Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, February 16, 2022 5:30 PM Online and Via Phone Register to Attend: https://us02web.zoom.us/webinar/register/WN_q-MoRg7sSserUS2nG7-4wg 1. CALL TO ORDER Chair Parshley called the meeting to order at 5:30 p.m. 2. ROLL CALL Present: 3 - Chair Lisa Parshley, Committee member Jim Cooper and Committee member Yến Huỳnh 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 22-0163 Approval of January 19, 2020 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 22-0155 Budget Spotlight: General Government Finance Finance Director Aaron BeMiller gave the report. He went over government fund structures, the City's budgeting and budget philosophy, and Sales and Use Tax. The report was received. 6.B 22-0156 Workers Compensation Fund Discussion Mr. BeMiller presented information for the discussion. He said there has been an increase in Workers Comp claims lately and the Workers Comp fund was already not keeping up with claims. The City is contracting with Milliman, an independent risk management, benefits and technology firm to analyze the City Workers Comp fund. Milliman will produce a report indicating what the fund balance and rates should be to achieve and maintain solvency. Then the City can compare costs of maintaining a City of Olympia Page 1 Finance Committee Meeting Minutes February 16, 2022 self-insured plan or moving to a pooled plan, such as the Labor and Industries plan. The discussion was completed. 6.C 22-0157 New Monthly Budget Status Report Presentation and Discussion Mr. BeMiller presented the new report. Staff will send it to the Committee prior to each meeting and will post the report on the City website after each Committee meeting. The discussion was completed. 7. REPORTS AND UPDATES Mr. BeMiller reviewed the 2022 Finance Committee Work Plan. Committee member Cooper moved, seconded by Committee member Huỳnh, to recommend approval of the 2022 Finance Committee Work Plan as presented and to direct staff to forward the Work Plan to the entire Council. The motion passed unanimously. 8. ADJOURNMENT The meeting adjourned at 7:41 p.m. City of Olympia Page 2