HomeMy WebLinkAboutCity Council Committees - Committee of the Whole - 12/10/2024 (2) Approved
Kent City Council - Committee
• of the Whole
KENT Committee of the Whole -
WAS M IN G 7 0 N
Regular Meeting
Minutes
December 10, 2024
Date: December 10, 2024
Time: 4:00 p.m.
Place: Chambers
1. CALL TO ORDER
Council President Kaur called the meeting to order.
2. ROLL CALL
Attendee Name Title Status Arrived
Satwinder Kaur Council President Present
Bill Boyce Councilmember Present
John Boyd Councilmember Present
Brenda Fincher Councilmember Present
Marli Larimer Councilmember Present
Zandria Michaud Councilmember Present
Toni Troutner Councilmember Present
3. AGENDA APPROVAL
A. I move to approve the agenda as presented.
ER SULT: MOTION PASSES [UNANIMOUS]
MOVER: Bill Boyce, Councilmember
SECONDER: John Boyd, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
4. DEPARTMENT PRESENTATIONS
A. Approval of Minutes YES
i. Committee of the Whole - Committee of the Whole - Regular Meeting -
Nov 19, 2024 4:00 PM
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
......................................................................................................................................................................................................................................................................................................._...............................................................................................................................................................................................................
RESULT: APPROVED [UNANIMOUS]
MOVER: Bill Boyce, Councilmember
SECONDER: John Boyd, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
B. Payment of Bills - Approve
MOTION: I move to approve the payment of bills received
through 11/15/24 and paid on 11/15/24; approve the checks
issued for payroll 11/1/24 - 11/15/24, and paid on 11/20/24;
approve the payment of bills received through 11/30/24 and
paid on 11/30/24; and approve the checks issued for payroll
11/16/24 — 11/30/24 and paid on 12/5/24, all audited by the
Committee of the Whole on 12/10/24.
RESULT: MOTION PASSES [UNANIMOUS] Next: 1/7/2025 7:00 PM
MOVER: Bill Boyce, Councilmember
SECONDER: John Boyd, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
C. Goods and Services Agreement with Perfect Image - Authorize
City Clerk, Kim Komoto presented details on the agreement with Perfect
Image, Inc for digitization services.
To increase transparency by making records more accessible to the public
through the City's online records management portal, staff started evaluating
and inventorying the non-digitized records in their departments. The
digitization of records will alleviate the need for space to store the paper
records in addition to making them easier for staff to manage and the public
to access.
The City has allocated $200,000 in ARPA funds for this project. Additionally,
the City is allocating up to an additional $300,000 from the General Fund.
MOTION: I move to authorize the Mayor to sign the agreement
with Perfect Image, Inc., subject to final terms and conditions
acceptable to the Chief Administrative Officer and City
Attorney.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 2 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
......................................................................................................................................................................................................................................................................................................._...............................................................................................................................................................................................................
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Satwinder Kaur, Council President
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
D. Agreement with Black Print Collective - Authorize
Race and Equity Coordinator, Uriel Varela presented details on the agreement
with Black Print Collective.
The Race & Equity Strategic Plan is currently in the implementation phase. To
increase capacity for the work, the team has selected The Black Print
Collective as the vendor for an ARPA contract for assistance in implementing
certain objectives.
BPC will work to coordinate and host various community events and
workshops throughout Kent. BPC will provide general business support and
work to increase the number of Kent-based businesses certified by the Office
of Minority and Women's Business Enterprises. They will also create and
maintain a Kent-based minority/women-owned business list and will create
community engagement opportunities for our City departments to connect
with historically marginalized communities.
MOTION: I move to authorize the Mayor to sign the agreement
with The Black Print Collective subject to final terms and
conditions acceptable to the Chief Administrative Officer and
City Attorney.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Satwinder Kaur, Council President
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
E. Interlocal Agreement with Puget Sound Regional Fire Authority
- Authorize
City Attorney, Tammy White presented details on the Interlocal Agreement
with the Puget Sound Regional Fire Authority.
The original ILA provided that the PSRFA would provide services to Kent
through dedicated PSRFA staff, and the cost to the City for those services
would be comparable to the salary costs paid by the PSRFA for those
dedicated staff members. However, due to its expanded service area, this
dedicated staffing structure is no longer feasible for the PSRFA. Instead, the
PSRFA would like to convert to a cost share method through which each
..........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 3 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
agency pays for services equal to their pro-rata share of the PSRFA's total
services, including an equitable allocation of shared overhead costs of the
PSRFA, such as technology, administration, finance, and personnel.
The City and the PSRFA agreed to this cost-share method in 2023 for Fire
Prevention Services, and since the City's ILA with the PSRFA expires on
December 31, 2024, the PSRFA has advised that it would like to convert all of
the services it provides to Kent, and the other agencies it serves, to a similar
cost share approach.
The City and the PSRFA will continue to maintain a separate agreement
related to FD Cares and co-responder services. That agreement will continue
its own and is not being added to this ILA.
MOTION: I move to approve an interlocal agreement regarding
the division of services between the City of Kent and the Puget
Sound Regional Fire Authority, and authorize the Mayor to sign
the same upon final terms and conditions acceptable to the
Chief Administrative Officer and City Attorney.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Satwinder Kaur, Council President
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
F. Consolidating Budget Adjustments, 11/1/2024 — 11/30-2024 -
Ordinance - Adopt
Interim Finance Director, Michelle Ferguson provided details on the
Consolidating budget Adjustments November 1- 30, 2024, for a total overall
budget increase of $6,970,400 that are pending approval.
• $2,175,000 to transfer funds from Facilities Operating to Facilities
Lifecycle reserves.
• $2,000,000 to transfer ($1m) and establish the budget ($1m) for a
general fund subsidy for accessoShoware.
• $1,000,000 for increased sewer revenues.
• $650,000 to adjust the IT Project Managers' salary & benefit allocation to
reflect year-to-date actuals ($550k) and increase the budget for IT
maintenance and subscription costs ($100k).
• $500,000 to increase the Police overtime budget.
• $489,400 in ARPA funded budget adjustments.
• $156,000 to transfer ($78k) and establish budget ($78k) for the Court file
room remodel.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 4 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
MOTION: I move to adopt Ordinance No. 4505, consolidating
budget adjustments made between November 1, 2024, and
November 30, 2024, reflecting an overall budget increase of
$6,970,400.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Satwinder Kaur, Council President
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
G. INFO ONLY: Third Quarter 2024 Investment Report
Cash and Investment Officer, Joe Bartlemay presented the Third Quarter
Investment Report for 2024, that was presented to the Investment Advisory
Board on November 21, 2024.
Bartlemay reviewed the investment portfolio through September 30, 2034,
that includes cash, Washington State LGIP, and the PFM Managed portfolio.
Bartlemay reviewed the five-month flow of cash and investments by type,
the three-year flow of total cash and investments, quarterly interest
earnings, and total cash and investments by fund through September 30,
2024.
The portfolio summary and statistics for pfm Asset management were
reviewed, along with the sector analysis confirming compliance.
H. 2024 Environmental Protection Agency Brownfields Grants —
Accept
Economic Development Officer, Bill Ellis presented details on the EPA
Community Brownfields award of $500K.
These grant funds will be used for inventory, assessment, planning, and
community outreach related to brownfield properties within the City of Kent.
The last brownfields assessment within City of Kent was undertaken in
2012. Since that time, new areas have come under City jurisdiction, and the
arrival of light rail transit and its accompanying mandates for higher
density-adjacent development bring new incentives to reclaim brownfields
for high impact development which may provide housing, jobs, and space
for new business, with multiple economic benefits to the City and
community enhancements for its residents.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 5 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
Funds from the federal Environmental Protection Agency for environmental
characterization and assessment administered by the City will further
support the reuse of long dormant brownfield properties.
MOTION: I move to authorize the Mayor to accept grant funds
from the Environmental Protection Agency in the amount of
$500,000 for brownfield assessments, amend the budget,
authorize expenditure of the grant funds, and authorize the
Mayor to sign all necessary documents subject to the approval
of final terms and conditions acceptable to the Economic and
Community Development Director and City Attorney.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
I. Lodging Tax Advisory Committee Grant Awards — Award
Economic Development Program Manager and staff to Kent's Lodging Tax
Advisory Committee, Michelle Wilmot presented details on the eight LTAC
grant awards totaling $283,000 to support various tourism promotion
initiatives designed to attract both business and leisure travelers to Kent.
Washington State collects a lodging tax for each hotel/motel stay that is less
than 30 days in duration. A portion of this revenue is returned to its origin
city and this revenue must be used to fund promotion or sponsorship of
attractions and events, likely to bring visitors to experience those offerings,
stay overnight, dine and shop. A local committee, comprised 50% of
representatives from the hospitality industry and 50% from local organization
who may stage or sponsor events, make recommendations as to which
proposals will best achieve these goals and should receive funding.
The Fall 2024 funding cycle will support events occurring in late 2025 and
early 2026 and will also allow the continuance of the City's "Visit Kent"
tourism marketing campaign by renewing its contract with JayRay Ads & PR,
Inc. for 2025. Individual grant applications and funding levels were discussed
by the Lodging Tax Advisory Committee during their November 261" meeting.
MOTION: I move to award Fall 2024 lodging tax grants to the
recipients selected by the Lodging Tax Advisory Committee in
the amounts recommended, and authorize the Mayor to sign all
agreements, subject to final terms acceptable to the City
Attorney.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 6 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
......................................................................................................................................................................................................................................................................................................._...............................................................................................................................................................................................................
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
J. Consultant Contract with Platform Design, LLC for Updates to
the City's Housing Code and Design Standards — Authorize
Long Range Planning Manager, Kristen Holdsworth presented details on the
agreement with Platform Design, LLC.
The City intends to update its development and design standards to increase
housing options in Kent, and Platform Design, LLC, will assist the City with
this process. This work is necessary to comply with new state laws and
implement the City's new 2044 Comprehensive Plan.
City staff have already identified several code revisions that are necessary to
comply with Growth Management Act requirements and the 2044
Comprehensive Plan, including middle housing; shelter, transitional,
emergency, and permanent supportive housing housing; co-living; parking
standards; streamlined development review processes; and design review
standards. Additional amendments may be recommended by the City's
Consultant during its thorough review and audit of the City's code and design
guidelines.
The Consultant's Scope of Work does include community engagement
through online and in-person open houses, as well as stakeholder meetings
and interviews to inform technical updates. Some updates are required by
the GMA to be adopted by June 30, 2025, and others are required by the end
of 2025.
MOTION: I move to authorize the Mayor to sign a Consultant
Services Agreement with Platform Design LLC for work
associated with updating the City's housing code and design
standards, subject to final terms and conditions acceptable to
the Economic and Community Development Director and City
Attorney.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
K. Ordinance Adopting the 2044 Comprehensive Plan - Adopt
Holdsworth provided an overview of the 2044 Comprehensive Plan.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 7 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
The Comprehensive Plan is the guiding policy document for all land use and
development regulations in Kent. State law requires the City to plan for and
accommodate 10,200 new housing units and 32,000 jobs over the next 20
years. The project team has spent the past two years working with the
community to make updates to the plan to better reflect a shared vision and
guiding principles to inform how we plan for Kent's future.
The Comprehensive Plan includes ten chapters:
• Introduction, Community Profile, Vision
• Land Use Element
• Housing Element
• Transportation Element
• Parks and Recreation Element
• Economic Development Element
• Capital Facilities Element
• Utilities Element
• Shoreline Element
• Climate Element
It also includes appendices with supporting analysis, documentation, and six-
year capital financing plans for the City of Kent, all school districts serving
Kent, and the Puget Sound Regional Fire Authority.
Kent's updated Comprehensive Plan includes its first ever Climate Element,
as well as changes to more holistically address sustainability, human
services, and equity. The 2044 Comprehensive Plan also includes substantive
changes to content, goals, and policies in all chapters and map amendments
to the future land use designations to implement the vision for growth.
On November 19, 2024, City Council held a public hearing and admitted into
the record comment letters received pertaining to this ordinance.
At the public hearings, written comments were received and were entered
into the records. Additionally, after the public hearing, the City received a
comment letter from the Puget Sound Regional Council on November 27,
2024. The comments were minor in scope and primarily requested
clarification or additional context to be added. The final 2044 Comprehensive
Plan incorporates changes to respond to PSRC comments, as well as some of
the written comments received previously.
.................................................................... ....................--
Page 8 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
MOTION: I move to adopt Ordinance No. 4506, repealing the
2015 Comprehensive Plan and adopting the 2044
Comprehensive Plan, including all of its referenced and
attached exhibits and appendices, fulfilling the periodic update
requirements under the Washington State Growth Management
Act.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
L. Emergency Ordinance Amending Kent City Code Chapters 12.13
and 12.15 Relating to School and Fire Impact Fees - Adopt
Planner, Sam Alcorn provided an overview of the Emergency Ordinance
Amending Kent City Code Chapters 12.13 and 12.15 relating to school and
fire impact fees.
The Kent City Code provides for the assessment and collection of school and
fire impact fees against new construction to ensure adequate public facilities
are available to serve new growth attributable to that construction. Impact
fees for area school districts and the regional fire authority are determined
by annual updates these agencies provide to the City with their capital
facilities/capital improvement plans.
State law requires that impact fees may only be imposed for new or
expanded capital facilities to directly address the increased demand for
services created by new development. Impact fees cannot be used to correct
existing deficiencies, nor can they pay for operating expenses.
The ordinance revises impact fee calculations based on material received
from the Puget Sound Regional Fire Authority and the Kent, Federal Way,
and Highline School Districts. Because the City of Auburn annexed the
Bridges Neighborhood, the Auburn School District no longer serves the City
of Kent and it is therefore removed from the school impact fee schedule.
MOTION: I move to recommend Council declare an emergency
and adopt Ordinance No. 4507, amending Chapters 12.13 and
12.15 of the Kent City Coode to adjust the fee schedule for
school and fire and impact fees.
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 9 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
......................................................................................................................................................................................................................................................................................................._...............................................................................................................................................................................................................
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
M. Ordinance Adopting and Updating SEPA Categorical Exemptions
— Adopt
Planner, Lindsay Walker, presented an overview of the ordinance updating
the State Environmental Policy Act processes to streamline development
review processes for projects that comply with the Comprehensive Plan and
Kent City Code.
MOTION: I move to adopt Ordinance No. 4508, amending
Chapters 11.03 and 15.04 of the Kent City Code to adopt
development review exemptions under the State Environmental
Policy Act to streamline the review process for infill
development in furtherance of the goals and policies of the
Comprehensive Plan, and to adopt related reorganizational
code amendments made necessary by adoption of the new
exemptions.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
N. Ordinance Adopting Rezones and Zoning Code Changes to
Implement the 2044 Comprehensive Plan— Adopt
Walker presented an overview of the Ordinance Adopting Rezones and
Zoning Code Changes to Implement the 2044 Comprehensive Plan.
Every ten years, cities and counties that are "fully planning" under the
Growth Management Act must conduct a thorough review of their
comprehensive plan and development regulations.
As part of Kent's new 2044 Comprehensive Plan, City staff recommends that
several citywide rezones be approved, and changes made to the City's Official
Zoning Map for consistency with the 2044 Comprehensive Plan.
Additionally, there are two changes proposed that are in direct response to
community input for commercial zones:
#1. Allowing nurseries, greenhouses, garden supplies, tools, etc. in the
Neighborhood Convenience Commercial (NCC) zone; and
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 10 of 11
Kent City Council - Committee of the Whole December 10, 2024
Committee of the Whole - Regular Meeting Kent, Washington
Minutes
......................................................................................................................................................................................................................................................................................................._...............................................................................................................................................................................................................
#2. Restricting new gasoline service stations in the NCC zone and not
allowing new gas stations on properties with Mixed-Use Future Land Use
Designations.
MOTION: I move to adopt Ordinance No. 4509, implementing
the 2044 Comprehensive Plan by amending sections 15.04.070
and 15.04.080 of the Kent City Code to update commercial land
uses and to rezone various properties throughout the City
consistent with the new Comprehensive Plan.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Marli Larimer, Councilmember
SECONDER: Bill Boyce, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
O. 2025-2029 CDBG Consolidated Plan & Community Participation
Plan- Adopt
Senior Human Services Coordinator, Brittany Gaines presented information
on the 2025-2029 Consolidated Plan & Community Participation Plan to
receive Community Development Block Grant allocations from the U.S.
Department of Housing and Urban Development for the next 5 years.
MOTION: I move to approve the 2025-2029 Community
Development Block Grant Consolidated Plan & Community
Participation Plan, including funding allocations and
contingency plans, and authorize the Mayor to execute the
appropriate certifications and agreements, subject to final
terms and conditions acceptable to the Parks Director and City
Attorney.
RESULT: MOTION PASSES [UNANIMOUS] Next: 12/10/2024 7:00 PM
MOVER: Zandria Michaud, Councilmember
SECONDER: Marli Larimer, Councilmember
AYES: Kaur, Boyce, Boyd, Fincher, Larimer, Michaud, Troutner
5. ADJOURNMENT
Council President Kaur adjourned the meeting.
Meeting ended at 4:56 p.m.
Ki,4 i leery A. Ko-ww-to-
City Clerk
...........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Page 11 of 11
- - n�+o- �_fi• _ _�;�� •�•---�` may—_ .�
KENT VALLE
ECONOMIC DEVELOPMENT
KentValleyWA.com I info@KentValleyWA.com 1253-846-5454
KENT VALLE'
ECONOMIC DEVELOPMENT
Authorize : Accept EPA Community
Brownfields Award of $500,000
• Actions of grant include :
• Community Outreach and Education
• Environmental Assessment and Re-use Planning Report performed
with federal funds administered by City on Private Properties
• No monies go towards actual remediation and clean-up
• Grant term is four years for study activities meant to spur reuse of
trouble sites by reducing transaction cost uncertainty
KENTVALLE'
ECONOMIC DEVELOPMENT
Target Areab
• Central Avenue and Downtown Subarea
• *Still awaiting verdict of EPA on Mill Creek Environmental Justice grant
submission
• Rail lines, former gas stations, former armories...many opportunities to better
characterize and support
• Midway
• Light Rail Completion in area with legacy auto dominated uses (autobody, tire
shops, gas stations)
• SPU — City of Kent owned parcels on landfills
KENT VALLEY iiiiiiiiiiiiiiiiiiiiiilli
ECONOMIC DEVELOPMENT
Past Success with this EPA grant
June 21,2022
Bridge plans new Kent industrial project on very
polluted site
By BRLkN MILLER
` Real Estate Editor
On a polluted Kent property
it doesn't yet own,Bridge
t ty� Industrial is planning a new
r4` 143,5oo-square-foot =r .N-
] B - industrial building.It would
ir replace a smaller old
warehouse at 7730 S.202nd
St.,which the city calls the
polluted former Maralco
aluminum smelter property.
Photo by Washington State Department of Ecology[enlarge]
Looking west,circa 1993,the Maralco smelter is in the middle,
next to the Ill tracks. West of the tracks is the former
Sawdust Supply property, where owner Duke Realty is now
building a speculative 261,364-square-foot logistics building.
—^�
KENTVALLE'
ECONOMIC DEVELOPMENT
Highlands Land-fill
Second time city has received this award
Ten years later, 509 Pacific Gateway Connector
a: Funded and Under Construction
Light Rail to Begin 2026
Funds can support work with SPU on
environmental risk assessment and also making
the site more marketable and shovel ready to
take advantage of infrastructure investments
KENT VALLE'
ECONOMIC DEVELOPMENT
Questions
'!
W i I I i a m E I I i s, Chief Economic De velopment Officer
Economic and Community Development
Phone : 253-856-5707
E-mail : wellis@kentwa .gov
I
City of Kent
Investment Portfolio
Q3 - 2024
'
CITY OF KENT
INVESTMENT PORTFOLIO
September 30, 2024
Purchase Market Value Investment
Date Investment Description Yield Maturi 9 30 2024 Total
09/30/24 Cash - US Bank 5.5000/0 Overnight 1,157,482 1,157,482
09/30/2-4 WA State LGIP 5.2-32-°fo Overnight 135,593,297 135r593r2-97
09/30/2-4 PFM Mana ed Portfolio 3.070% 875 Days 250,829,609 251,348,367
387,580,388 388,099,146
Kent Portfolio TIP
t
■ca sh
■WA Stake LGIP
■U.S. Treasuries
■Supra National Bonds
■Mu rrcipal Bond s
■GoVt. Agencies
■Corporate Notes
■Commeraal Paper
Bank Notes
I
CITY OF KENT
CASH AND INVESTMENTS BY TYRE
QUARTER ENDING BALANCES
2023 Q3-Q4 AND 2024 Q1-Q3
450,000,000
400,000,000
350,000,000
300,000,000
2 50,000,000
2 00,000,000
1 50,000,000 - a
1 00,000,000
50.000.000
3rd Quarter 2023 4th Quarter 2023 1st Quarter 2024 2rkd Quarter 202' 31A Li=rtar 202
CASH AND INVESTMENTS
MONTH ENDING BALANCES
20221 20231 2024
450,000,000
400,000,000
350,000,000 +, #- - -- -- `- '- _:
300,000,000 '
250,000,000 21D24
2023
200,000,000 --- --- 2022
15D,000,000
100,000,000
50,000,000
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
In June 2022, the City received one-time funds of $14.1M of ARPA grant funding.
Quarterly Interest Earnings
3- 4, 2023 and 1- 3{ 2024
3,500,000 -
3,000,000 - 589 2,956,189
�'y F t
2,539,024 2,575,691
2,500,000 2,349,267
2,000,000
1,500,000
1f000,000
691,356 759�736 732r862 714,064 748,996
50 0,00 0
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
■General Fund Other Funds
Total Cash and Investments By Fund
September 30, 2024
1000 General Fund 58,970,369
1100 Street Fund 18,961,457
1200 PS Retiree Healthcare Fund 1,185,280
1300 Lodging Tax Fund 323,274
1400 Youth/Teen Fund 1,378,503
1500 Capital Resources Fund 43,104,950
1600 Criminal Justice Fund 11,944,896
1800 Housing & Comm Dev Fund 6,687,555
1900 Other Operating Projects Fund 9,873,812
1950 Dent Events Center Operating Fund (309,353)
2200 Non-Voted Debt Service Fund 492,946
2500 Spec Assess Debt Service Fund 651,343
3100 Street Capital Projects Fund 24,391,140
3200 Parks Capital Projects Fund 15,882,734
3300 Other Capital Projects Fund 3,278,290
3400 Technology Capital Projects Fund 9,652,598
3500 Facilities Capital Projects Fund 11,846,847
4100 Water Fund 46,483,268
4300 Seger Fund 17,172,962
4400 Drainage Fund 42,714,306
4700 Solid Waste Fund 559,875
4800 Golf Fund 3,456,689
5100 Fleet Service Fund 7,749,009
5200 Central Services Fund 2,052,401
5400 Facilities Management Fund 6,938,906
5600 Insurance Fund 35,940,489
5900 Deferred Compensation Fund 182,409
6200 Firefighters Pension Fund 2,407,708
6400 Deferred Comp Fund -
6500 Payroll Clearing Fund 435,794
6600 Subsystem Clearing Fund (11,604)
6700 Utility Clearing Fund 1,315,912
6800 Agency Clearing Fund 1,559,363
7100 Special Events Center-PFD 825 022
Total: 300,099,146
pf rn) asset
management
Portfolio Summary and Statistics For the Month Ending September 30,2024
CITY OF KENT -4862000D
Description Par Value Market VMus Percent
U.S.Treasury Bald(Now 169,645,000.00 164,125,107.97 65A2 Bank Note
4-959fi
Supra-National Agency Bond I Note 8,665,000.00 8,574,335.62 3.42 Corporate Note
Municipal Band}Note 1,925,000.00 1,925,000.00 177 17.14%
Fedaal Agency Band�Mote 20,500,000.00 19,884,401.39 7.93 Fed Agq Bond f
Corporate Note 54,330,000.00 53,948,910.06 21. te
51 7 N4
-934fi
Bank Note 2,300,000.00 2,371,B54.30 195 I
Managed Account Sub-Total 257,365,60 250 0.00 ,829,609.36 100.011)% xx x
Accrued Interest 1,4133295.59 Muni Bend}Nets
Total Pdyfolla 257,365,D00.00 252,242,904.95 0.77%
Priv Placement
Bond
4.M%
Unsettled Trades 1,925,000.00 1,842,2U.68 Supra-National
eery+end 1 Note
U5 T5Y Bond I Note 3A2%
65.43%
Maturity Distribution
23.439E
22.54% Yield to Maturity at Cost 3.07%
19.iD3E Yield to Maturity at Market 3.9L%
r5.24- Weighted Average Days to Maw ntv 875
I L 9A95E 4.659h
000%
-5 HOME 5-12 MooGr€ 1-2 Yeas =-3 Y,,:. 3-4 Years 4-5 Yea s 0-4.5 Years
PFM Asset Management LLC Account4SB20000 Page 2
Far the Quarter Ended September 30,2024
CITY OF KENT Account Summary
Sector Allocation Analytics
U.S. Treasury-$164,932,871 �����42.4%
Federal Agency-$19,921,202 5.1°fo
Supranational-$8,623,533 2.2%
Municipal-$1,942,229 0.5%
Corporate-$56,823,069
Bank Deposits-$1,157,482 0.3%
Local Government Investment Pool-$135,593,297 EMEN134,99%
0.0°!° 20.0% 40.0% 60.0% 60.0% 100.0%
Portfolio Allocation 0 Sector Limit for Analysis'
Forinforrrratronadanaiyliealpnrpases onfyand fs reap provided forcompfrance assurance.+ncfudes accnred interest
-Secrorbrr9l for Analysis is as derived from ouriretarpraavion of your mae recen!Ovesimem Pdicyas provided.
@ PFM Asset Management LLC pfmarn.corn
For the Quarter Ended September 30,2024
CITY OF KENT Partfcrm Characteristics
Sector Allocation Review - CITY OF KENT
Security p• Dec-23 %of Total Mar-24 %of Total Jun-24 of Total Sep-24 %of Total
LI.S_Trea5ury $117_d 56.5% $131_$ 59.1% $1485 602% $164.1 65_d°k
Federal Agency S22.3 10.7% $22.3 10.0% $22.5 9.2% $19.9 7.9%
Supranalionsl 510.4 5.0% $10.9 4.9% $11.0 4.5% $8.6 3.4%
Municipal $4.3 2.1% $4.3 2.0% $4.0 1.7% $1.9 0.8%
Corporate S53.3 25.7% $53.3 24.0% S59.3 24.4% $56.3 22.5%
Total $207.7 100.0% 3222.E 100.0% $243.3 100.0% $250.8 100.0%
U-S_Treasury =FederalAgency =Supranational Municipal Corporate
$260.0
$208.0
N $156 0
0
$104.0
$52.0
$0.0
December 2023 March 2024 June 2024 Seplernber 2024
Markel vakres_exctudrrrg acenred enteres-Dnly irrcWdes fixed-income securrdes held vMhin the separately managed amewnf(s)and LGJPs managed by PFMAM..Detail may notadd to total due to rmmcrmg_
-�)PFM Asset Management LLC pimarn.com
Consolidated Budget Adjustments
November 1 , 2024 through November 30, 2024
Committee o< the Whole
December 10, 2024
'MENTS PENDING APPROI,
• Total of $6,970,400:
• $2. 175m to transfer funds from Facilities operating to Facilities lifecycle
• $2m for ShoWare subsidy
• $ I m transfer out of the General Fund the use of up to $ I m in the
ShoWare Operating Fund
• $ I m for increased Sewer revenues
• $650k for IT expenses
Committee or the Whole
12-10-3024
4, ENTS PENDING
APPROi
• $500k for Police overtime
• $489k for ARPA funded adjustments
• $ 156k for the file room renovation at the Court
• $78k transfer out of the Trial Court Improvement Fund and
the use of $78k in the project
Committee of the Whole
12-10-2024
QUESTIONS