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HomeMy WebLinkAbout08-15-2005 *~ * tiw fijITY OFItN"" " "~* , lJ:8U _t" FINANCE COMMITTEE " 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 Page 1 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; Page 2 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 Page 3 Finance Committee Minutes 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. Page 4 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 t-h~ Nancy Ba ^~aa~~ Dan elle Daskam, City Clerk 1:lclerklfinancelfca\2005fcm08-15 Page 5