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Home My WebLink AboutCity Council Committees - Operations and Public Safety Committee - 03/01/2022 Approved Operations and Public Safety KENT Committee WA9H... CC Ops and PS Regular Meeting Minutes March 1, 2022 Date: March 1, 2022 Time: 4:00 p.m. Place: Chambers Members: Bill Boyce, Chair Brenda Fincher, Councilmember Satwinder Kaur, Councilmember Marli Larimer, Councilmember Zandria Michaud, Councilmember Les Thomas, Councilmember Toni Troutner Councilmember Agenda: 1. Call to Order 4:00 p.m. Council President Boyce called the meeting to order. 2. Roll Call Attendee Name I Title Status Arrived Bill Boyce Chair Present Brenda Fincher Councilmember Present Satwinder Kaur Councilmember Remote Marli Larimer Councilmember Present Zandria Michaud Councilmember Present Les Thomas Councilmember Present Toni Troutner Councilmember Present 3. Agenda Approval Chief Administrative Officer, Derek Matheson removed item E. Equity Strategic Plan Update from the agenda. 1. I move to approve the agenda as amended. RESULT: MOTION PASSES [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas, Troutner 4. Business A. Approval of Minutes ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 1 of 3 Operations and Public Safety Committee CC Ops March 1, 2022 and PS Regular Meeting Kent, Washington Minutes ................................................................................................................................................................................................................................................................................................-............................................................................................................................................................................................................ i. Approval of Minutes dated February 15, 2022 MOTION: Move to approve the Minutes dated February 15, 2022 SER ULT: APPROVED [UNANIMOUS] MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas, Troutner B. Payment of Bills - Authorize MOTION: I move to authorize the payment of bills received through 2/15/22 and paid on 2/15/22 and approve the checks issued for payroll 2/1/22-2/15/22 and paid on 2/18/22 and approve the checks issued for payroll off-cycle retro run and paid on 2/11/22 all audited by the Operations and Public Safety Committee on 3/1/22. RESULT: MOTION PASSES [UNANIMOUS] Next: 3/15/2022 7:00 PM MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas, Troutner C. Authorize the Transfer of $285,000 to the Lodging Tax Fund for Estimated Revenue Losses Incurred between 2020 and 2021 Finance Director, Paula Painter presented details on the request to transfer $285,000 to the Lodging Tax Fund for estimated revenue losses incurred between 2020 and 2021. Council President Boyce explained the Lodging Tax Advisory Committee grant process. MOTION: I move to authorize the transfer of $285,000 to the Lodging Tax Fund to recognize estimated revenue losses incurred between 2020 and 2021. RESULT: MOTION PASSES [UNANIMOUS] Next: 3/15/2022 7:00 PM MOVER: Les Thomas, Councilmember SECONDER: Toni Troutner, Councilmember AYES: Boyce, Fincher, Kaur, Larimer, Michaud, Thomas, Troutner D. INFO ONLY: Fourth Quarter 2021 Investment Report Cash and Investment Officer, Joe Bartlemay presented the Fourth Quarter 2021 Investment Report. Bartlemay reviewed the balances for the City's cash, short term (WA State LGIP) and long term (pfm managed portfolio) funds and explained the difference between the Market Value and Investment Totals. ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 2 of 3 Operations and Public Safety Committee CC Ops March 1, 2022 and PS Regular Meeting Kent, Washington Minutes The cash and investments by type quarter ending balances for the 4t" quarter 2020 and quarters 1-4 for 2021 were reviewed. The cash and investments monthly ending balances for 2019, 2020 and 2021 were compared. Bartlemay indicated in June of 2021, the City received one-time funds of $14.1M of ARPA grant funding. Additionally, the City received $3.6M of streamline sales tax mitigation for the period of July 1, 2020 - June 30, 2021. The Quarterly Interest Earnings for the 4t" quarter of 2020 - 2021 for the general fund and all other funds were reviewed. The preliminary total cash and investment by fund through December 31, 2021 were reviewed and the pfm asset management portfolio summary and statistics were reviewed. Bartlemay closed by advising the City is in compliance with its portfolio allocation of sector limits. S. Adjournment 4:20 p.m. Council President Boyce adjourned the meeting. Kt*t��ley Kcmoto- Committee Secretary ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... Page 3 of 3 I City of Kent Investment Portfolio Q4 - 2021 ' CITY OF(CENT INVESTMENT PORTFOLIO Deciamber 31, 2021 Purchase Market Value Investment Date Investment Description Yield Maturity 12 31 2021 Total 12/31/21 Cash - US Bank 0.700% Overnight 15,845,535 15,845,535 12/31/21 WA State LGIP 0.091% Overnight 80,006,166 80,006,166 12/31/21 PFM Manacied Portfolio 0.900% 931 Days 202,909,803 203,748,284 298,761,504 299,599,905 Kent Portfolio -Cash Stake LGIP U.S. Treasuries ■Supra National Bonds ■Municipal Bands ■Gov't. Agencies ■Corporate Notes / ■Commercial Paper Bank Notes CITY OF KENT CASH AND INVESTMENTS BY TYRE QUARTER ENDING BALANCES 2020 Q4AND 2021 Ql44 300,000,000 250,000,000 200,000,000 T*tal C&I —Other Investments 150,000,000 LGIP �^Gash '100,000,000 50,000,000 4th Quarter 2020 1st Quarter (12" 2nd Quarter 2021 vrd u.iai-er 2C21 4th Quarter 2021 CASH AND INVESTMENTS MONTH ENDING BALANCES 2019!2020 12021 2021 2020 ---r---2019 150,000,000 I 100.000.000 50.000.000 JA`J ==3 MAR A':� MAY JUN JLL AUG EEF UuT N-Vr DEC *In June 2021, the City received one-time funds of $14.1M of ARPA grant funding. In addition, the City received $3.6M of SST Mitigation for the period of July 1, 2020 - June 30,2021. Quarterly Interest Earnings 4r 2020 - 1- 4r 2021 800,000 715 =01 700,000 — 5 600,000 89,576 500,000 93,057 483,883 400,000 388,025 300,000 200,000 167, 9 _ 119,612 p �y OO+O'y�'S 100,000 43,028 Q4 2020 Q1 2021 Q2 202-1 Q3 2021 Q4 2021 0 General Fund —Other Funds Total Cash and Investments By Fund December 31, 2021 Preliminary 1000 General Fund 51,440,660 1100 Street Fund 6,995,578 1200 PS Retiree Healthcare. Fund 1,345,807 1300 Lodging Tax Fund 118,017 1400Youth/Teen Fund 1,100,926 1500 Capital Resources Fund 20,231,092 1600 Criminal Justice Fund 10,816,795 1800 Housing & Comm Dev Fund 2,873,314 1900 Other Operating Projects Fund 14,698,46 1950 }Cent Events Center Operating Fund 5,548,183 00 Non-Voted Debt Service Fund 1,981,565 500 Spec Assess Debt Service Fund 1,1 3,880 3100 Street Capital Projects Fund 21,289,351 3200 Parks Capital Projects Fund 19,936, 69 33,00 Other Capital Projects Fund 1,193,930 3400 Technology Capital Projects Fund 8,694,084 3500 Facilities Capital Projects Fund 3,936,030 4100 Water Fund 44, 65,145 4300 Sewer Fund 13,227,641 4400 Drainage Fund 32,392,562 4700 Solid Waste Fund 348,194 4800 Golf Fund 1,512,252 5100 Fleet Service Fund 4,257,312 5 00 Central Services Fund ,560,648 5400 Facilities Management Fund 6,933,657 5600 Insurance Fund 16,333,154 5900 Deferred Compensation Fund 126,712 6200 Firefighters Pension Fund 2,140,713 6400 Deferred Comp Fund (5 ) 6500 Payroll Clearing Fund 33.4,146 6600 Subsystem Clearing Fund - 6700 Utility Clearing Fund 9,434 6800 Agency Clearing Fund 1,799,329 7100 Special Events Center-PFD 35,227 Total: 299,699,984 pf m) asset management Portfolio Summary and Statistics For dw Month Erdnglll)�n bar 33, 2021 CITY OF KENT-48820000 DesQSptian Par Value Market Value Percent 122,320 U-5-Treaairy+Bond I Nobs ,000-00 122 9GG44.Si f0-32, �Note 17-7494 Supra-National Agency BondJNote 1201S5,000-00 12p58,S&3-9S 5-95 Fed►gyBrndI Muniopal Bond/We 4,400,0LID_00 4r4S7r497_IG 2.20 Nate Federal Agm-cV Bond f Note 280225,0110-00 27r99Gr41930 13-79 13 79% Corporate WE 3Sr430,000-00 35,996r9S717 17-74 Managed Aceount Sub-Total 202,53G,000.00 2G2,9G9,802.53 100.00% Accrued Incerest 501,77434 Total Partfoliu 202,53G,000.GG 203,4g1,r576.87 Muni Bond I Note Unsettled Trades G.GO 0.00 2.2p4a Supra-Nauval rp:y mind i Note US 1ST Brnd 1 Now 5.954a fi0.32% DistributionMciturity ]].l1'•s retl bS Matunty at com 0-90% Yield to Mahrity at Marir.-L 0-91% 23-LM Weighted Average Days to Maturity 1331 r4.Gl?'a 1d.1N6a $AON. O.QQ?r O�lyh o-6 rl=fte d-12 marts I-2 Ygn 2 3 mars I-+mars I 5 mars Owr 5 Ym PFM Asset Management LLC Acmunt 488ZMOO Page 2 For the Quarter Ended December 31,2021 CJTY OF KENT account summary Sector Allocation Analytics U.S. Treasury-$122,396,045 41.0% Federal Agency-$27.990,419 01 E.4% Supranational-$12,068,884 F-0=% Municipal-$4,457,497 11.5% Corporate-$35,996,958 W=1 /,, Local Government Investment Pool-$84,446,166 ONES=26,89A Bank Deposits-$15,845,535 ff57.3% 0-0% 20 0% 44.4'1/b 64.4°k 80.0% 100.0% PortfolioAllocalion 0 Sector Limit for Analysis* / For ontyand fs not provided for corr{v rze assurance. -Saew Lirnif forAnaoysis u as derived from ourupterprelwion of yourmost recent invesimert Polieyas provided. o prM Asset Management LLC pfrnam.com For the Quarter Ended December 31,2021 CITY OF KENT Ponfohil Characteristics Sector Allocation Review - CITY OF KENT TotalSecurity Type Mar-21 %of %of Total • %of Total Dec-21 %of Total Treasury $67.3 472% $97.7 55.59E $124.7 60.9% $122.4 60.39E Federal Agency $38_d 26.9% $38.4 21.89E $31.0 15.1% $28.0 13.8% Supranational $7.4 52% $8.4 4.89E $122 5.0% $12.1 6.0% Municipal $4.5 3.2% $4.5 2.69E $4.5 2.2% $4.5 2.2% Corporate $25.0 17.5% $26.9 15.39E $32.6 15.9% $36.0 17.7% Total $142.7 100.0% $179.0 100.09E $206.1 100.0% $202.9 190.99E MU-5-Treasury =FederalAgency =Supranational Municipal Corporate $214 $16B c $126 0 $42 $0 March 2021 June 2021 September 2021 December 2021 Markel vahiss_ercludrPg accneed versst Only Includes ovesiments held within the separarelymanaged accaura(s).DeW may noraddm[oral drys to minding. I O PFM Asset Management LLC pfmam.cord