Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, June 21, 2023 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 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 Dani Madrone 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES - None 6. COMMITTEE BUSINESS 6.A 23-0456 Washington Center for the Performing Arts Budget Discussion The Washington Center for the Performing Arts Executive Director Jill Barnes highlighted events of the 2022-2023 season. Business Manager Carrie Swindler recapped audit results and current financials. The discussion was completed. 6.B 23-0556 City Insurance Coverage and Washington Cities Insurance Authority Briefing Assistant City Manager Debbie Sullivan and WCIA Deputy Director Rob Roscoe reviewed factors contributing to the City's 42 percent liability insurance premium increase in 2023. WCIA's liability reinsurance increased 68% with no loss history. Mr. Roscoe stated the industry is in a hard market caused by lower interest rates, higher jury awards, Washington's joint and several liability, and climate change related property damage. He projected a 25 percent premium increase for 2024. The information was provided. City of Olympia Page 1 Finance Committee Meeting Minutes June 21, 2023 6.C 23-0539 City Investments Briefing Government Portfolio Advisors Senior Portfolio Advisor Dave Wescott and Chief Investment Officer Garrett Cudahey gave an overview of the general economic outlook and trends. Mr. Wescott went over Olympia's investment portfolio. He stated the City's investments are performing very closely to set benchmarks. The discussion was completed. 6.D 23-0548 Lodging Tax Application and Award Process Improvement Discussion Economic Development Director Mike Reid and Cultural Access Program Specialist Amelia Layton brought forth several potential changes they would like to make to the Lodging Tax Program. They proposed changes to the application form and process to make the program more accessible for applicants and discussed recommended levels of annual fund balance. The Committee suggested the next round of recommendations go to the same Committee that resides over the Cultural Access Program. The discussion was completed. 7. REPORTS AND UPDATES Committee member Cooper moved, seconded by Committee member Madrone, to accept the City Manager's recommendation for allocating the available fund balance that was discussed at the June 20 City Council meeting under File 23-0538. The motion carried by the following vote: Aye: 3 - Chair Parshley, Committee member Cooper and Committee member Madrone 8. ADJOURNMENT The meeting adjourned at 8:27 p.m. City of Olympia Page 2