Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, November 3, 2021 5:30 PM Online and Via Phone Special Meeting Register to Attend: https://us02web.zoom.us/webinar/register/WN_QC65RktLTxSeJAUXyQdc0Q 1. CALL TO ORDER Chair Cooper called the meeting to order at 5:30 pm. 2. ROLL CALL Present: 2 - Chair Jim Cooper and Committee member Cheryl Selby Excused: 1 - Committee member Lisa Parshley 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 21-1050 Approval of October 20, 2021 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 21-1049 Preliminary 2022 Operating and Capital Budgets Discussion Finance Director Aaron BeMiller reported staff put together a 10-year forecast for the City's General Fund. He stated expenses are increasing faster than revenues and the gap will continue to grow over time. He discussed how the City plans to use American Rescue Plan Act (ARPA) funds. City Manager Jay Burney reported unfunded needs for 2022 are at almost $2.8 million. He noted the expected year-end balance available in 2021 should be about $3.3 million, while there is $4.9 million in high priority items that need to be funded. The discussion was completed. City of Olympia Page 1 Finance Committee Meeting Minutes November 3, 2021 7. REPORTS AND UPDATES - None 8. ADJOURNMENT The meeting adjourned at 7:10 pm. City of Olympia Page 2