Finance Committee

City Hall Meeting Minutes 601 4th Avenue E Olympia, WA 98501 Finance Committee Information: 360.753.8244 Monday, June 17, 2024 4:00 PM Room 207, Online and Via Phone Register to Attend: https://us02web.zoom.us/webinar/register/WN_K6D-JeOLRPqH4sGBupI7Hg 1. CALL TO ORDER The meeting was called to order at 4:00 p.m. 2. ROLL CALL Present: 3 - Chair Lisa Parshley, Committee member Jim Cooper and Committee member Clark Gilman 3. APPROVAL OF AGENDA Item 6.B and item 6.C were moved to the beginning of Committee Business. The agenda was approved as amended. 4. PUBLIC COMMENT - None 5. APPROVAL OF MINUTES The minutes were approved. 5.A 24-0536 Approval of May 20, 2024 Finance Committee Meeting Minutes The minutes were approved. 6. COMMITTEE BUSINESS 6.A 24-0522 Budget Spotlight: 2025 Operating Budget Process Budget Manager Joan Lutz presented updates on the Fiscal Year 2025 Operating Budget, including highlighting both challenges, successes, and other programmatic changes from the FY 2024 budget process. Director of Strategic Planning and Performance Stacey Ray shared efforts from her team toward improving performance measures in the budget process. Committee members asked questions and discussed the operating budget. The discussion was completed. City of Olympia Page 1 Finance Committee Meeting Minutes June 17, 2024 6.B 24-0527 Olympia Downtown Alliance Downtown Vibrancy Funding Request Discussion City Manager Jay Burney discussed the lack of 'Proposition 1' Public Safety dollar availability; however, approximately $300,000 is available in the current fiscal year on a one-time basis. Olympia Downtown Alliance Executive Director Todd Cutts was asked by the City Manager to reach out and find potential community partners to use this one-time funding. Mr. Cutts shared a presentation requesting this funding as part of a one-time Downtown Vibrancy Funding Package. Committee members asked questions about and discussed the downtown vibrancy survey, downtown guide program, community perceptions of 'cleanliness', and livable wages. Committee member Cooper moved, seconded by Committee member Gilman, to recommend the Olympia Strong Downtown Vibrancy Funding Package for approval and forward to the full City Council for consideration. The motion carried by the following vote: Aye: 3 - Chair Parshley, Committee member Cooper and Committee member Gilman 6.C 24-0524 Olympia Strong Initiatives Potential Funding Sources Discussion Economic Development Director Mike Reid shared a presentation on 'Olympia Strong', including program efforts not only by his team but other City departments and community partners. He proposed potential ideas for new revenue sources for funding the Economic Development Reserve Fund. Committee members asked questions and discussed the 'Olympia Strong' program and feasibility of the proposed revenue sources, including the need for a policy to clearly define how to fund the Economic Development Reserve Fund. The discussion was completed. 6.D 24-0523 Finance Committee 2024 Workplan Update Budget Manager Lutz presented the current work plan to the Committee. Committee members discussed priorities and made several adjustments to the work plan. The discussion was completed. 7. REPORTS AND UPDATES Budget Manager Lutz presented the 'Monthly Budget vs. Actual Report' with the Committee. The Committee asked questions and discussed the report in addition to requesting additional information in the reporting. Ms. Lutz noted additional funds - including the Development Fee Revenue Fund, Parking Services Fund, and utility funds - will be included in future reports. 8. ADJOURNMENT The meeting was adjourned at 6:36 p.m. City of Olympia Page 2 Finance Committee Meeting Minutes June 17, 2024 City of Olympia Page 3