HomeMy WebLinkAbout05-03-2004CITY OF *
WASH INGTON
FINANCE COMMITTEE
MAY 3, 2O04
MINUTES
I1.
III.
CALL TO ORDER
Chair Nancy Backus called the meeting to order at 6:30 p.m. in Room B at
Thomas Academy located at 20 - 49th Street NE, Auburn, WA.
Committee members present were: Chair Backus, Vice Chair Lynn
Norman, and Member Roger Thordarson. Also present were: Mayor
Peter B. Lewis, City Attorney Daniel B. Heid, Finance Director Shelley
Coleman, Risk Management/Human Resources Director Brenda
Heineman, and Deputy City Clerk Cathy Richardson.
APPROVAL OF MINUTES
Minutes of the April 19, 2004 Finance Committee meeting.
Member Thordarson moved and Vice Chair Norman seconded to
approve the April 19, 2004 minutes.
Vice Chair Norman noted a scrivener's error on page two, second
to the last paragraph of the April 19, 2004 minutes.
MOTION CARRIED UNANIMOUSLY. 3-0.
CONSENT ITEMS
A. Vouchers
Claims
F4.9.5
Claims check numbers 330214 through 330567 in the
amount of $1,643,693.06 and a wire transfer in the amount
of $187,331.01 for a grand total of $1,831,024.07 and dated
May 3, 2004.
Page 1
Finance Committee Minutes May 3, 2004
IV.
Payroll
F4.9.2
Payroll check numbers 507999 to 508162 in the amount of
$273,451.22 and electronic deposit transmissions in the
amount of $957,158.75 for a grand total of $1,230,609.97 for
the pay period covering April 15, 2004 to April 30, 2004.
Surplus Property
F4.6.1
Police Department
City Council to authorize the surplus and disposal of the
following property no longer of use to the City:
Panasonic Color Monitor CT-1330M Serial EA6610883 City Tag 021 521
Panasonic VCR AG-1950 Serial H6HB00578 City Tag 021 523
Panasonic VCR AG-1950 Serial H6HB00591 City tag 021 524
Panasonic Editing Controller AG-A95 Serial L6A2337KB City Tag 021 525
ICM Character Generator CG7000 Serial 05208711A73 City tag 021 574
JVC VCR HR S5900U Serial 116U1411
Committee members reviewed the consent items and briefly discussed
claims voucher numbem 330217, 330253, 330263, 330311, 330382,
330404,330412,330480, and 330532.
Vice Chair Norman moved and Member Thordarson seconded to approve
the consent items.
MOTION CARRIED UNANIMOUSLY. 3-0.
ORDINANCES AND RESOLUTIONS
There were no items under this section for Committee review.
DISCUSSION ITEMS
Sample Ordinance - Interfund Bond for LID 250
Director Coleman stated that the thirty-day pre-payment period for
LID 250, which allowed for cash payments of the assessment
without interest, expired April 23, 2004. The balance of the unpaid
assessment is $702,525.00. It is in the best interest of the City to
issue an installment note through interfund bonds from funds on
deposit in the Capital Projects Fund. The sample ordinance
provides for establishing terms of the installment note.
Page 2
Finance Committee Minutes May 3, 2004
VI.
Committee members concurred that the interest rate of the
installment note should be determined by the current interest rate
being assessed on a twenty-year general obligation bond.
Director Coleman stated that principal and interest payments are
due annually. Director Coleman revieWed the terms and conditions
of the proposed installment note and regulations related to
interfund bonds.
B=
2003 - 2004 First Quarter Comparisons
Director Coleman reviewed first quarter revenue and expenditure
comparisons for years 2003 and 2004.
Committee members briefly discussed revenues and expenditures
for the water, sewer, storm, solid waste, and general funds.
ADJOURNMENT
There being no further business to come before the Committee, the
meeting adjourned at 7:06 p.m.
APPROVED THIS / DAY OF MAY, 2004.
NancY I c Us, Ch ir
Cathy Richardson, Deputy City Clerk
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