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HomeMy WebLinkAbout07-18-2005 · ,_ *,c' A"_T~~T ~~'1:).U 1\.1'" .~ 'F WASHINGTON FINANCE COMMITTEE JULY 18, 2005 MINUTES I. CALL TO ORDER Chair Nancy Backus called the meeting to order at 6:30 p.m. in the Council Conference Room at Auburn City Hall located at 25 West Main Street in Auburn. 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, Human Resources and Risk Management Director Brenda Heineman, Information Services Director Lorrie Rempher, and City Clerk Danielle Daskam. Ms. Lindsey Sovde and Ms. Annette Sommer of Seattle-Northwest Securities Corporation were also in attendance. II. APPROVAL OF MINUTES A. Minutes of the July 5, 2005 Finance Committee meeting. Vice Chair Norman moved and Member Thordarson seconded to approve the July 5, 2005 Finance Committee minutes. MOTION CARRIED UNANIMOUSLY. 3-0. III. CONSENT ITEMS A. Vouchers 1. Claims F4.9.5 Claims check numbers 343026 through 343362 in the amount of $1,993,785.05 and dated July 18, 2005. 2. Payroll F4.9.2 Payroll check numbers 512869 to 513041 in the amount of $683,186.84 and electronic deposit transmissions in the amount of $1,000,080.75 for a grand total of $1,683,267.59 for the pay period covering June 30, 2005 to July 13, 2005. Page 1 Finance Committee Minutes Julv 18, 2005 Committee members reviewed the consent items and briefly discussed claims vouchers 343172, 343027, 343028, 343156, 343221, 343235, 343259, 343268, 343278, 343326, 343289, 343319, 343324 and 343325. Vice Chair Norman moved and Member Thordarson seconded to approve the consent items. MOTION CARRIED UNANIMOUSLY. 3-0. IV. ORDINANCES AND RESOLUTIONS A. Resolution No. 3861 F4.6.1 A Resolution of the City Council of the City of Auburn, Washington declaring certain items of property as surplus and authorizing their disposal Resolution No. 3861 authorizes the surplus and disposal of 97 cases of Meals-Ready-to-Eat (MRE's) that were purchased in 2000 and are due to expire in September 2005. The resolution also provides that the MRE's are to be donated to the Homeless Outreach Mobilization Efforts. Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3861. MOTION CARRIED UNANIMOUSLY. 3-0. B. Resolution No. 3870 A3.9.3 A Resolution of the City Council of the City of Auburn, Washington, approving the Collective Bargaining Agreement between the City of Auburn and the International Association of Machinists and Aerospace Workers, Local 160 for 2005-2007 Human Resources and Risk Management Director Heineman presented Resolution No. 3870, which approves the Collective Bargaining Agreement between the City and the International Association of Machinists and Aerospace Workers Local 160 (police services specialists, receptionist, police services supervisor, parking control attendant, corrections officers, and evidence technicians) for the term 2005-2007. Page 2 Finance Committee Minutes Julv 18. 2005 Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3870. Chair Backus pointed out that the language in Section 1 of the agreement regarding union membership appears unclear and may contain a possible scrivener's error. Chair Backus also inquired regarding the application of Section 5 of the agreement regarding standby pay. MOTION CARRIED UNANIMOUSLY. 3-0. C. Resolution No. 3874 M.52. A3.16.6 A Resolution of the City Council of the City of Auburn, Washington, authorizing the Mayor and City Clerk to execute a Technical Services Agreement between the City of Auburn and Warren Barber and Fontes, P.S. to procure temporary prosecuting attorney services Director Heineman presented Resolution No. 3874 which authorizes a Technical Services Agreement for contract prosecutor services during the medical leave of one of the City's prosecutors. Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3874. MOTION CARRIED UNANIMOUSLY. 3-0. V. DISCUSSION ITEMS A. Draft Bond Ordinances Finance Director Coleman introduced Lindsey Sovde and Annette Sommers from Seattle-Northwest Securities Corporation. Seattle- Northwest Securities is the bond underwriter for the City. Mr. Hugh Spitzer of Foster Pepper and Sheffelman, who was unable to attend the Finance Committee meeting, will be the City's bond counsel for the bond refunding. Ms. Sovde explained that bond pricing changes from day to day. The objective of the bond refunding is to achieve maximum savings levels, as there is only one opportunity to refinance during the life of the bonds. Typically, bond refinancing is recommended when the net savings is at least 3% of the current value. Page 3 Finance Committee Minutes Julv 18. 2005 It is proposed to refinance approximately $1.3 million of the 1999 General Obligation bonds resulting in a net savings of approximately $51,000 or 4% of present value. Additionally, approximately $2.9 million of the 1997 Revenue bonds will be refinanced resulting in a net savings of $145,000 or 5.08% of present value. The bond refunding ordinances will be presented to the Council for adoption on August 1, 2005. Committee members concurred with the bond refunding proposal. B. Resolution No. 3875 A3.17 A Resolution of the City Council of the City of Auburn, Washington, authorizing the execution of a Lease Agreement between the City of Auburn and the United States of America for rental of office and light industrial space at the General Services Administration (GSA) fire station/shop building, GSA Warehouse Complex, located at 2815 "C" Street SW Finance Director Coleman presented Resolution No. 3875 which authorizes a lease agreement between the United States General Services Administration (GSA) and the City of Auburn for the lease of GSA office and light industrial space for use as a City fire station/shop building. The City has had two previous five-year leases for the property. Director Coleman reported that the third sentence of article 11 of the lease agreement is to be struck on the recommendation of the City's insurance carrier. Director Coleman also noted that the lease rate is unchanged from the previous lease agreement. There was no objection from the Finance Committee members. The Resolution was presented to the Municipal Services Committee earlier this evening for recommendation. Page 4 Finance Committee Minutes Julv 18. 2005 VI. ADJOURNMENT There being no further business to come before the Committee, the meeting adjourned at 7:06 p.m. APPROVED THE /¿l: DAY OF AUGUST 2005 I:lclerklfinancelfca\2005fca07-16 Page 5 ~~ 'elle Daskam, City Clerk