Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Monday, May 20, 2024 4:00 PM Room 207, Online and Via Phone Register to Attend: https://us02web.zoom.us/webinar/register/WN_WzjjKIKNTbSGWiXd6leKmQ 1. CALL TO ORDER The meeting was called to order at 4:00 p.m. 2. ROLL CALL Present: 2 - Chair Lisa Parshley and Committee member Clark Gilman Excused: 1 - Committee member Jim Cooper 3. APPROVAL OF AGENDA The agenda was approved. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES 5.A 24-0453 Approval of April 22, 2024 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 24-0436 Long-term Budget Sustainability Discussion City Manager Jay Burney spoke on the upcoming 2025 budget planning calendar. The 2025 budget is intended to have no material increases. Committee members asked questions regardng follow-up polling. The discussion was completed. 6.B 24-0435 Cost Allocations Briefing Budget and Finance Manager Joan Lutz discussed the nature and types of cost allocations. These allocations fairly spread the cost of administrative functions to the departments and entities that benefit from the administrative functions. This occurs through an indirect cost model and through direct cost allocation. Indirect is for administrative functions such as Legal, Legislative, City Manager's Office, Human City of Olympia Page 1 Finance Committee Meeting Minutes May 20, 2024 Resources, Information Services, and Finance. Direct cost allocations are directly attributable; they include City Hall rent, Engineering, Fleet, PC usage, and insurance. The discussion was completed. 7. REPORTS AND UPDATES Committee members discussed doing future meetings in person starting in July. 8. ADJOURNMENT The meeting was adjourned at 4:56 p.m. City of Olympia Page 2