Finance Committee
Regular MeetingOlympia, WA · July 20, 2022
Minutes
City Hall
Meeting Minutes 601 4th Avenue E
Olympia, WA 98501
Finance Committee Information: 360.753.8244
Wednesday, July 20, 2022 5:30 PM Room 207/Online and Via Phone
Register to Attend:
https://us02web.zoom.us/webinar/register/WN_q-MoRg7sSserUS2nG7-4wg
1. CALL TO ORDER
The meeting was called to order at 5:30 pm.
2. ROLL CALL
Present: 2 - Committee member Jim Cooper and Committee member Yến Huỳnh
Excused: 1 - Chair Lisa Parshley
3. APPROVAL OF AGENDA
The agenda was approved.
4. PUBLIC COMMENT - None
5. APPROVAL OF MINUTES
5.A 22-0692 Approval of May 19, 2022 Finance Committee Meeting Minutes
The minutes were approved.
6. COMMITTEE BUSINESS
6.A 22-0677 Snapshot: City-Wide Debt
Finance Director Aaron BeMiller went over the types of debt the City has and legal debt
limits associated with that debt. Mr. BeMiller reported the total city-wide outstanding debt
as of December 31, 2022 is $10.34 million.
The discussion was completed.
6.B 22-0679 Snapshot: City On-Going Retiree Obligations
Finance Director Aaron BeMiller gave an update of the fund balances of the City's
LEOFF 1 OPEB and Firefighter Pension funds. The 2022 beginning balance of the
LEOFF fund is $3.2 million and the Fire Pension beginning balance is $5.1 million.
The discussion was completed.
City of Olympia Page 1
Finance Committee Meeting Minutes July 20, 2022
6.C 22-0676 2021 Financial Wrap-Up
Budget and Financial Manager Joan Lutz gave the report. Ms. Lutz reported the 2021
General Fund year-end fund balance was $7.5 million and went over the plan for those
funds in 2022.
The report was received.
6.D 22-0678 Potential Impact of a Regional Fire Authority on City Property Tax
City Manager Jay Burney and Finance Director Aaron BeMiller presented the information
to the Committee. They reported the projected revenue the City would gain if the
Regional Fire Authority was approved by voters would be $4.3 million.
The discussion was completed.
7. REPORTS AND UPDATES
Finance Director Aaron BeMiller reported the audit exit close out meeting will be July 21.
8. ADJOURNMENT
The meeting adjourned at 6:56 pm.
City of Olympia Page 2
Agenda
Meeting Agenda City Hall
601 4th Avenue E
Olympia, WA 98501
Finance Committee
Information: 360.753.8244
Wednesday, July 20, 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
2. ROLL CALL
3. APPROVAL OF AGENDA
4. PUBLIC COMMENT
(Estimated Time: 0-15 Minutes)
During this portion of the meeting, community members may address the Committee for up to two (2)
minutes regarding the Committee's business meeting topics.
5. APPROVAL OF MINUTES
5.A 22-0692 Approval of May 19, 2022 Finance Committee Meeting Minutes
Attachments: Minutes
6. COMMITTEE BUSINESS
6.A 22-0677 Snapshot: City-Wide Debt
6.B 22-0679 Snapshot: City On-Going Retiree Obligations
6.C 22-0676 2021 Financial Wrap-Up
6.D 22-0678 Potential Impact of a Regional Fire Authority on City Property Tax
7. REPORTS AND UPDATES
8. ADJOURNMENT
The City of Olympia is committed to the non-discriminatory treatment of all persons in employment and
the delivery of services and resources. If you require accommodation for your attendance at the City
Council Committee meeting, please contact the Council's Executive Assistant at 360.753.8244 at least
48 hours in advance of the meeting. For hearing impaired, please contact us by dialing the Washington
State Relay Service at 7-1-1 or 1.800.833.6384.
City of Olympia Page 1 Printed on 7/14/2022
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