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HomeMy WebLinkAbout09-15-2003 Item III-D.pdfWASHINGTON MINUTES FINANCE COMMITTEE SEPTEMBER 2, 2003 CALL TO ORDER Chair Fred Poe called the meeting to order at 6:30 p.m. in the Council Conference Room located at City Hall, 25 West Main Street, Auburn, Washington, 98001. Chair Poe and Member Nancy Backus were present. Vice Chair Gene Cerino was excused. Others present included: Mayor Peter B. Lewis, City Attorney Daniel B. Heid, Finance Director Shelley Coleman, Employee Relations and Compensation Manager John Fletcher, Associate Planner Shirley Aird, Bill Peloza, and City Clerk Danielle Daskam. II. APPROVAL OF MINUTES A. Minutes of the August 18, 2003 Finance Committee meeting. Member Backus moved and Chair Poe seconded to approve the August 18, 2003 minutes. MOTION CARRIED UNANIMOUSLY. 2-0. III. CONSENT ITEMS A. Vouchers 1. Claims F4.9.5 Claims check numbers 323663 through 324012 in the amount of $1,906,719.32 and dated September 2, 2003. 2. Payroll F4.9.2 Payroll check numbers 505396 to 50557-57 in the amount of $290,245.33 and electronic deposit transmissions in the amount of $927,121.00 for a grand total of $1,217,366.33 for Page 1 Finance Committee Minutes September 2, 2003 the pay period covering August 14, 2003 to August 27, 2003. Finance Director Coleman reported that the payroll ending check number should read 505577 rather than 505575. Member Backus moved and Chair Poe seconded to approve the consent items with the corrected ending payroll check number to read 505577. MOTION CARRIED UNANIMOUSLY. 2-0. IV. ORDINANCES AND RESOLUTIONS A. Resolution No. 3631 A Resolution of the City Council of the City of Auburn, Washington, authorizing the Mayor and City Clerk to execute an Agreement between the City of Auburn and American Funeral and Cemetery Trust Services for the purpose of administering and managing client funds paid to the City pursuant to pre -arrangement sales contracts for collective investment in a master trust. (For clarification of these minutes, Resolution No. 3631 was discussed following Item V.A of these minutes.) Ms. Coleman reported that Resolution No. 3631 and the proposed agreement with American Funeral and Cemetery Trust (AFCTS) were discussed at the Municipal Services Committee earlier this evening. Finance Director Coleman presented the Committee members with the cemetery fee schedules. The fees are increased periodically to keep up with the cost of living increases. Ms. Coleman stated that AFCTS indicated there have been adequate earnings to cover fee increases. Earnings on the trust have ranged from 2.7% to 8.2% over the past 18 months. Also, AFCTS collects a 1.97% management fee off of the earnings only; if there are no earnings, no fee is collected. The current trust balance is in excess of $9.3 million. AFCTS ladders investments over long periods of time to lock in returns. Page 2 Finance Committee Minutes September 2, 2003 AFCTS has 20 clients in Washington and is located in 16 states serving 250 funeral homes and 50 cemeteries. Member Backus moved and Chair Poe seconded to recommend Council approval of Resolution No. 3631. MOTION CARRIED UNANIMOUSLY. 2-0. V. DISCUSSION ITEMS A. Human Services General Fund Grant Recommendations Associate Planner Aird presented the Committee with a handout outlining the modified 2004 General Fund human services requests and grant recommendations from the Human Services Committee. The Committee originally anticipated $336,550 in total General Fund grants and modified the recommendations when it was determined that $362,043 would be available for General Fund grants. Essentially, the Human Services Committee recommended continued funding for programs funded last year, with the addition of Catholic Community Services Children's Domestic Violence (DV) Counseling grant in the amount of $5,000. Ms. Aird reported that the Children's DV Counseling program may not continue due to lack of additional funding; and if the program is dropped, the Human Services Committee will make a recommendation on the reallocation of the funds. In response to questions from Member Backus, Ms. Aird advised that no new agencies applied for General Fund grants, and all who applied were funded. Only those who applied for Block Grant funds were denied funding. Ms. Aird reported that all applicants received a copy of both the recommended General Fund allocations and the Block Grant recommendations. The human services funding allocations will be included in the Planning Department budget under Professional Services. VI. ADJOURNMENT There being no further business to come before the Finance Committee, the meeting adjourned at 6:46 p.m. APPROVED THIS DAY OF SEPTEMBER, 2003. Page 3 Finance Committee Minutes September 2, 2003 Fred Poe, Chair Danielle Daskam, City Clerk I: \clerk\fi nance\fca\2003fcm09-02 Page 4