HomeMy WebLinkAboutCity Council Committees - Operations Committee - 01/21/2014
OPERATIONS COMMITTEE MINUTES
January 21, 2014
Committee Members Present: Les Thomas, Chair, Bill Boyce and Dana Ralph.
The meeting was called to order by L. Thomas at 4:01 p.m.
1. APPROVAL OF MINUTES DATED DECEMBER 3, 2013.
D. Ralph moved to approve the Operations Committee minutes dated December 3, 2013.
L. Thomas seconded the motion with concurrence from B. Boyce, which passed 3-0.
2. APPROVAL OF CHECK SUMMARY REPORTS DATED 11/16/2013 THROUGH
11/30/2013, 12/1/2013 THROUGH 12/15/2013 AND 12/16/2013 THROUGH
12/31/2013.
D. Ralph moved to approve the check summary reports dated 11/16/2013 through
11/30/2013, 12/1/2013 through 12/15/2013 and 12/16/2013 through 12/31/2013. L.
Thomas seconded the motion with concurrence from B. Boyce and it passed 3-0.
3. BUDGET CERTIFICATION FOR ANNEXATION SALES TAX CREDIT-RESOLUTION-
ADOPT.
B. Nachlinger presented the Budget Certification for annexation sales tax credit. The City is required
to certify the amount of the expected credit to the State of Washington before March 1st of each
year. The amount certified is the amount needed from the sales tax credit to provide services in the
annexed area.
D. Ralph moved to recommend Council adopt a resolution approving the
certification of $4,230,777 for the Panther Lake annexation sales tax credit for the
period July 1, 2014 through June 30, 2015. L. Thomas seconded the motion with
concurrence from B. Boyce and it passed 3-0.
4. REFUNDING THE 2004 LTGO BONDS.
B. Nachlinger presented the ordinance to refund the Limited Tax General Obligation bonds. This
transaction would save an estimated $700,000 over the eight year life of the bonds by issuing
refunding bonds at a lower interest rate.
D. Ralph moved to recommend adoption of an ordinance providing for the
Refunding of the 2004 Limited Tax General Obligation bonds. L. Thomas
seconded the motion with concurrence from B. Boyce and it passed 3-0.
5. RESOLUTION APPROVING AMENDED FINANCIAL POLICIES - ADOPT.
B. Nachlinger presented the resolution that amends financial policies by clarifying the requirements
and available uses for the City’s Strategic Opportunities funds. Also an aspirational goal was added
to the financial policies. The goal states that City shall maintain a total governmental fund balance
Operations Committee Minutes
January 21, 2014
Page: 2
of twice the greatest volatility in year over year changes in total revenues or $30 million, whichever
is greater.
D. Ralph moved to recommend council repeal Resolution No. 1859 and adopt a
new resolution amending financial policies to be used for guidance when
enacting and amending the city budget. L. Thomas seconded the motion with
concurrence from B. Boyce, which passed 3-0. L. Thomas wanted to add this item
under other business on the Council Agenda.
Committee members and staff thanked B. Nachlinger for his service to the City especially during the
extremely challenging times of recession. Mr. Nachlinger mentioned he was happy to be part of the
City staff but is excited for his retirement.
The meeting was adjourned at 4:15 p.m. by L. Thomas.
___________________
Satwinder Kaur
Operations Committee Secretary