HomeMy WebLinkAboutCity Council Committees - Operations Committee - 09/04/2018 (2) Page 1 of 2
Approved
Operations Committee
CC Ops Regular Meeting
Minutes
September 4, 2018
Date: September 4, 2018
Time: 4:00 p.m.
Place: Chambers East
Attending: Les Thomas, Committee Chair
Bill Boyce, Councilmember
Dennis Higgins, Councilmember
Toni Troutner, Councilmember
Agenda:
1. Call to Order 4:00 p.m.
2. Roll Call
Attendee Name Title Status Arrived
Les Thomas Committee Chair Excused
Bill Boyce Councilmember Present
Dennis Higgins Councilmember Present
Toni Troutner Councilmember Present
3. Changes to the Agenda
None
4. Approval of Minutes dated August 7, 2018
MOTION: Move to approve the Minutes dated August 7, 2018
RESULT: APPROVED [UNANIMOUS]
MOVER: Toni Troutner, Councilmember
SECONDER: Dennis Higgins, Councilmember
AYES: Boyce, Higgins, Troutner
EXCUSED: Thomas
5. Approval of Check Summary Reports dated 07/16/2018 -
07/31/2018 & 08/01/2018 - 08/15/2018
MOTION: Move to approve the check summary reports dated
07/16/2018-07/31/2018 & 08/01/2018-08/15/2018
RESULT: APPROVED [UNANIMOUS]
MOVER: Dennis Higgins, Councilmember
SECONDER: Toni Troutner, Councilmember
AYES: Boyce, Higgins, Troutner
EXCUSED: Thomas
6. Investment Presentation - Info Only
Operations Committee CC Ops Regular Meeting
Minutes
September 4, 2018
Kent, Washington
Page 2 of 2
Lavina Brennecke and Joe Bartlemay presented the 2nd quarter investment
report and a presentation regarding the City investment policy. PFM, the
City's investment advisor, initiated 12 investment trades in the 2nd quarter
of 2018. Portfolio allocations for the 2nd quarter were in compliance with the
City's investment policy. Interest revenue was $706,522.08 and year-to-date
interest revenue is $1,270,397.19, which is more interest revenue than was
earned in all of 2017.
7. July Financial Report - Info Only
Deputy Finance Director Barbara Lopez presented an overall positive budget
variance of $3.5 million. General fund reserves are estimated to end the year
at $21.9 million and revenues are estimated to end the year approximately
$4.2 million higher than budgeted. Through July all departments are
remaining fairly close to budget with an overall budget variance of $-741,000
due to $1.25m in transfers to other funds. The budget will be updated in
August to account for those transfers.
8. Director's Report - Info Only
Kelly Peterson provided an update on the recent change to LED street lights
and related electricity savings. The conversion of approximately 2600 city-
owned street lights was partially paid for by a portion of a Department of
Energy and Efficiency grant. The project cost was $2.6m. The DOC grant
funded $375,000, a rebate from Puget Sound Energy funded $445,000 and
an inter-fund loan of $1.8m, to be paid back in less than 10 years, is funding
the remainder. Due to some anomalies with billing, all of the data needed to
provide a full report regarding cost savings isn't available at this time.
Peterson would like to report this data back to Council after the first of the
year once all of 2017 has been billed. The expectation, if everything to date
holds true, is to have very favorable data.
9. Adjournment p.m.
The meeting was adjourned at 4:26 by Council President Boyce.
Cathie Everett
Committee Secretary