Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Monday, April 22, 2024 5:00 PM Room 207, Online and Via Phone Special Meeting Register to Attend: https://us02web.zoom.us/webinar/register/WN_sBhpqs3GRyWsYVAo1HCaMg 1. CALL TO ORDER The meeting was called to order at 5:00 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. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 24-0358 Approval of March 25, 2024 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 24-0345 Long-term Budget Sustainability Discussion City Manager Jay Burney discussed baseline polling of community members and designing a communication strategy related to budget communications. The discussion was completed. 6.B 24-0348 Facilities Condition and Capital Project Status Briefing Facility Manager Eli Cole provided an overview of the facilities program, inspections and assessments. He explained observed deficiencies and useful life of assets such as roofs. There were 260 total deficiencies in the last review. Lines of funding and a budget gap of 2.5M per year were outlined. Removing certain properties from the portfolio would help close the budget gap. Committee members asked questions about grant funding, City of Olympia Page 1 Finance Committee Meeting Minutes April 22, 2024 department shares of rent, and the collaborations between Facilities and Parks and Fire. The discussion was completed. 6.C 24-0349 Transportation Capital Project Funding Status Briefing Project Engineer Joey Jones discussed upcoming transportation projects and the use of TBD Tax funding. He discussed the new TBD sales tax, which began collection on April 1, 2024. This adds an estimated 3.1 Million per year. Certain projects were mentioned as possible focuses for those funds. He also discussed difficulty of filling engineer positions. Committee members asked questions about addressing climate issues more vigorously via pedestrian malls and speed zones. They also asked about integrating with the plans of adjacent cities. They discussed the need for lighting on State Street. The discussion was completed. 6.D 24-0344 Waste Resources Facility Update Waste ReSources Director Gary Franks spoke on the Carpenter Road facility. He outlined funding and next steps. There is an option to create a Transloader facility that would bale the recycling. Modeling this business plan is still needed. There are approximately two years of design work that will be needed before construction. Future rate increases would be used to fund the necessary debt required to build the facility. The discussion was completed. 6.E 24-0346 Fund Balance Above Policy Discussion City Manager Burney discussed the fund balance above policy of $4.9 Million. He recommended saving most for 2025 budget balancing, with some also going toward Facilities. The discussion was completed. 7. REPORTS AND UPDATES Finance Director Aaron BeMiller discussed the latest sales tax revenue report. Committee Members asked questions about consistent sales tax returns through and beyond COVID. They asked about carving out some B&O tax to help fund OlyStrong. 8. ADJOURNMENT The meeting was adjourned at 6:54 p.m. City of Olympia Page 2