Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, April 19, 2023 5:30 PM Council Chambers, 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 5:35 p.m. 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 Karen Messmer spoke. 5. APPROVAL OF MINUTES 5.A 23-0353 Approval of March 15, 2023 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 23-0336 Budget Spotlight - Indirect Cost Plan Finance Director Aaron BeMiller reported the City will use a new indirect cost allocation model in 2024 that will allow the City to base calculations on actual costs instead of budgeted amounts. This change will also spread costs across a larger number of City departments and funds to more accurately reflect indirect costs. The report was received. 6.B 23-0340 Transportation Master Plan Funding Discussion Interim Transportation Director Sophie Stimson and Project Engineer II Joey Jones City of Olympia Page 1 Finance Committee Meeting Minutes April 19, 2023 updated the Committee on transportation project and funding needs. They also went over current transportation revenue streams and potential future revenue ideas. The discussion was completed. 7. REPORTS AND UPDATES Economic Development Director Mike Reid gave a report on the proposed Downtown Creative District-Arts & Entertainment Package. Mr. Reid reported the proposal is to use $392,500 of Economic Development Reserve funds for the package. 8. ADJOURNMENT The meeting adjourned at 7:30 p.m. City of Olympia Page 2