HomeMy WebLinkAboutCity Council Committees - Operations Committee - 05/03/2016 (2)
Unless otherwise noted, the Operations Committee meets at 4 p.m. on the first and third
Tuesday of each month in Kent City Hall, Council Chambers East, 220 4th Ave S, Kent, 98032.
For additional information please contact Jennifer Hays at 253-856-5700.
Any person requiring a disability accommodation should contact the City Clerk’s
Office at 253-856-5725 in advance. For TDD relay service call Washington
Telecommunications Relay Service at 1-800-833-6388.
Operations Committee Agenda
Councilmembers: Bill Boyce – Les Thomas – Dana Ralph, Chair
May 3, 2016
4 p.m.
Item Description Action Speaker Time Page
1. Call to order Chair Ralph 1
2. Roll Call Chair Ralph 1
3. Changes to the Agenda Chair Ralph 1
4. Approval of Check Summary Report dated
4/1/2016 thru 4/15/2016
YES Chair Ralph 2
5. Approval of Meeting Minutes Dated
April 19, 2016
YES Chair Ralph 2 1
6. ICMA-RC Three-year Administrative Services
Agreement - Recommend
YES Becky Fowler 5 5
7. March Financial Report – Information Only NO Aaron BeMiller 5 19
8. Director’s Report – Information Only NO Aaron BeMiller 5 35
9. Real Property Surplus Policy – Information
Only
NO Derek Matheson 30 37
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OPERATIONS COMMITTEE MINUTES
April 19, 2016
Committee Members Present: Les Thomas; Bill Boyce; Dana Ralph, Chair
The meeting was called to order by Dana Ralph at 4:00 p.m.
1. ROLL CALL.
2. CHANGES TO THE AGENDA.
There were no changes to the agenda.
3. APPROVAL OF THE CHECK SUMMARY REPORT DATED 3/16/2016 THRU
3/31/2016.
B. Boyce moved to approve the check summary report dated 3/16/16 through
3/31/16. L. Thomas seconded the motion, which passed 3-0.
4. APPROVAL OF MINUTES DATED APRIL 5, 2016.
L. Thomas moved to approve the Operations Committee minutes dated April 5, 2016.
B. Boyce seconded the motion, which passed 3-0.
5. DRUG FORFEITURE FUNDS – AMEND BUDGET AND AUTHORIZE EXPENDITURE -
RECOMMEND.
Police Chief Ken Thomas revisited this request that was previously tabled during the
April 5 Committee meeting to answer any remaining questions members may have. A
detailed presentation was provided at the April 12 Public Safety Committee meeting and
is attached to the April 19 Committee agenda packet.
As a key part of Suburban King County Coordinating Council on Gangs (SKCCCG) work,
Youth LINC (Leadership, Intervention and Change) delivers direct service through a
multidisciplinary intervention. Seed money from the City, in the amount of $175,000,
will be used to replicate Youth LINC to provide coordinated services to youth and
families in the Kent community.
The $175,000 estimated breakdown of expenditures are:
Program Staff/Supervision (Center for Children and Youth Justices) - $74,000
Administrative costs - $1,000
Youth LINC Team Operation and Supplies - $6,000
Program Evaluation - $15,000
Youth LINC Client Support Funds (individual/family needs, employment program
placement) - $19,000
Street Outreach Services (Alive and Free) - $30,000
Community Program Contract(s) - $30,000
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Operations Committee Minutes
April 19, 2016
Page: 2
B. Boyce moved to recommend Council amend the budget and authorize the Mayor to
issue funds, in the total amount of $175,000, to the Suburban King County
Coordinating Council on Gangs, in support of Youth LINC and grants to community-
based organizations serving youth in Kent, payable from funds seized and forfeited to
the Kent Police Department under the state’s drug forfeiture statutes; and authorize
the Mayor to sign all necessary documents, subject to final terms and conditions
acceptable to the Police Chief and City Attorney. L. Thomas seconded the motion,
which passed 3-0.
6. BUSINESS STRATEGY AND PERFORMANCE ANALYST POSITION - RECOMMEND.
Human Resources Director Marty Fisher requested a new position that will lead, direct,
plan, and organize the City's performance measurement and Lean business process
improvement programs with significant impact to the City and its citizens. The
incumbent will also provide guidance, analysis and recommendations for developing key
performance indicators, using data and evidence to inform decision-making that
supports the achievement of the City’s Strategic Plan.
This position will report to Mr. Fisher, is non-represented, and will have a salary grade
41 (minimum $73,920; maximum $90,084). The only other regional city to have a
similar position is the City of Bellevue.
L. Thomas moved to recommend council authorize the Mayor to add a new position
titled “Business Strategy and Performance Analyst”. B. Boyce seconded the motion,
which passed 3-0.
7. CONSOLIDATING BUDGET ADJUSTMENT ORDINANCE FOR ADJUSTMENTS
BETWEEN JANUARY 1, 2016 AND MARCH 31, 2016 - RECOMMEND.
Finance Deputy Director Barbara Lopez requested authorization to approve the technical
gross budget adjustment ordinance reflecting an overall budget increase of
$10,767,337. From that amount, adjustments totaling $9,149,577 have already been
approved by Council.
The remaining amount not yet approved by Council is an overall increase of
$1,617,760, are funded by grants, existing fund balance, or other new revenues. The
remaining amounts include:
$664,125 to establish an annual operating budget for the School Zone Camera
($488,000), Sex Trafficking ($39,700) and Traffic School ($135,925) programs
in the Criminal Justice Fund
$500,000 to add funds to the Strategic Land Account for acquisition of
strategic property parcels
$175,635 for Parks contribution to the Regional Trails Connector project
$110,000 for an accounting change for payments made for the Sound Transit
parking garage
$168,000 towards phase two of the Facilities space/efficiency study.
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Operations Committee Minutes
April 19, 2016
Page: 3
B. Boyce moved to recommend council approve the consolidating budget adjustment
ordinance for adjustments made between January 1, 2016 and March 31, 2016
reflecting an overall budget increase of $10,767,337 . L. Thomas seconded the
motion, which passed 3-0.
8. QUARTERLY PROCUREMENT REPORT.
Chief Administrative Officer Derek Matheson supplied information to members from the
first quarter 2016 procurement report that fall below the Mayor’s signature authority,
specifically all contracts/agreements over $25,000 and below $65,000 that include all
leases/agreements that convey an interest in real property.
A request was made to have a rolling report of quarters with the most current report
being reported at the top.
The meeting was adjourned at 4:24 p.m. by D. Ralph.
J. Hays
Jennifer Hays
Operations Committee Secretary
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BENEFITS DIVISION
Becky Fowler
Manager
400 West Gowe
Kent, WA 98032
Fax: 253-856-6270
OFFICE: 253-856-5290
City of Kent Human Resources Department
Marty Fisher, Human Resources Director
May 3, 2016
TO: Operations Committee
FROM: Becky Fowler, Benefits Manager
SUBJECT: ICMA-RC Three-year Administrative Services Agreement -
Recommend
Motion: Recommend the Council authorize the Mayor to sign the ICMA-RC
Deferred Compensation Program Administrative Services Agreement, which is
amended to include a three year contract term and includes recordkeeping
revenue of 0.08 percent and investment advisory fee for the VT Plus Fund of
0.21 percent, subject to final terms and conditions acceptable to the Human
Resource Director and City Attorney.
SUMMARY: This Amendment of the ICMA Plan Administrative Services Agreement is
for a term of three years beginning on June 1, 2016. The plan expenses are paid by
the employees who contribute funds into the ICMA-RC Deferred Compensation
Program.
BACKGROUND: The City contracts with ICMA as the sole third party administrator for
the City’s deferred compensation (457) program. ICMA has been the City’s deferred
compensation provider for over 20 years. The deferred compensation program allows
employees to save and invest today for their retirement. Federal income taxes are
deferred until the assets are withdrawn, usually during retirement when an employee
may be in a lower tax bracket.
Under Section 457 of the Internal Revenue Code, an employee may defer for 2016 a
maximum of $18,000 through payroll deduction. Employees reduce their current
income taxes while boosting retirement investments. Earnings accumulate tax-deferred
and if the employee retires or leaves service early, there is no penalty for withdrawals.
Exhibits: ICMA Administrative Services Agreement
Budget Impact: None
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ADMINISTRATIVE SERVICES AGREEMENT
Between
ICMA Retirement Corporation
and
City of Kent
Type: 457
Account #: 301655
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ADMINISTRATIVE SERVICES AGREEMENT
This Administrative Services Agreement (“Agreement”), made as of the 1st
day of June, 2016 (herein referred to as the “Inception Date”), between the International
City Management Association Retirement Corporation (“ICMA-RC”), a nonprofit
corporation organized and existing under the laws of the State of Delaware, and the City
of Kent (“Employer”), a City organized and existing under the laws of the State of
Washington with an office at 220 4th Avenue South, 4th floor, Kent, Washington
98032-5838.
RECITALS
Employer acts as public plan sponsor of a retirement plan (“Plan”), and in that
capacity, has responsibility to obtain administrative services and investment alternatives
for the Plan;
VantageTrust is a group trust established and maintained in accordance with New
Hampshire Revised Statutes Annotated section 391:1 and Internal Revenue Service
Revenue Ruling 81-100, 1981-1 C.B. 326, which provides for the commingled
investment of retirement funds held by various state and local governmental units for
their employees;
ICMA-RC acts as investment adviser to VantageTrust Company, LLC, the
Trustee of VantageTrust;
ICMA-RC has designed, and VantageTrust offers, a series of separate funds (the
“Funds”) for the investment of plan assets as referenced in VantageTrust’s principal
disclosure document, “Making Sound Investment Decisions: A Retirement Investment
Guide” and the accompanying VantageTrust Fund Fees and Expenses document
(“Retirement Investment Guide”);
The Funds are available only to public employers and only through VantageTrust
and ICMA-RC; and
In addition to serving as investment adviser to VantageTrust, ICMA-RC provides
a range of services to public employers for the operation of employee retirement plans
including, but not limited to, communications concerning investment alternatives,
account maintenance, account recordkeeping, investment and tax reporting, transaction
processing, benefit disbursement, and asset management.
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AGREEMENTS
1. Appointment of ICMA-RC
Employer hereby appoints ICMA-RC as Administrator of the Plan to perform all
nondiscretionary functions necessary for the administration of the Plan. The functions to
be performed by ICMA-RC shall be those set forth in Exhibit A to this Agreement.
2. Adoption of Trust
Employer has adopted the Declaration of Trust of VantageTrust Company and agrees to
the commingled investment of assets of the Plan within VantageTrust. Employer agrees
that the investment, management, and distribution of amounts deposited in VantageTrust
shall be subject to the Declaration of Trust, as it may be amended from time to time and
shall also be subject to terms and conditions set forth in disclosure documents (such as
the Retirement Investment Guide or Employer Bulletins) as those terms and conditions
may be adjusted from time to time.
3. Exclusivity Agreement
Employer agrees that for the initial or succeeding term of this Agreement specified in
Section 10, so long as ICMA-RC continues to perform in all material respects the
services to be performed by it under this Agreement, Employer shall not obtain plan
administration from anyone other than ICMA-RC. Employer acknowledges that ICMA-
RC has agreed to the compensation to be paid to ICMA-RC under this Agreement in the
expectation that ICMA-RC will be able to offset costs allocable to performing this
Agreement with revenues arising from Employer's exclusive use of ICMA-RC at the
rates provided herein throughout the initial or succeeding term.
4. Employer Duty to Furnish Information
Employer agrees to furnish to ICMA-RC on a timely basis such information as is
necessary for ICMA-RC to carry out its responsibilities as Administrator of the Plan,
including information needed to allocate individual participant accounts to Funds in
VantageTrust, and information as to the employment status of participants, and
participant ages, addresses, and other identifying information (including tax identification
numbers). Employer also agrees that it will notify ICMA-RC in a timely manner
regarding changes in staff as it relates to various roles. This is to be completed through
the online EZLink employer contact options. ICMA-RC shall be entitled to rely upon the
accuracy of any information that is furnished to it by a responsible official of the
Employer or any information relating to an individual participant or beneficiary that is
furnished by such participant or beneficiary, and ICMA-RC shall not be responsible for
any error arising from its reliance on such information. ICMA-RC will provide reports,
statements and account information to the Employer through EZLink, the online plan
administrative tool.
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Employer is required to send in contributions through EZLink, the online plan
administration tool provided by ICMA-RC. Alternative electronic methods may be
allowed, but must be approved by ICMA-RC for use. Contributions may not be sent
through paper submittal documents.
To the extent Employer selects third-party funds that do not have fund profile
information provided to ICMA-RC through our electronic data feeds from external
sources (such as Morningstar) or third party fund providers, the Employer is responsible
for providing to ICMA-RC timely fund investment updates for disclosure to Plan
participants. Such updates may be provided to ICMA-RC through the Employer’s
investment consultant or other designated representative.
Failure to provide timely fund profile update information, including the source of the
information, may result in a lack of fund information for participants, as ICMA-RC will
remove outdated fund profile information from the systems that provide fund information
to Plan participants.
5. Certain Representations and Warranties
ICMA-RC represents and warrants to Employer that:
(a) ICMA-RC is a non-profit corporation with full power and authority to
enter into this Agreement and to perform its obligations under this
Agreement. The ability of ICMA-RC to serve as investment adviser to
VantageTrust is dependent upon the continued willingness of
VantageTrust for ICMA-RC to serve in that capacity.
(b) ICMA-RC is an investment adviser registered as such with the U.S.
Securities and Exchange Commission under the Investment Advisers Act
of 1940, as amended.
(c) ICMA-RC shall maintain and administer the Plan in accordance with the
requirements for eligible deferred compensation plans under Section 457
of the Internal Revenue Code and other applicable federal law; provided,
however, that ICMA-RC shall not be responsible for the eligible status of
the Plan in the event that the Employer directs ICMA-RC to administer the
Plan or disburse assets in a manner inconsistent with the requirements of
Section 457 or otherwise causes the Plan not to be carried out in
accordance with its terms. Further, in the event that the Employer uses its
own customized plan document, ICMA-RC shall not be responsible for
the eligible status of the Plan to the extent affected by terms in the
Employer’s plan document that differ from those in ICMA-RC’s standard
plan document. ICMA-RC shall not be responsible for monitoring state or
local law or for administering the Plan in compliance with local or state
requirements unless Employer notifies ICMA-RC of any such local or
state requirements.
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Employer represents and warrants to ICMA-RC that:
(d) Employer is organized in the form and manner recited in the opening
paragraph of this Agreement with full power and authority to enter into
and perform its obligations under this Agreement and to act for the Plan
and participants in the manner contemplated in this Agreement. Execution,
delivery, and performance of this Agreement will not conflict with any
law, rule, regulation or contract by which the Employer is bound or to
which it is a party.
(e) Employer understands and agrees that ICMA-RC’s sole function under
this Agreement is to act as recordkeeper and to provide administrative,
investment or other services at the direction of Plan participants, the
Employer, its agents or designees in accordance with the terms of this
Agreement. Under the terms of this Agreement, ICMA-RC does not
render investment advice, is not the Plan Administrator or Plan Sponsor as
those terms are defined under applicable federal, state, or local law, and
does not provide legal, tax or accounting advice with respect to the
creation, adoption or operation of the Plan and its related trust. ICMA-RC
does not perform any service under this Agreement that might cause
ICMA-RC to be treated as a “fiduciary” of the Plan under applicable law,
except, and only, to the extent that ICMA-RC provides investment
advisory services to individual participants enrolled in Guided Pathways.
(f) Employer acknowledges and agrees that ICMA-RC does not assume any
responsibility with respect to the selection or retention of the Plan’s
investment options. Employer shall have exclusive responsibility for the
Plan’s investment options, including the selection of the applicable mutual
fund share class. Where applicable, Employer understands that the VT
Retirement Income Advantage Fund is an investment option for the Plan
and that the fund invests in a separate account available through a group
variable annuity contract. By entering into this Agreement, Employer
acknowledges that it has received the Important Considerations document
and the Retirement Investment Guide and that it has read the information
therein concerning the VT Retirement Income Advantage Fund.
(g) Employer acknowledges that certain such services to be performed by
ICMA-RC under this Agreement may be performed by an affiliate or
agent of ICMA-RC pursuant to one or more other contractual
arrangements or relationships, and that ICMA-RC reserves the right to
change vendors with which it has contracted to provide services in
connection with this Agreement without prior notice to Employer.
(h) Employer acknowledges that it has received ICMA-RC’s Fee Disclosure
Statement, prepared in substantial conformance with ERISA regulations
regarding the disclosure of fees to plan sponsors.
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(i) Employer approves the use of its Plan in ICMA-RC external media,
publications and materials. Examples include press releases
announcements and inclusion of the general plan information in request
for proposal responses.
6. Participation in Certain Proceedings
The Employer hereby authorizes ICMA-RC to act as agent, to appear on its behalf, and to
join the Employer as a necessary party in all legal proceedings involving the garnishment
of benefits or the transfer of benefits pursuant to the divorce or separation of participants
in the Plan. Unless Employer notifies ICMA-RC otherwise, Employer consents to the
disbursement by ICMA-RC of benefits that have been garnished or transferred to a
former spouse, current spouse, or child pursuant to a domestic relations order or child
support order.
7. Compensation and Payment
(a) ICMA-RC’s compensation under this Agreement shall be as set forth in
subsection (b) below.
(b) Revenue Requirement. ICMA-RC shall receive total annual aggregate
recordkeeping revenue of 0.08% from investment options offered by the
Plan. ICMA-RC shall provide an administrative allowance quarterly to
the Employer or to the Plan in an amount equal to any revenue in excess
of the revenue requirement. In the event that recordkeeping revenue
received by ICMA-RC from investment options offered by the Plan falls
below the revenue requirement, ICMA-RC and the Employer shall
mutually agree upon a method to make up the shortfall necessary to meet
the revenue requirement. Employer understands that the Plan
administrative allowance is to be used only to pay for reasonable plan
administrative expenses of the Plan or allocated to Plan participants at the
instruction of the Employer.
(c) Compensation for Management Services to VantageTrust,
Compensation for Advisory and other Services to The Vantagepoint
Funds and Payments from Third-Party Mutual Funds. Employer
acknowledges that, in addition to amounts payable under this Agreement,
ICMA-RC receives fees from VantageTrust for investment advisory
services and plan and participant services furnished to VantageTrust. (The
investment advisory fee for the VT PLUS Fund shall be 0.21% (21 basis
points) of the daily balance of the Plan assets invested in the PLUS Fund.
This fee is inclusive of a 0.01% Trust operating expense fee.) Employer
further acknowledges that certain wholly owned subsidiaries of ICMA-RC
receive compensation for advisory and other services furnished to The
Vantagepoint Funds, which serve as the underlying portfolios of a number
of Funds offered through VantageTrust. For a VantageTrust Fund that
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invests substantially all of its assets in a third-party mutual fund not
affiliated with ICMA-RC, ICMA-RC or its wholly owned subsidiary
receives payments from the third-party mutual fund families or their
service providers in the form of 12b-1 fees, service fees, compensation for
sub-accounting and other services provided based on assets in the
underlying third-party mutual fund. These fees are described in the
Retirement Investment Guide and ICMA-RC’s fee disclosure statement.
In addition, to the extent that third party mutual funds are included in the
investment line-up for the Plan, ICMA-RC receives administrative fees
from its third party mutual fund settlement and clearing agent for
providing administrative and other services based on assets invested in
third party mutual funds; such administrative fees come from payments
made by third party mutual funds to the settlement and clearing agent.
(d) Redemption Fees. Redemption fees imposed by outside mutual funds in
which Plan assets are invested are collected and paid to the mutual fund by
ICMA-RC. ICMA-RC remits 100% of redemption fees back to the
specific mutual fund to which redemption fees apply. These redemption
fees and the individual mutual fund’s policy with respect to redemption
fees are specified in the prospectus for the individual mutual fund and
referenced in the Retirement Investment Guide.
(e) Payment Procedures. All payments to ICMA-RC pursuant to this Section
7 shall be made from Plan assets held by VantageTrust or received from
third-party mutual funds or their service providers in connection with Plan
assets invested in such third-party mutual funds, to the extent not paid by
the Employer. The amount of Plan assets administered by ICMA-RC shall
be adjusted as required to reflect any such payments as are made from the
Plan. In the event that the Employer agrees to pay amounts owed pursuant
to this Section 7 directly, any amounts unpaid and outstanding after 30
days of invoice to the Employer shall be withdrawn from Plan assets.
The compensation in this Section 7 will take effect on June 1, 2016, contingent upon
receipt of a fully executed agreement before June 30, 2016.
The compensation and payment set forth in this Section 7 is contingent upon the
Employer’s use of ICMA-RC’s EZLink system for contribution processing and
submitting contribution funds by ACH or wire transfer on a consistent basis over the
term of this Agreement.
Employer further acknowledges and agrees that compensation and payment under this
Agreement shall be subject to re-negotiation in the event that the Employer chooses
to implement additional funds not on ICMA-RC’s mutual fund platform.
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8. Contribution Remittance
Employer understands that amounts invested through VantageTrust are to be remitted
directly to VantageTrust in accordance with instructions provided to Employer by ICMA-
RC and are not to be remitted to ICMA-RC. In the event that any check or wire transfer is
incorrectly labeled or transferred to ICMA-RC, ICMA-RC may return it to Employer
with proper instructions.
9. Indemnification
ICMA-RC will not be responsible for any acts or omissions of any person, other than the
acts or omissions of ICMA-RC or VantageTrust or their respective officers, employees,
agents, or assigns, in connection with the administration or operation of the Plan or its
related trust, including Vantage Trust. Employer shall indemnify ICMA-RC against, and
hold ICMA-RC harmless from, any and all loss, damage, penalty, liability, cost, and
expense, including without limitation, reasonable attorney’s fees, that may be incurred
by, imposed upon, or asserted against ICMA-RC by reason of any claim, regulatory
proceeding, or litigation arising from any act done or omitted to be done by any
individual or person within Employer’s control with respect to the Plan or its related
trust, excepting only any and all loss, damage, penalty, liability, cost or expense resulting
from the negligence, bad faith, or willful misconduct of ICMA-RC or VantageTrust and
their respective officers, employees, agents, and assigns.
10. Term
The term of this Agreement will commence on the Inception Date and extend three (3)
years from that date. This Agreement will be renewed automatically for each succeeding
year unless written notice of termination is provided by either party to the other no less
than 60 days before the end of such Agreement year. The Employer understands and
agrees that, in the event the Employer terminates this Agreement (or replaces the VT
PLUS Fund as an investment option in its investment line-up), ICMA-RC retains full
discretion to release Plan assets invested in the VT PLUS Fund in an orderly manner over
a period of up to 12 months from the date ICMA-RC receives written notification from
the Employer that it has made a final and binding selection of a replacement for ICMA-
RC as administrator of the Plan (or a replacement investment option for the VT PLUS
Fund).
11. Amendments and Adjustments
(a) This Agreement may be amended by written instrument signed by the parties.
(b) ICMA-RC may amend this agreement by providing 60 days’ advance written
notice to the Employer prior to the effective date of such proposed amendment.
Such amendment shall become effective unless, within the 60-day notice period,
the Employer notifies ICMA-RC in writing that it objects to such amendment.
This provision shall not apply to any of the material terms of this Agreement.
Material terms include, but are not limited to, the term of the Agreement, the
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substantive portions of the Compensation expressed in Section 7, and the general
scope of services.
(c) The parties agree that enhancements may be made to administrative and
operations services under this Agreement. The Employer will be notified of
enhancements through the Employer Bulletin, quarterly statements, electronic
messages or special mailings. Likewise, if there are any reductions in fees, these
will be announced through the Employer Bulletin, quarterly statement, electronic
messages or special mailing.
12. Notices
All notices required to be delivered under this Agreement shall be in writing and shall be
delivered, mailed, e-mailed or faxed to the location of the relevant party set forth below
or to such other address or to the attention of such other persons as such party may
hereafter specify by notice to the other party.
ICMA-RC: Legal Department, ICMA Retirement Corporation, 777
North Capitol Street, N.E., Suite 600, Washington, D.C., 20002-4240
Facsimile; (202) 962-4601
Employer: at the office set forth in the first paragraph hereof, or to any
other address, facsimile number or e-mail address designated by the
Employer to receive the same by written notice similarly given.
Each such notice, request or other communication shall be effective: (i) if given by
facsimile, when transmitted to the applicable facsimile number and there is appropriate
confirmation of receipt; (ii) if given by mail or e-mail, upon transmission to the
designated address with no indication that such address is invalid or incorrect; or (iii) if
given by any other means, when actually delivered at the aforesaid address.
13. Complete Agreement
This Agreement including Exhibit A and Exhibit B shall constitute the complete and full
understanding and sole agreement between ICMA-RC and Employer relating to the
object of this Agreement and correctly sets forth the complete rights, duties and
obligations of each party to the other as of its date. This Agreement supersedes all written
and oral agreements, communications or negotiations among the parties. Any prior
agreements, promises, negotiations or representations, verbal or otherwise, not expressly
set forth in this Agreement are of no force and effect.
14. Titles
The headings of Sections of this Agreement and the headings for each of the attached
schedules are for convenience only and do not define or limit the contents thereof.
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15. Incorporation of Schedules
All Schedules (and any subsequent amendments thereto), attached hereto, and referenced
herein, are hereby incorporated within this Agreement as if set forth fully herein.
16. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the
State of Washington applicable to contracts made in that jurisdiction without reference to
its conflicts of laws provisions.
With the exception of the attorney fee obligations in Section 9 of this agreement, each
party will be responsible for the payment of all its own attorney fees and legal costs,
incurred by reason of any claim, regulatory proceeding, or litigation arising from or
connected with this agreement.
In Witness Whereof, the parties hereto certify that they have read and understand this
Agreement and all Schedules attached hereto and have caused this Agreement to be
executed by their duly authorized officers as of the Inception Date first above written.
CITY OF KENT
By _____________________________
Signature/Date
By _____________________________
Name and Title (Please Print)
INTERNATIONAL CITY MANAGEMENT
ASSOCIATION RETIREMENT CORPORATION
By _____________________________
Erica McFarquhar
Assistant Secretary
Please return fully executed contract to: New Business Services
ICMA-RC
777 North Capitol Street NE
Suite 600
Washington DC 20002-4240
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Exhibit A
Administrative Services
The administrative services to be performed by ICMA-RC under this Agreement shall be
as follows:
(a) Participant enrollment services, including providing a welcome package and
enrollment kit containing instructions and notices necessary to implement
the Plan’s administration. Employees will enroll online through the City of
Kent’s Employee Self Service (ESS) system. Employer can also enroll
employees through EZLink.
(b) Establishment of participant accounts for each employee participating in the
Plan for whom ICMA-RC receives appropriate enrollment instructions.
ICMA-RC is not responsible for determining if such Plan participants are
eligible under the terms of the Plan.
(c) Allocation in accordance with participant directions received in good
order of individual participant accounts to investment funds offered under
the Plan.
(d) Maintenance of individual accounts for participants reflecting amounts
deferred, income, gain or loss credited, and amounts distributed as
benefits.
(e) Maintenance of records for all participants for whom participant accounts
have been established. These files shall include enrollment instructions
(provided to ICMA-RC through Account Access or EZLink), beneficiary
designation instructions and all other and documents concerning each
participant's account.
(f) Provision of periodic reports to the Employer through EZLink.
Participants will have access to account information through Investor
Services, Voice Response System, Account Access and through quarterly
statements that can be delivered electronically through Account Access or
by postal service.
(g) Communication to participants of information regarding their rights and
elections under the Plan.
(h) Making available Investor Services Representatives through a toll-free
telephone number from 8:30 a.m. to 9:00 p.m. Eastern Time, Monday
through Friday (excluding holidays and days on which the securities
markets or ICMA-RC are closed for business (including emergency
closings), to assist participants.
(i) Making available access to ICMA-RC’s web site, to allow participants to
access certain account information and initiate plan transactions at any
time. Account access is normally available 24 hours a day, seven days a
week except during scheduled maintenance periods designed to
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ensure high-quality performance. The scheduled maintenance window is
outlined at https://harper1.icmarc.org/login.jsp
(j) Distribution of benefits as agent for the Employer in accordance with
terms of the Plan. Participants who have separated from service can
request distributions through Account Access or via form.
(k) Upon approval by the Employer that a domestic relations order is an
acceptable qualified domestic relations order under the terms of the Plan,
ICMA-RC will establish a separate account record for the alternate payee
and provide for the investment and distribution of assets held there under.
(l) Loans may be made available on the terms specified in the Loan Guidelines,
if loans are adopted by the Employer. Participants can request loans through
Investor Services or Account Access.
(m) Guided Pathways – Participant Advice and Guidance may be made
available through a third party vendor on the terms specified on ICMA-
RC’s website.
(n) ICMA-RC will determine appropriate delivery method (electronic and/or
print) for plan sponsor/participant communications and education based on
a number of factors (audience, effectiveness, etc.).
17
Exhibit B
City of Kent
Performance Standards
On Site Service
I. ICMA-RC will staff one local Retirement Plans Specialist and an additional Retirement Plans Specialist,
as needed, who will be supported by the Regional Director. ICMA-RC will also provide the services of a
salaried Certified Financial Planner professional. ICMA-RC agrees to offer annually:
• A minimum of 8 education workshops (minimum)
• 4 one hour financial planning seminar and 4 days of individual meetings (minimum)
• Up to 360 ½ hour individual counseling sessions
II. Each local representative assigned to the City’s account will hold a minimum of their FINRA Series 6/63
designations.
III. ICMA-RC will conduct the stated number of contractual onsite individual and group
enrollment/education meetings for employees beginning on the effective date of this Agreement.
IV. The Employer may adjust these numbers as appropriate but any increase in minimum amounts
required must be mutually agreed upon by the Employer and ICMA-RC.
Reports
I. ICMA-RC agrees to provide the Employer the following reports:
Employer statement of account Quarterly**
Activity Reports Daily**
Summary by Investment Daily**
Web Activity Monthly**
Automated Telephone Transactions Annual
Comprehensive Plan and Fund Review Annual
Revenue Accounting Report Quarterly
** These reports are available through EZLink, the Employer on-line tool
II. ICMA-RC will provide reports each year detailing all education and communication activity including the
number of group and individual sessions conducted during the year, and the number of participants
attending sessions on each educational topic.
Distributions
I. ICMA-RC will assist the participant in preparing the necessary forms to select his/her distribution option.
This would also include those distributions covered in the Plan’s deminimus provisions and those
distributions covered by law.
II. Requests for immediate lump sum payment received in good order by 4:00 Eastern Time are paid within
two business days if all plan waiting periods have been met and all documentation is in good order.
III. ICMA-RC agrees to provide Plan participants anticipating retirement or other separation from service
with illustrations indicating monthly benefit payments at an assumed interest rate for savings accounts or
an assumed rate of earnings for mutual fund investments. Such assumed interest rate or rate of
earnings shall be for illustration purposes only. The actual interest rate/yield paid on savings products
during distribution may change quarterly. For variable investment options, earnings will be those
actually earned.
18
Kent Council Operations Committee Consolidating Budget Adjustment
FINANCE
Aaron BeMiller, Director
Phone: 253-856-5260
Fax: 253-856-6255
Address: 220 Fourth Avenue S.
Kent, WA. 98032-5895
May 3, 2016
TO: Operations Committee
FROM: Aaron BeMiller, Finance Director
SUBJECT: March Financial Report – Information Only
MOTION: Information only
SUMMARY: The Finance Director will report out the March 2016 financial report.
BUDGET IMPACT:
BACKGROUND:
19
2016
Budget
2016
YTD
2016
Est Actual
Variance
Favorable
(Unfavorable)
%Variance
Favorable
(Unfavorable)
Revenues 87,662,060 16,513,349 89,188,920 1,526,860 1.7%
Expenditures 87,877,880 17,914,642 87,694,730 183,150 0.2%
Net Revenues Less Expenditures (215,820) (1,401,294) 1,494,190 1,710,010
Beginning Fund Balance 15,372,499 15,372,499 15,372,499
Ending Fund Balance 15,156,679 13,971,205 16,866,689
Ending Fund Balance Detail:
General Fund Reserves 12,314,069 13,786,089
14.0%15.7%
Contingency for Unanticipated Costs 1,500,000 1,500,000
Strategic Opportunities Fund 425,000 425,000
Restricted for Annexation 917,610 1,155,600
Revenue Overview
Expenditures Overview
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund Overview
Summary
Analysis through March show both revenues and expenditures ending the year favorable compared to budget,
creating an overall favorable variance amount of $1.7m. The current estimated ending fund balance reserves for
2016 calculates to 15.7% of estimated 2016 expenses.
Revenues are estimated to end the year at $1.5m or 1.7% higher than budgeted. Most of the City's major revenue
sources show favorable variances compared to budget, including sales tax ($433k), B&O tax ($538k), licenses and
permits ($465k). This is offset by unfavorable variances compared to budget for other taxes ($208k) and fines and
forfeitures ($155k).
Through March, all departments, except Police, are remaining fairly close to budget. Police is currently showing an
unfavorable variance of $317k due to wage increases in the bargaining agreement with KPOA. Staff is preparing a
budget change to bring the 2016 budget in line with the agreement.
20
Revenue Categories 2016
Budget
2016
YTD
2016
Est Actual
Variance
Favorable
(Unfavorable)
%Variance
Favorable
(Unfavorable)
Taxes:
Property 22,210,230 917,534 22,299,500 89,270 0.4%
Sales Tax 18,633,990 5,005,488 19,067,400 433,410 2.3%
Utility 18,140,150 5,407,093 18,208,000 67,850 0.4%
Business and Occupation Tax 6,500,000 158,528 7,038,530 538,530 8.3%
Other 1,100,100 9,725 891,900 (208,200) -18.9%
Licenses and Permits 5,139,120 1,274,891 5,604,600 465,480 9.1%
Intergovernmental Revenue 7,419,970 1,889,865 7,584,700 164,730 2.2%
Charges for Services 4,627,290 1,124,898 4,563,500 (63,790)-1.4%
Fines and Forfeitures 1,565,970 349,211 1,410,800 (155,170)-9.9%
Miscellaneous Revenue 1,393,650 376,114 1,588,400 194,750 14.0%
Transfers In 931,590 - 931,590 -
Total Revenues 87,662,060 16,513,349 89,188,920 1,526,860 1.7%
Variance Notes
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund Overview - Revenues
Other Taxes: Estimated reduction of $200,000 due to the closure of a casino in the first quarter of 2015. The
2016 budget was not updated to reflect the closure.
Fines and Forfeitures: Civil penalties currently coming in under budget by $130,000.
Variance analysis for revenues is provided for particular line items or those in which the estimated actual
amount differs from the budgeted amount by at least 10% or minimum of $500,000.
Miscellaneous Revenue: Continues a steady positive trend again this year, largely due to interest on
investments. Year-end projection is expected to exceed budget by $195,000, which equates to 14.0%.
21
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 5,234 4,899 4,829
February 4,537 5,263 5,138
March 6,375 7,118 6,546
April 15,434 14,001 0
May 6,025 6,815 0
June 5,793 6,138 0
July 6,619 5,508 0
August 4,702 4,683 0
September 6,462 6,411 0
October 15,775 14,340 0
November 5,636 5,753 0
December 8,678 6,731 0
Total 91,270 87,662 16,513
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 0 0 0
February 167 173 199
March 718 678 719
April 8,857 8,468 0
May 1,667 2,163 0
June 110 125 0
July 25 36 0
August 87 94 0
September 573 483 0
October 8,564 8,452 0
November 1,084 1,362 0
December 164 177 0
Total 22,016 22,210 918
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 1,435 1,429 1,461
February 1,817 1,867 2,026
March 1,414 1,347 1,519
April 1,408 1,335 0
May 1,493 1,539 0
June 1,333 1,363 0
July 1,456 1,542 0
August 1,681 1,674 0
September 1,605 1,581 0
October 1,478 1,553 0
November 1,718 1,696 0
December 1,745 1,708 0
Total 18,583 18,634 5,005
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund Revenues ($ in Thousands)
All Revenues Sources
Property Tax
Sales Tax
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
$100,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16 Bud 15 Act 16 Act
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16 Bud 15 Act 16 Act
$0
$5,000
$10,000
$15,000
$20,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16 Bud 15 Act 16 Act
22
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund Revenues ($ in Thousands)
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 2,343 1,978 2,115
February 1,578 1,533 1,708
March 1,560 1,495 1,584
April 1,909 1,825 0
May 1,459 1,378 0
June 1,393 1,308 0
July 1,886 1,691 0
August 1,513 1,283 0
September 1,518 1,473 0
October 1,834 1,484 0
November 1,451 1,314 0
December 1,264 1,379 0
Total 19,709 18,140 5,407
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 11 7 1
February 18 52 2
March 103 148 165
April 1,784 1,704 0
May 77 245 0
June 52 121 0
July 1,790 1,339 0
August 115 200 0
September 77 102 0
October 1,893 1,326 0
November 254 283 0
December 2,505 2,072 0
Total 8,680 7,600 168
Prior Year
Revenues
Budgeted
Revenues
Actual
Revenues
January 1,444 1,387 1,252
February 957 921 1,203
March 2,579 2,631 2,559
April 1,477 1,292 0
May 1,329 1,381 0
June 2,905 2,989 0
July 1,461 1,408 0
August 1,305 1,319 0
September 2,690 2,678 0
October 2,006 1,597 0
November 1,129 1,000 0
December 3,000 2,474 0
Total 22,283 21,078 5,015
Utility Tax
Other Taxes
Other Revenues
(Intergovernmental, Licenses & Permits, Charges for Service, Fines & Forfeits, and Misc Revenues)
$0
$5,000
$10,000
$15,000
$20,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
16 Bud 15 Act 16 Act
$0
$2,000
$4,000
$6,000
$8,000
$10,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16 Bud 15 Act 16 Act
$0
$5,000
$10,000
$15,000
$20,000
$25,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
16 Bud 15 Act 16 Act
23
Department 2016
Budget
2016
YTD
2016
Est Actual
Variance
Favorable
(Unfavorable)
%Variance
Favorable
(Unfavorable)
City Council 351,780 78,811 335,222 16,558 4.7%
Mayor's Office/City Clerk 2,415,270 658,311 2,362,700 52,570 2.2%
Economic & Community Dev 6,026,570 1,301,345 5,855,700 170,870 2.8%
Finance 2,644,570 602,523 2,633,500 11,070 0.4%
Fire Contracted Services 3,537,380 717,631 3,487,200 50,180 1.4%
Human Resources 2,027,840 385,873 1,883,400 144,440 7.1%
Information Technology 480,010 129,453 478,700 1,310 0.3%
Law 1,283,240 353,813 1,267,400 15,840 1.2%
Municipal Court 3,042,040 750,260 3,030,000 12,040 0.4%
Parks, Recreation & Comm Svcs 16,823,700 3,430,270 16,805,900 17,800 0.1%
Police 34,104,550 8,684,612 34,422,100 (317,550)-0.9%
Public Works 1,436,120 470,973 1,428,100 8,020 0.6%
Non-Departmental 13,704,810 350,767 13,704,810 -
Total Expenditures 87,877,880 17,914,642 87,694,732 183,148 0.2%
Variance Notes
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund Overview - Expenditures
Police - Currently showing a significant unfavorable variance due to wage increases in the bargaining
agreement with KPOA. Staff is preparing a budget change to bring the 2016 budget in line with the agreement.
Variance analysis for expenditures is provided for particular departments or those in which the estimated actual
amount differs from the budgeted amount by at least 10% or a minimum of $500,000.
24
2014 2015 2016 2016 2016
Actual Actual Adj Budget YTD Est Actual
Beginning Fund Balance 7,471,860 *11,312,140 15,372,499 15,372,499 15,372,499
Revenues
Taxes:
Property 20,696,272 22,015,525 22,210,230 917,534 22,299,500
Sales Tax 17,761,585 18,583,057 18,633,990 5,005,488 19,067,400
Utility 17,775,687 18,151,853 18,140,150 5,407,093 18,208,000
Business and Occupation Tax 303,600 7,656,220 6,500,000 158,528 7,038,530
Other 1,106,821 1,023,500 1,100,100 9,725 891,900
Licenses and Permits 5,818,615 5,827,474 5,139,120 1,274,891 5,604,600
Intergovernmental Revenue 7,515,935 7,783,935 7,419,970 1,889,865 7,584,700
Charges for Services 6,182,649 5,814,133 4,627,290 1,124,898 4,563,500
Fines and Forfeitures 1,284,798 1,660,366 1,565,970 349,211 1,410,800
Miscellaneous Revenue 1,533,392 1,756,485 1,393,650 376,114 1,588,400
Transfers In 931,217 996,921 931,590 - 931,590
Total Revenues 80,910,572 91,269,469 87,662,060 16,513,349 89,188,920
Expenditures
City Council 293,125 298,884 351,780 78,811 335,222
Mayor's Office/City Clerk 1,927,073 2,211,861 2,415,270 658,311 2,362,700
Economic & Community Dev 5,251,662 5,345,212 6,026,570 1,301,345 5,855,700
Finance 2,363,613 2,419,039 2,644,570 602,523 2,633,500
Fire Contracted Services 3,422,675 3,513,988 3,537,380 717,631 3,487,200
Human Resources 1,167,331 1,039,875 2,027,840 385,873 1,883,400
Information Technology 349,002 456,328 480,010 129,453 478,700
Law 1,003,202 1,198,769 1,283,240 353,813 1,267,400
Municipal Court 2,849,954 2,988,951 3,042,040 750,260 3,030,000
Parks, Recreation & Comm Svcs 14,854,585 15,897,126 16,823,700 3,430,270 16,805,900
Police 31,263,200 32,992,234 34,104,550 8,684,612 34,422,100
Public Works 4,929,327 4,896,300 1,436,120 470,973 1,428,100
Non-Departmental 7,395,544 13,950,543 13,704,810 350,767 13,704,810
Total Expenditures 77,070,292 87,209,110 87,877,880 17,914,642 87,694,732
Net Revenues less Expenditures 3,840,280 4,060,359 (215,820)1,494,188
Ending Fund Balance 11,312,140 15,372,499 15,156,679 16,866,687
Ending Fund Balance Detail:
General Fund Reserves 8,159,940 11,749,159 12,314,069 13,786,087
9.4%13.4% 14.0%15.7%
Contingency for Unanticipated Costs 1,500,000 1,500,000 1,500,000 1,500,000
Strategic Opportunities Fund 425,000 425,000 425,000 425,000
Restricted for Annexation 1,652,200 1,698,340 917,610 1,155,600
* 2014 beginning fund balance reduced by $2,026,000 to reflect the prior period adjustment required to properly
record the repayment owed to the Utility Funds.
March 2016 Monthly Financial Report
City of Kent, Washington
General Fund
25
2014 2015 2016 % of
thru March thru March thru March Budget
Revenues
Taxes:
Property 1,025,752 885,568 917,534 31,966 3.6% 4.1%
Sales Tax 4,189,504 4,666,692 5,005,488 338,796 7.3% 26.9%
Utility 5,395,632 5,480,776 5,407,093 (73,683) -1.3% 29.8%
Business and Occupation Tax 49,977 70,201 158,528 88,327 125.8% 2.4%
Other 37,645 62,129 9,725 (52,404) -84.3% 0.9%
Licenses and Permits 1,123,818 1,089,700 1,274,891 185,191 17.0% 24.8%
Intergovernmental Revenue 1,837,100 1,813,742 1,889,865 76,123 4.2% 25.5%
Charges for Services 1,631,959 1,287,845 1,124,898 (162,947) -12.7% 24.3%
Fines and Forfeitures 283,227 413,549 349,211 (64,338) -15.6% 22.3%
Miscellaneous Revenue 329,736 375,904 376,114 210 0.1% 27.0%
Transfers In - - - -
Total Revenues 15,904,350 16,146,107 16,513,349 367,241 2.3% 18.8%
Expenditures
City Council 72,419 78,795 78,811 17 0.0% 22.4%
Mayor's Office/City Clerk 578,293 578,572 658,311 79,739 13.8% 27.3%
Economic & Community Dev 1,269,374 1,360,522 1,301,345 (59,177) -4.3% 21.6%
Finance 507,317 503,595 602,523 98,928 19.6% 22.8%
Fire Contracted Services 757,752 790,303 717,631 (72,672) -9.2% 20.3%
Human Resources 319,246 274,073 385,873 111,801 40.8% 19.0%
Information Technology 86,229 90,882 129,453 38,571 42.4% 27.0%
Law 210,356 299,802 353,813 54,011 18.0% 27.6%
Municipal Court 665,416 710,929 750,260 39,331 5.5% 24.7%
Parks, Recreation & Comm Svcs 3,076,918 3,354,031 3,430,270 76,239 2.3% 20.4%
Police 7,719,932 7,996,771 8,684,612 687,841 8.6% 25.5%
Public Works *953,076 994,593 470,973 (523,620) -52.6% 32.8%
Non-Departmental 15,000 - 350,767 350,767 2.6%
Total Expenditures 16,231,327 17,032,867 17,914,642 881,776 5.2% 20.4%
* Most Public Works costs were moved to the Street Operating Fund effective January 1, 2016. Only costs
allocated to the Panther Lake annexation remain in the General Fund.
General Fund
2015-16
Variance
March 2016 Monthly Financial Report
City of Kent, Washington
Year-to-Year Month Comparison
26
2014 2015 2016 2016 2016
Actual Actual Budget YTD Est Actual
Operating revenues and expenditures only, capital is excluded.
In instances where expenditures exceed revenues, fund balance is being utilized.
Street Operations
Revenues 10,654,053 11,793,043 11,945,140 3,061,515 12,260,250
Expenditures 10,351,988 9,072,561 14,551,090 2,165,644 12,118,920
Net Revenues Less Expenditures 302,065 2,720,483 (2,605,950)895,871 141,330
LEOFF 1 Retiree Benefits
Revenues 1,055,840 1,341,722 1,164,510 206,385 1,164,510
Expenditures 887,036 1,279,216 1,125,890 195,785 1,245,550
Net Revenues Less Expenditures 168,803 62,506 38,620 10,599 (81,040)
Lodging Tax
Revenues 249,581 279,878 210,230 48,699 275,000
Expenditures 71,441 257,164 188,500 49,479 188,500
Net Revenues Less Expenditures 178,140 22,714 21,730 (780)86,500
Youth/Teen Programs
Revenues 888,250 894,592 912,600 256,323 900,910
Expenditures 898,524 920,380 942,000 942,000
Net Revenues Less Expenditures (10,274)(25,788)(29,400)256,323 (41,090)
Capital Resources
Revenues 16,413,708 20,561,359 14,414,120 3,623,493 14,493,970
Expenditures 11,997,869 11,538,631 14,422,330 799 14,410,000
Net Revenues Less Expenditures 4,415,838 9,022,728 (8,210)3,622,694 83,970
Criminal Justice
Revenues 3,780,757 4,753,967 3,953,990 1,151,027 4,100,440
Expenditures 3,096,924 2,965,408 4,552,105 697,342 3,639,370
Net Revenues Less Expenditures 683,833 1,788,558 (598,115)453,685 461,070
Community Development Block Grant
Revenues 835,776 808,466 914,740 914,740
Expenditures 835,776 808,466 914,740 151,312 914,740
Net Revenues Less Expenditures (151,312)
ShoWare Operating
Revenues 3,456,124 1,680,882 1,065,810 15,000 1,180,880
Expenditures 980,046 518,720 835,930 105,024 470,100
Net Revenues Less Expenditures 2,476,077 1,162,163 229,880 (90,024)710,780
Other Operating
Revenues 134,073 143,726 120,280 1,380 120,280
Expenditures 70,478 64,765 120,280 19,288 89,280
Net Revenues Less Expenditures 63,595 78,961 (17,908)31,000
Water Utility
Revenues 20,948,199 20,140,494 18,870,370 4,107,160 20,150,000
Expenditures 15,890,786 17,620,354 19,214,740 2,602,846 18,719,880
Net Revenues Less Expenditures 5,057,413 2,520,140 (344,370)1,504,314 1,430,120
Special Revenue Funds
Enterprise Funds
March 2016 Monthly Financial Report
Other Funds Overview (Revenues and Expenditures)
City of Kent, Washington
2015: Net revenues less expenditures include $2.27m street operating revenues returned from LID funded
projects. These funds have been allocated to projects in the 2016 budget.
2016: Includes street and transportation revenues and costs moved from the General Fund.
27
2014 2015 2016 2016 2016
Actual Actual Budget YTD Est Actual
Operating revenues and expenditures only, capital is excluded.
In instances where expenditures exceed revenues, fund balance is being utilized.
March 2016 Monthly Financial Report
Other Funds Overview (Revenues and Expenditures)
City of Kent, Washington
Sewer/Drainage Utility
Revenues 46,608,123 48,525,436 46,250,710 11,737,339 47,110,000
Expenditures 43,535,541 47,086,396 46,992,300 9,067,371 46,923,160
Net Revenues Less Expenditures 3,072,581 1,439,040 (741,590)2,669,968 186,840
Solid Waste Utility
Revenues 575,750 158,232 575,750
Expenditures 365 253,280 95,877 253,280
Net Revenues Less Expenditures (365)322,470 62,355 322,470
Golf Complex
Revenues 2,489,362 2,661,490 2,774,450 303,889 2,682,450
Expenditures 2,693,040 2,867,873 3,143,490 601,247 2,870,000
Net Revenues Less Expenditures (203,678)(206,383)(369,040)(297,358)(187,550)
Fleet Services
Revenues 4,425,076 4,537,950 4,674,240 1,197,138 4,708,550
Expenditures 3,955,111 3,194,529 5,892,350 739,014 5,466,370
Net Revenues Less Expenditures 469,965 1,343,420 (1,218,110)458,123 (757,820)
Central Services
Revenues 356,338 372,070 422,320 110,899 375,000
Expenditures 336,633 350,962 401,760 98,641 352,000
Net Revenues Less Expenditures 19,704 21,108 20,560 12,258 23,000
Information Technology
Revenues 6,878,827 7,603,220 7,127,530 1,862,516 7,250,060
Expenditures 6,130,328 6,708,773 7,481,090 1,854,810 7,419,240
Net Revenues Less Expenditures 748,499 894,447 (353,560)7,705 (169,180)
Facilities
Revenues 5,096,650 5,429,412 5,382,650 1,317,217 5,268,870
Expenditures 4,673,883 5,527,155 5,402,190 1,025,827 5,244,300
Net Revenues Less Expenditures 422,768 (97,744)(19,540)291,390 24,570
Unemployment
Revenues 380,356 397,641 402,720 103,005 412,020
Expenditures 112,106 98,860 401,740 47,691 190,770
Net Revenues Less Expenditures 268,250 298,781 980 55,314 221,250
Workers Compensation
Revenues 1,506,197 1,095,382 1,074,910 297,034 1,107,660
Expenditures 80,344 681,822 1,495,730 273,977 1,238,550
Net Revenues Less Expenditures 1,425,853 413,560 (420,820)23,057 (130,890)
2015: Revenues reflect 2015-16 rate reduction, with GF savings going to the CR Fund to reduce the deficit.
Employee Health & Wellness
Revenues 9,626,446 10,487,102 10,210,310 2,627,730 10,510,920
Expenditures 9,809,909 11,298,096 11,583,040 3,303,458 11,554,000
Net Revenues Less Expenditures (183,463)(810,993)(1,372,730)(675,728)(1,043,080)
Internal Service Funds
28
2014 2015 2016 2016 2016
Actual Actual Budget YTD Est Actual
Operating revenues and expenditures only, capital is excluded.
In instances where expenditures exceed revenues, fund balance is being utilized.
March 2016 Monthly Financial Report
Other Funds Overview (Revenues and Expenditures)
City of Kent, Washington
Liability Insurance
Revenues 543,969 1,135,932 1,187,110 285,454 1,141,820
Expenditures 1,543,321 1,187,054 1,926,880 1,011,747 1,365,200
Net Revenues Less Expenditures (999,353)(51,122)(739,770)(726,293)(223,380)
2014: Revenues reflect a one-time adjustment to reduce cash reserves.
2015: Revenues reflect 2015-16 rate reduction, with GF savings going to the CR Fund to reduce the deficit.
Property Insurance
Revenues 568,107 582,938 612,050 153,091 612,050
Expenditures 508,423 471,003 604,600 241,693 571,220
Net Revenues Less Expenditures 59,684 111,935 7,450 (88,603)40,830
29
2014 2015 2016
thru March thru March thru March
Operating revenues and expenditures only, capital is excluded.
Street Operations
Revenues 1,472,125 1,934,561 3,061,515 1,126,954 58.3%
Expenditures 453,258 563,003 2,165,644 1,602,641 284.7%
Net Revenues Less Expenditures 1,018,867 1,371,558 895,871
2016 includes street and transportation revenues and costs moved from the General Fund.
LEOFF 1 Retiree Benefits
Revenues 204,692 148,296 206,385 58,089 39.2%
Expenditures 187,719 324,991 195,785 (129,205)-39.8%
Net Revenues Less Expenditures 16,973 (176,695)10,599
2015 claims were up dramatically compared to 2014, while 2016 thru March is consistent with past years.
Lodging Tax
Revenues 38,929 44,036 48,699 4,663 10.6%
Expenditures 4,904 9,359 49,479 40,120 428.7%
Net Revenues Less Expenditures 34,026 34,677 (780)
2016 expenditures reflect increased marketing activities.
Youth/Teen Programs
Revenues 262,340 265,317 256,323 (8,994)-3.4%
Expenditures - -
Net Revenues Less Expenditures 262,340 265,317 256,323
Capital Resources
Revenues 2,076,469 2,892,647 3,623,493 730,846 25.3%
Expenditures 7 320,949 799 (320,151)-99.8%
Net Revenues Less Expenditures 2,076,462 2,571,697 3,622,694
Criminal Justice
Revenues 879,464 920,941 1,151,027 230,087 25.0%
Expenditures 600,026 675,378 697,342 21,964 3.3%
Net Revenues Less Expenditures 279,439 245,562 453,685
2016 increase in revenues due to strong sales tax trends and an increase in seized assets.
Community Development Block Grants
Revenues 332
Expenditures 149,169 161,618 151,312 (10,306)-6.4%
Net Revenues Less Expenditures (148,837)(161,618)(151,312)
Lag in grant reimbursement for expenses incurred.
ShoWare Operating
Revenues 15,000 15,000 100.0%
Expenditures 182,087 11,113 105,024 93,911 845.1%
Net Revenues Less Expenditures (182,087)(11,113)(90,024)
March 2016 Monthly Financial Report
City of Kent, Washington
Other Funds Overview (Revenues and Expenditures)
Special Revenue Funds
2016 increase in revenues due to strong REET and sales tax trends and $1m of General Fund contributions.
2015 expenditures reflect one-time land acquisition costs.
2015-16
Variance
Year-to-Year Month Comparison
30
2014 2015 2016
thru March thru March thru March
Operating revenues and expenditures only, capital is excluded.
March 2016 Monthly Financial Report
City of Kent, Washington
Other Funds Overview (Revenues and Expenditures)
2015-16
Variance
Year-to-Year Month Comparison
Other Operating
Revenues 1,000 750 1,380 630 84.0%
Expenditures 11,695 7,537 19,288 11,751 155.9%
Net Revenues Less Expenditures (10,695)(6,787)(17,908)
Includes City Art Program, Neighborhood Matching Grants and Human Services Emergency Programs
Water Utility
Revenues 4,143,228 3,935,373 4,107,160 171,787 4.4%
Expenditures 4,113,715 2,646,781 2,602,846 (43,935)-1.7%
Net Revenues Less Expenditures 29,513 1,288,591 1,504,314
Sewer/Drainage Utility
Revenues 11,107,438 11,510,849 11,737,339 226,490 2.0%
Expenditures 8,748,699 8,620,587 9,067,371 446,784 5.2%
Net Revenues Less Expenditures 2,358,739 2,890,262 2,669,968
Solid Waste Utility
Revenues 158,232 158,232 100.0%
Expenditures 95,877 95,877 100.0%
Net Revenues Less Expenditures 62,355
Solid Waste Utility established in 2016.
Golf Complex
Revenues 312,713 395,166 303,889 (91,276)-23.1%
Expenditures 527,720 544,445 601,247 56,802 10.4%
Net Revenues Less Expenditures (215,007)(149,280)(297,358)
2016 revenues down due to inclement weather conditions.
Fleet Services
Revenues 1,097,910 755,070 1,197,138 442,067 58.5%
Expenditures 812,603 537,173 739,014 201,841 37.6%
Net Revenues Less Expenditures 285,307 217,897 458,123
Central Services
Revenues 84,316 96,264 110,899 14,636 15.2%
Expenditures 89,185 83,351 98,641 15,290 18.3%
Net Revenues Less Expenditures (4,869)12,913 12,258
Information Technology
Revenues 1,603,016 1,708,611 1,862,516 153,905 9.0%
Expenditures 1,361,615 1,801,500 1,854,810 53,310 3.0%
Net Revenues Less Expenditures 241,401 (92,889)7,705
Enterprise Funds
In 2015, March revenues were booked in April. Expenditures fluctuate from year to year due to timing of
replacement vehicle purchases.
Internal Service Funds
31
2014 2015 2016
thru March thru March thru March
Operating revenues and expenditures only, capital is excluded.
March 2016 Monthly Financial Report
City of Kent, Washington
Other Funds Overview (Revenues and Expenditures)
2015-16
Variance
Year-to-Year Month Comparison
Facilities
Revenues 1,274,123 1,300,304 1,317,217 16,913 1.3%
Expenditures 948,159 992,744 1,025,827 33,082 3.3%
Net Revenues Less Expenditures 325,964 307,559 291,390
Unemployment
Revenues 94,125 98,770 103,005 4,235 4.3%
Expenditures 5,916 31,041 47,691 16,650 53.6%
Net Revenues Less Expenditures 88,209 67,729 55,314
Workers Compensation
Revenues 353,529 273,754 297,034 23,280 8.5%
Expenditures 203,817 200,663 273,977 73,315 36.5%
Net Revenues Less Expenditures 149,712 73,091 23,057
Employee Health & Wellness
Revenues 2,470,250 2,570,243 2,627,730 57,487 2.2%
Expenditures 2,354,039 2,744,642 3,303,458 558,816 20.4%
Net Revenues Less Expenditures 116,210 (174,399)(675,728)
Liability Insurance
Revenues 498,527 283,476 285,454 1,978 0.7%
Expenditures 818,521 899,442 1,011,747 112,305 12.5%
Net Revenues Less Expenditures (319,993)(615,966)(726,293)
Property Insurance
Revenues 142,020 145,724 153,091 7,367 5.1%
Expenditures 265,195 246,430 241,693 (4,737)-1.9%
Net Revenues Less Expenditures (123,175)(100,706)(88,603)
32
2016 2016 2016 2016
Beginning
Fund Balance
Estimated
Revenues
Estimated
Expenditures
Ending Fund
Balance
Operating funds only, capital funds are excluded.
General Fund 15,372,499 89,188,920 87,694,730 16,866,689
Street Operations 4,092,055 12,260,250 12,118,920 4,233,385
LEOFF 1 Retiree Benefits 1,093,532 1,164,510 1,245,550 1,012,492
Lodging Tax 394,516 275,000 188,500 481,016
Youth/Teen Programs 121,275 900,910 942,000 80,185
Capital Resources 5,775,064 14,493,970 14,410,000 5,859,034
Criminal Justice 3,981,627 4,100,440 3,639,370 4,442,697
Community Development Block Grants 914,740 914,740
ShoWare Operating 1,596,543 1,180,880 470,100 2,307,323
Other Operating 364,242 120,280 89,280 395,242
Water Utility 8,158,504 20,150,000 18,719,880 9,588,624
Sewer/Drainage Utility 10,093,986 47,110,000 46,923,160 10,280,826
Solid Waste Utility 365 575,750 253,280 322,835
Golf Complex (3,043,675) 2,682,450 2,870,000 (3,231,225)
Fleet Services 4,301,237 4,708,550 5,466,370 3,543,417
Central Services (46,226) 375,000 352,000 (23,226)
Information Technology 2,808,737 7,250,060 7,419,240 2,639,557
Facilities 1,672,947 5,268,870 5,244,300 1,697,517
Unemployment 1,038,938 412,020 190,770 1,260,188
Workers Compensation 2,541,813 1,107,660 1,238,550 2,410,923
Employee Health & Wellness 6,122,922 10,510,920 11,554,000 5,079,842
Liability Insurance 2,452,656 1,141,820 1,365,200 2,229,276
Property Insurance 348,579 612,050 571,220 389,409
Internal Service Funds
General Fund
March 2016 Monthly Financial Report
City of Kent, Washington
Fund Balances
Special Revenue Funds
Enterprise Funds
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34
Kent Council Operations Committee Consolidating Budget Adjustment
FINANCE
Aaron BeMiller, Director
Phone: 253-856-5260
Fax: 253-856-6255
Address: 220 Fourth Avenue S.
Kent, WA. 98032-5895
May 3, 2016
TO: Operations Committee
FROM: Aaron BeMiller, Finance Director
SUBJECT: Director’s Report – Information Only
MOTION: Information only
SUMMARY: The Finance Director will report out financial or operational item(s).
BUDGET IMPACT:
BACKGROUND:
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36
OFFICE OF THE CITY ATTORNEY
Tom Brubaker, City Attorney
Phone: 253-856-5770
Fax: 253-856-6770
Address: 220 Fourth Avenue S.
Kent, WA. 98032-5895
DATE: May 3, 2016
TO: Operations Committee
FROM: Tom Brubaker, City Attorney
SUBJECT: Real Property Surplus Policy – Information Only
MOTION: Information only
SUMMARY:
This is the first step to respond to council’s direction to staff to develop a formal city
surplus policy to apply to all proposed sales or disposal of real property.
Administration has developed the outline included in this packet in an attempt to give the
committee maximum flexibility as it considers this policy. The outline is offered as a
stepping off point for discussion, for consideration of other concepts or approaches, and
for further direction to staff. After discussion and receiving direction from the council,
staff will prepare a draft ordinance for further review and discussion.
For comparison purposes, we have included in this packet a copy of the city of Renton’s
real property surplus policy. Staff will also be prepared to discuss differences and
similarities between the city’s draft outline and Renton’s policy.
Staff will be available to discuss the approach set forth in the outline and to answer
questions from the committee.
Exhibits: Draft Real Property Surplus Policy Outline; City of Renton Surplus Property
Policy
Budget Impact: None
37
DRAFT OUTLINE
REAL PROPERTY SURPLUS POLICY
(April 26, 2016)
When city administration or the city council recommends surplussing one
or more parcels of real property, and council determines that the city
should consider the property for surplus, the council and staff must comply
with this policy before listing or selling the property, subject only to the
exceptions listed in this policy.
1) This policy applies to the sale, transfer, or exchange of the following properties:
a) Properties that were received or obtained for a specific public purpose; and
b) Properties that constitute at least one legal lot; and
c) Properties that are owned in fee.
d) This will exclude:
i) Remnant properties, even if equal to or greater than one legal lot;
ii) Partial properties, such as strips purchased for road widening purposes;
and
iii) Easements, licenses, and other subordinate interests in real property.
2) For properties that meet item one above, the city will comply with the following
public outreach requirements:
a) Hold at least one informational public meeting and receive public comment at
one of the following venues:
i) Council committee meeting;
ii) Council workshop;
iii) Regular council meeting;
iv) Special council meeting; or
v) A community forum at a location that is more convenient to the
neighborhood potentially affected by the proposed surplus;
b) Post notice at all main site entrances at least fifteen days prior to the first
public meeting;
i) Notice should be easily visible and verbiage should be clear, succinct, and
legible.
c) Mail notice at least ten days prior to the public meeting to all property
owners of record as listed by the King County Assessor’s Office whose
property is located within 300 feet of the site proposed for surplus; and
d) Post notice on the city’s website in a location intended to provide notice of
public meetings or public events.
38
3) At the meeting the city will:
a) Allow members of the public to gain information and address their support or
opposition to the proposal.
i) Depending upon the number of persons wishing to speak,
councilmembers can limit the amount of time given to each speaker or
terminate or continue the meeting depending upon the time available to
address the proposed sale.
ii) If held at a community forum, an “open house” informational meeting is
allowed, so that individual staff members can answer individual questions.
b) Allow members of the public to submit written statements for council
consideration.
4) After the meeting:
a) Council may continue the meeting, hold additional meetings, or conclude the
process.
i) If the council continues the meeting or holds additional meetings,
(1) Notice of the continuation or new meeting(s) will be posted on the
city’s website;
(2) No other notice is required.
b) All persons who have requested to be parties of record for the proposed
surplus will be added to the mailing list for further communications and
notices on the subject.
5) Once all meetings are completed, council can surplus the property by resolution.
6) The city can order appraisals, re-appraisals, or peer review appraisals at any
time before or during the surplus process, as needed.
7) If other regulatory requirements require notice or meetings while the property is
under consideration for surplus, the city may combine those notice and meeting
or hearing requirements with the notice and meeting requirements in this
surplus policy.
8) This policy will not apply to property owned by any of the city’s utilities, because
state law provides a separate process for those properties.
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Renton Policy and Procedure Manual
100-12 SURPLUS REAL PROPERTY
POLICY & PROCEDURE
Subject:
Surplus Real Property
Index:
Numbe
r:
100-12
Effective Date
6/10/2004
Supersed
es
1/2/2002
Page
1 of 4
Staff
Contact
Gregg
Zimmerm
an
Approved By
Mayor Kathy Keolker-Wheeler
1.0 PURPOSE:
To ensure realizing the disposal of surplus real property at fair market
value in a cost effective manner, and to establish procedures for real property
sales.
2.0 ORGANIZATIONS AFFECTED:
All Departments/Divisions
3.0 REFERENCES:
3.1 RCW 35A.80.010 "Public Utilities, General laws applicable"
3.2 RCW 35.94.040 "Lease or sale of land or property originally acquired for public
utility purposes"
3.3 RCW 39.33.010 "Sale, exchange, transfer, lease of public property authorized -
Section deemed alternative"
3.4 RCW 39.33.020 "Disposal of surplus property - Hearing - Notice"
4.0 POLICY:
4.1 It is the policy of the City of Renton that surplus real property shall be sold at fair
market value to restore monies to the General Governmental Fund or Enterprise Fund
which acquired the property originally.
4.2 To ensure that there is no net loss in parks land to the City, the disposition of surplus
park land must result in either the addition of property of a greater or equal value to
the property sold or the sales price must be used for the acquisition of additional park
property at fair market rates.
4.3 This policy shall be applicable in all cases except those wherein the City has prior
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Renton Policy and Procedure Manual
contractual or legal obligations for disposal of the property.
5.0 DEFINITIONS:
5.1 "Administrative Costs" are those costs incurred by the City of Renton during the
processing of property for sale. Such costs include but are not limited to legal costs,
salaries, supplies, advertising, and other costs required to produce a sale.
5.2 "Assessed Value" is the dollar amount assigned by the King County Assessor as the
valuation of the land and improvements for taxation purposes.
5.3 "Fair Market Value" is the price that a willing buyer would pay to a willing seller for
the purchase of property in an open and competitive market.
5.4 "Surplus Real Property" is property acquired by a division which is no longer needed
to fulfill the original or an alternate need within the same division.
5.5 An “Enterprise Fund” department or division is any department or division for which
a separate financial accounting is used for government operations that are financed
and operated in a manner similar to business enterprises and for which preparation of
an income statement is desirable.
5.6 A “General Governmental Fund ” department or division is any department or
division, which is sustained by the fund supported by taxes, fees, and other revenue
that may be used for any lawful purpose.
6.0 PROCEDURES FOR ENTERPRISE FUND DEPARTMENTS AND DIVISIONS:
6.1 Prior to requesting Council approval to initiate these Surplus Real Property
Procedures, any Enterprise Fund department or division having surplus real property
shall first determine potential use of such surplus property by other General
Governmental Fund departments or divisions and Enterprise Fund departments or
divisions. If another department(s) or division(s) expresses interest in the subject
property, then, in consultation with the City’s Administration, the subject property
shall be transferred to one of these departments or divisions. An Enterprise
department or division must be duly compensated for the transfer of any real property
of any other City department or division. The exchange of monies for the transfer of
real property from an Enterprise Fund department or division to other City
departments or divisions shall be handled through an Interfund Transfer.
6.2 If no other department or division expresses interest in the subject property, then the
Enterprise Fund department or division having surplus real property shall request
Council approval to initiate these Surplus Real Property Procedures and Council
authorization for the Property Services Section to order an appraisal to determine the
fair market value of the subject property.
6.3 Council shall set a date for a public hearing, as nearly as possible to 60 days from the
original approval.
6.4 At least 10 days but not more than 25 days prior to the hearing, the City Clerk shall
cause to be published a public notice setting forth the date, time and place of the
hearing, at least once in a newspaper of general circulation in the area where the
property is located. This notice shall identify the property using a description which
can be easily understood by the public and shall describe the current use of the lands
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Renton Policy and Procedure Manual
involved.
6.5 After the hearing, the Council shall determine whether the subject property should be
declared surplus. If the Council determines the property to be surplus, a resolution
making such a declaration shall be adopted.
6.6 If the subject property is declared surplus, the Property Services Section shall offer
the property to other City departments and divisions. If no City department or
division expresses interest in the subject property, then the property shall be offered
to other local agencies, the abutting property owners, and any parties having
expressed an interest in the property.
6.7 If none of the parties listed in the previous section expresses interest in the subject
property, then the Property Services Section shall advertise for bids for a minimum
two-week period following the resolution, which declares the subject property to be
surplus. For the following two weeks, sealed bids may be received, time and date
stamped, and the highest and best offer within 10% of, or over, the appraised value
shall be accepted.
6.8 Sales of parcels shall be handled through independent escrow.
6.9 In the event no acceptable offer is received within the bid period, the property shall
continue to be marketed by the Property Services Section on a first come first served
basis, using all resources common to the marketing of such property, including but
not limited to installing signs, distributing offering information to local real estate
firms, and publishing offering information monthly in a neighborhood newspaper.
6.10 The Property Services Section shall be authorized to negotiate with prospective
purchasers and accept reasonable offers on behalf of the City after ensuring
concurrence from the Enterprise Fund department or division in the terms of the sale.
6.11 Costs of maintaining the property pending sale shall continue to be the responsibility
of the Enterprise Fund department or division.
6.12 The administrative costs of this procedure shall be reimbursed to the Property
Services Section from the proceeds of the sale. The balance of the proceeds shall be
credited to the appropriate account of the Enterprise Fund department or division.
7.0 PROCEDURES FOR GENERAL GOVERNMENTAL FUND DEPARTMENTS
AND
DIVISIONS:
7.1 Prior to requesting Council approval to initiate these Surplus Real Property
Procedures, any General Governmental Fund department or division having surplus
real property shall first determine potential use of such surplus property by other
General Governmental Fund departments or divisions and Enterprise Fund
departments or divisions. If other departments or divisions express interest in the
subject property, then, in consultation with the City’s Administration, the subject
property shall be transferred to one of these departments or divisions. A General
Governmental Fund department or division must be duly compensated for the
transfer of any real property to an Enterprise Fund department. Transfer of real
property from a General Governmental Fund department or division to another
General Governmental Fund department or division does not require the exchange of
monies. If the transfer of real property from a General Governmental Fund
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Renton Policy and Procedure Manual
department or division to another department or division involves the exchange of
monies, it shall be handled through an Interfund Transfer.
7.2 If no other department or division expresses interest in the subject property, then the
General Governmental Fund department or division having surplus real property
shall request Council approval to initiate these Surplus Real Property Procedures and
Council authorization for the Property Services Section to order an appraisal to
determine the fair market value of the subject property.
7.3 Council shall set a date for a public hearing, as nearly as possible to 60 days from the
original approval.
7.4 At least 10 days but not more than 25 days prior to the hearing, the City Clerk shall
cause to be published a public notice setting forth the date, time and place of the
hearing, at least once in a newspaper of general circulation in the area where the
property is located. This notice shall identify the property using a description which
can be easily understood by the public, and shall describe the current use of the lands
involved.
7.5 After the hearing, the Council shall determine whether the subject property should be
declared surplus. If the Council determines the property to be surplus, a resolution
making such a declaration shall be adopted.
7.6 If the subject property is declared surplus, the Property Services Section shall offer
the property to other local agencies, the abutting property owners, and any parties
having expressed an interest in the property.
7.7 If none of the parties listed in the previous section expresses interest in the subject
property, then the Property Services Section shall advertise for bids for a minimum
two-week period following the resolution, which declares the subject property to be
surplus. For the following two weeks, sealed bids may be received, time and date
stamped, and the highest and best offer within 10% of, or over, the appraised value
shall be accepted.
7.8 Sales of parcels shall be handled through independent escrow.
7.9 In the event no acceptable offer is received within the bid period, the property shall
continue to be marketed by the Property Services Section on a first come first served
basis, using all resources common to the marketing of such property, including but
not limited to installing signs, distributing offering information to local real estate
firms, and publishing offering information monthly in a neighborhood newspaper.
7.10 The Property Services Section shall be authorized to negotiate with prospective
purchasers and accept reasonable offers on behalf of the City after ensuring
concurrence from the General Governmental Fund department or division in the
terms of the sale.
7.11 Costs of maintaining the property pending sale shall continue to be the responsibility
of the General Governmental Fund department or division.
7.12 The administrative costs of this procedure shall be reimbursed to the Property
Services Section from the proceeds of the sale. The balance of the proceeds shall be
credited to the General Governmental Fund.
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Renton Policy and Procedure Manual
44