021 5:30 PM Online and Via Phone Register to Attend: https://us02web.zoom.us/webinar/register/WN_1CDeszC4RbOWD110XDFZxw 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 Lisa Parshley and Committee member Cheryl Selby 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 21-0263 Approval of February 17, 2021 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 21-0256 Budget Snapshot - Debt Accounting Manager Jana Brown discussed types of municipal debt, debt limitations, current debt service obligations, and retiring debt. Ms. Brown gave an overview of long- and short-term debt as well as the City’s current debt service. The information was provided. 6.B 21-0262 Briefing on End-of-Year Preliminary Financial Position Finance Director Nanci Lien reported the City will be receiving $10.06 million in funds from the American Rescue Plan which will be disbursed in $5.03 million increments in 2021 and 2022. City Manager Jay Burney reported preliminary estimated 2020 year-end funds are $3.1 million. City of Olympia Page 1 Finance Committee Meeting Minutes March 17, 2021 The discussion was completed. 6.C 21-0255 Discuss Budget Revenue Stabilization Reimbursement Process Ms. Lien recommended the City Council revisit contracting with the Government Finance Officers Association (GFOA) for assessment of reserve levels in 2022. The project was put on hold in 2020. The discussion was completed. 7. REPORTS AND UPDATES Ms. Lien gave a sales tax revenue update and presented the Committee with an updated 2021 Work Plan. 8. ADJOURNMENT The meeting adjourned at 7:26 p.m. City of Olympia Page 2