Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Wednesday, February 14, 2024 5:30 PM 207, Online and Via Phone Register to Attend: https://us02web.zoom.us/webinar/register/WN_wwvxQkFDS1ClHHW2FWuoRw 1. CALL TO ORDER The meeting was called to order at 5:30 p.m. 2. ROLL CALL Present: 3 - Chair Lisa Parshley, Committee member Jim Cooper and Committee member Clark Gilman 3. APPROVAL OF AGENDA The agenda was approved with one change. Item 6.C was moved ahead of item 6.B. The agenda was approved as amended. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 24-0163 Approval of January 17, 2024 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 24-0148 Budget Snapshot - Banking Finance Director Aaron BeMiller discussed the Revised Code of Washington (RCW) requirement to use qualified depositories and the best practice to do competitive bids for banking institutions every 5 years. He outlined the banking services Olympia uses and the reasons why banks historically cannot meet RFP criteria. The report was received. 6.B 24-0146 City Debt Policy Recommendation Finance Director BeMiller spoke on the updated draft debt policy. Language was changed to align with new best practices and guidelines. The Committee discussed the City of Olympia Page 1 Finance Committee Meeting Minutes February 14, 2024 City's treatment of interfund loans. Credit was extended to the Finance team, including Accounting Manager Kensey Wang, for preparing the draft. Committee member Cooper moved, seconded by Committee member Gilman,to approve the draft updated City Debt Policy once information is received from the Washington Public Treasurers Association and forward the recommendation to the full City Council for approval. The motion carried by the following vote: Aye: 3 - Chair Parshley, Committee member Cooper and Committee member Gilman 6.C 24-0147 City Investment Policy Recommendation Finance Director BeMiller briefed the Committee on the updated draft investment policy. Language was updated to align with new statutes and guidelines. The Committee discussed whether a portion of funds could be invested locally. Committee member Cooper moved, seconded by Committee member Gilman, to approve the draft updated City Investment Policy once information is received from the Washington Public Treasurers Association and forward the recommendation to the full City Council for approval. The motion carried by the following vote: Aye: 3 - Chair Parshley, Committee member Cooper and Committee member Gilman 6.D 24-0149 Long-term Budget Sustainability Discussion City Manager Jay Burney discussed the 2024 Finance Committee calendar regarding a series of discussions that will be held on budget sustainability. He also discussed an option for increased revenue and Levy LID Lift. The Committee and Council will make decisions on final direction in July 2024. The Committee requested a future briefing on the legal climate and options surrounding revenue. The discussion was completed. 7. REPORTS AND UPDATES The Committee discussed moving their meetings to moving to Mondays at 4 p.m. 8. ADJOURNMENT The meeting adjourned at 6:54 p.m. City of Olympia Page 2