HomeMy WebLinkAbout08-15-2005
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FINANCE COMMITTEE
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WASHINGTON
AUGUST 15, 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, Assistant City Attorney Joseph Beck, Finance
Director Shelley Coleman, Community Development Administrator David
Osaki, Human Resources and Risk Management Director Brenda
Heineman, Information Services Director Lorrie Rempher, and City Clerk
Danielle Daskam. Ms. Lindsay Sovde of Seattle-Northwest Securities
Corporation, Mr. Hugh Spitzer of Foster Pepper & Shefelman PLLC, and
Jamelle Garcia of Airport Management Group LLC were also in
attendance.
II. APPROVAL OF MINUTES
A. Minutes of the August 1,2005 Finance Committee meeting.
Vice Chair Norman moved and Member Thordarson seconded to
approve the August 1, 2005 Finance Committee minutes.
MOTION CARRIED UNANIMOUSLY. 3-0.
III. CONSENT ITEMS
A. Vouchers
1. Claims
F4.9.5
Claims check numbers 343735 through 344166 in the
amount of $3,682,666.12 and dated August 15, 2005.
2. Payroll
F4.9.2
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Finance Committee Minutes
AUQust15.2005
Payroll check numbers 513215 to 513374 in the amount of
$705,557.95 and electronic deposit transmissions in the
amount of $1,007,860.35 for a grand total of $1,713,418.30
for the pay period covering July 28, 2005 to August 10,
2005.
B. Call for Public Hearing
1. 2006 Preliminary Budget
F3.20
City Council to call for a public hearing to be held on
September 19, 2005 to receive public comments and
suggestions with regard to development of the 2006 Budget,
including revenue estimates and possible increases in
property taxes
Councilmembers reviewed the consent items and briefly
reviewed claims vouchers 343735, 343792, 343849, 343889
and 344115.
Vice Chair Norman moved and Member Thordarson
seconded to approve the consent items.
MOTION CARRIED UNANIMOUSLY. 3-0.
IV. ORDINANCES AND RESOLUTIONS
A. Ordinance No. 5931
F2.2.19
An Ordinance of the City of Auburn, Washington, relating to
contracting indebtedness; providing for the issuance of $1,375,000
par value of Limited Tax General Obligation Refunding Bonds,
2005, of the City to pay the cost of advance refunding the callable
portion of the City's outstanding limited tax general obligation
bonds, 1999, and paying the administrative costs of such refunding
and the costs of issuance and sale of such bonds; fixing the date,
form, maturities, interest rates, terms and covenants of the bonds;
establishing a bond redemption fund; providing for and authorizing
the purchase of certain obligations out of the proceeds of the sale
of the bonds herein authorized and for the use and application of
the money derived from those investments; authorizing the
execution of an agreement with U.S. Bank National Association of
Seattle, Washington, as refunding trustee; providing for the call,
payment and redemption of the outstanding bonds to be refunded;
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Finance Committee Minutes
Auaust 15.2005
providing for bond insurance; and approving the sale and providing
for the delivery of the bonds to Seattle-Northwest Securities
Corporation
Finance Director Coleman introduced Lindsay Sovde of Seattle-
Northwest Securities Corporation, the City's bond underwriter, and
Hugh Spitzer of Foster Pepper and Shefelman PLLC, the City's
bond counsel. A revised Ordinance No. 5931 was submitted to the
Committee.
Ms. Sovde reported on the bond sale today to refinance
$1,375,000 of the 1999 General Obligation bonds. The total
savings on the bond refunding is $60,000, which is an improvement
over the July 18, 2005 estimate. Mr. Spitzer noted that the
ordinance sets out the terms and conditions of the Limited Tax
General Obligation bonds.
Vice Chair Norman moved and Member Thordarson seconded to
recommend approval of Ordinance No. 5931.
MOTION CARRIED UNANIMOUSLY. 3-0.
B. Resolution No. 3891
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
Vice Chair Norman moved and Member Thordarson seconded to
recommend approval of Resolution No. 3891.
MOTION CARRIED UNANIMOUSLY. 3-0.
V. DISCUSSION ITEMS
A. Quarterly Reports
Finance Director Coleman presented the Second Quarter Financial
Reports. She reported that all revenues and expenditures are in
line and on schedule.
B. Resolution No. 3893
Auburn Flight Service lease amendment
Finance Director Coleman presented Resolution No. 3893, which
amends an existing Fixed Base Lease at the Airport with Auburn
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AUQust15.2005
Flight Service, Inc. The amendment will relinquish a strip of land of
approximately 10,100 square feet along the northern boundary of
their lease area. The relinquished strip of land could then be
leased to NW Hangars to build new hangar buildings.
The Municipal Services Committee considered Resolution No.
3893 earlier this evening.
C. Resolution No. 3894
NW Hangars LLC new lease
Finance Director Coleman presented Resolution No. 3894, which
authorizes an Airport Hangar Land Lease with NW Hangars for
26,765 square feet of land at the Auburn Airport. The proposed
new lease will enable the lessee to build new hangar buildings at
the airport.
Director Coleman advised that the Municipal Services Committee
considered Resolution No. 3894 earlier this evening and amended
the lease by revising insurance requirements and rent adjustment
provisions.
D. Dieringer School District Impact Fees
Community Development Administrator Osaki updated the
Committee on a request from the Dieringer School District for an
increase in the school impact fee collected by the City of Auburn on
behalf of the school district. The current Dieringer School District
impact fees are $1,425 per single-family residence and $750 for
each multi-family unit. The Dieringer School District has requested
that the impact fees be increased to an amount comparable to
those set for the Auburn School District and that the fees be
reviewed annually. The Auburn School District impact fees are
$4,500 for a single-family residence and $1,200 per multi-family
unit.
At the most recent Planning and Community Development
Committee meeting, the Committee recommended adjusting the
Dieringer School District impact fees by phasing in the increase, as
was done when the Auburn School District impact fees were
increased. The Committee proposes increasing the single-family
residence impact fees as follows: 2006 - $3,250; January 2007 -
$4,250; and January 1, 2008 and thereafter the impact fee would
be per the Capital Facilities Plan. The Dieringer School District has
not requested an increase in the multi-family impact fee at this
time.
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Finance Committee Minutes
Auaust 15, 2005
Committee members agreed with the schedule to phase in the
proposed impact fees.
VI. ADJOURNMENT
There being no further business to come before the Finance Committee,
the meeting adjourned at 6:59 p.m.
APPROVED THE /P '!;!J DAY OF SEPTEMBER 2005
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Nancy Ba
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Dan elle Daskam, City Clerk
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