Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, March 15, 2023 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 pm. 2. ROLL CALL Present: 3 - Chair Lisa Parshley, Committee member Jim Cooper and Committee member Dani Madrone 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 23-0253 Approval of January 18, 2023 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 23-0237 Budget Spotlight - Generally Accepted Accounting Principles vs Cash Accounting Finance Director Aaron BeMiller and Accounting Manager Kensey Wang gave the report. They went over the difference between Generally Accepted Accounting Principles (GAAP) and Cash basis of accounting. They reported that due to Olympia's population size, GAAP is the best option for the City at this time. The discussion was completed. 6.B 23-0236 Fund Balance Above Policy City Manager Jay Burney and Finance Director BeMiller gave the report. They said the 2022 fund balance above policy is estimated to be approximately $9,550,000. The City Manager's recommendation for those funds include outside legal services, City of Olympia Page 1 Finance Committee Meeting Minutes March 15, 2023 wayfinding signage, a salary survey, OPD staffing study, homeless response, building repair, OFD asset management, RFA start up costs, a federal lobbyist, BLS start up loan, LERMS record management system, and sidewalks. The discussion was completed. 6.C 23-0234 Climate Funding Referral: Part 1 Dr. Pamela Braff gave the report. Dr. Braff said that in response to a recent City Council referral request to research possible funding sources for climate work. Dr. Braff went over the possibility of property tax, sales tax, private utility tax, municipal utility tax, excise tax and fee modifications. She will give another presenation to update the Committee in August. The discussion was completed. 6.D 23-0238 Tax and Fee Review Finance Director BeMiller went over tax and fee options to increase revenue. He discussed the 10-year General Fund forecast, budget sustainability, and long-term financial planning. The discussion was completed. 7. REPORTS AND UPDATES Chair Parshley asked Ccommittee members whether they wanted to continue holding meetings via Zoom or if they wanted to meet in person. The decision was made to hold meetings via Zoom unless the agenda dictates it would be better to meet in person. 8. ADJOURNMENT The meeting was adjourned at 8:16 pm. City of Olympia Page 2