Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, June 16, 2021 5:30 PM Online and Via Phone Attend: https://us02web.zoom.us/webinar/register/WN_WadFFRgHQI-JC5RFFokM9g 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 21-0602 Approval of May 19, 2021 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 21-0598 Budget Snapshot - 2021 Lodging Tax & Washington Center for Performing Arts City Manager Jay Burney honored Finance Director Nanci Lien as she retires on July 1, 2021. Ms. Lien presented the briefing. She explained what Lodging Tax is and how the City uses it. She reviewed the financial history of using Lodging Tax revenue to help support the Washington Center for Performing Arts. Committee members asked clarifying questions. The report was received. 6.B 21-0580 Washington Center for the Performing Arts Financial Position and Reopening and Recovery Plan City of Olympia Page 1 Finance Committee Meeting Minutes June 16, 2021 Economic Development Director Mike Reid and The Washington Center for Performing Arts (Center) Executive Director Jill Barnes shared the Center’s financial position, operating budget, capital budget and COVID reopening and recovery plan. Ms. Barnes noted the Center ended its 2020 fiscal reporting year in the red but it wasn't as bad as expected. Committee members asked clarifying questions. The discussion was completed. 6.C 21-0597 2021 General Fund Revenue and an Early Review of 2022 General Fund Revenue Projections Briefing Ms. Lien presented the briefing. She reported 2021 revenue projections have a gain of $1.02 million. She noted 2022 revenues are projected to come in better than originally projected by 4% which amounts to $3 million. Committee members asked clarifying questions. The report was received. 6.D 21-0596 2021 Funding Needs and Resources Update Mr. Burney and Ms. Lien presented the briefing. They went over a summary of updated 2021 funding needs and proposed resources to support them. Committee members asked clarifying questions. The report was received. 7. REPORTS AND UPDATES Ms. Lien gave a sales tax revenue update. 8. ADJOURNMENT The meeting adjourned at 7:56 p.m. City of Olympia Page 2