HomeMy WebLinkAbout10-19-2009
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°`mn" FINANCE COMMITTEE
WAS H 1 N GTO N OCTOBER 19, 2009
~MINUTES
I. CALL TO ORDER
Chair Nancy Backus calied 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. Chair Backus, Vice Chair Bill Peloza and Member Lynn
Norman were present. Present during the meeting were Mayor Peter B.
Lewis; City Attorney Daniel B. Heid; Assistant Finance Director Maggie
Coleman; Senior Planner Chris Andersen; Environmental Planner Jennifer
Shih; and City Clerk Danielle Daskam.
II. CONSENT ITEMS
A. Approval of Minutes
1. Minutes of the October 5, 2009 Finance Committee
meeting.
Vice Chair Peloza moved and Member Norman seconded to
approve the October 5, 2009 minutes.
MOTION CARRIED UNANIMOUSLY. 3-0.
B. Vouchers
1. Claims
F4.9.5
Claims check numbers 389305 through 389696 in the
amount of $4,180,832.50 and one wire transfer in the
amount of $4,904.00 and dated October 19, 2009.
2. Payroll
F4.9.2
Payroll check numbers 527444 to 527549 in the amount of
$793,262.78 and electronic deposit transmissions in the
amount of $1,152,031.63 for a grand total of $1,945,294.41
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Finance Committee Minutes October 19, 2009
for the pay period covering October 1, 2009 to October 14,
2009.
Committee members reviewed the consent items and briefly
discussed claim vouchers 389551, 389633, 389481, 389496,
389584, 389588 and 389606.
Vice Chair Peloza moved and Member Norman seconded to
approve the vouchers.
MOTION CARRIED UNANIMOUSLY. 3-0.
III. ORDINANCES AND RESOLUTIONS
A. Ordinances
There was no ordinance for Committee consideration.
B. Resolutions
There was no resolution for Committee consideration.
IV. DISCUSSION ITEMS
A. Resolution No. 4535
03.10.8
A Resolution of the City Council of the City of Auburn, Washington,
extending the moratorium created and established by Resolution
No. 4416, as amended by Resolutions 4442 and 4476, related to
the filing, receipt, and approval of applications for development
within areas of the city located within, in whole or in part,
floodplains as determined by the Federal Emergency Management
Administration
Committee members briefly reviewed and discussed Resolution
No. 4535. Later this evening, the City Council will conduct a
hearing on the proposed extension of the moratorium; the
Resolution extending the moratorium will be presented to the
Council on November 2, 2009 for consideration. The proposed
resolution has been reviewed by the Planning and Community
Development and Public Works Committees. Member Norman
noted that the Resolution includes items of work accomplished to
date. City Attorney Heid stated that FEMA is drafting a model
ordinance for local agencies to satisfy the NMFS issues.
B. Investment Report
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Finance Committee Minutes October 19, 2009
Assistant Finance Director Coleman distributed the Quarterly
Investment Report for the period ending September 30, 2009.
Committee members reviewed the investment summary.
C. SCORE/City of Auburn Credit Rating
Mayor Lewis reported that Standard & Poor issued their ratings on
October 5th where Auburn was rated "AA"; and of the cities
comprising the SCORE (South Correction Entity) public
development authority, there was no other city rated higher than
Auburn. Mayor Lewis quoted from Standard & Poor's as follows:
"We understand that annexations have driven much
of the City's population and tax base growth in recent
years, but that sales tax revenues have slid in recent
months. Historically, the City's financial position has
been what we consider very strong, exceeding
twenty-five percent of expenditures during the past
four years. For 2009, the City has cut expenditures in
response to the recession, but management expects
to finish the year with available General Fund balance
that is still very strong at approximately eighteen
percent of expenditures. In addition, the City
maintains revenue flexibility in the form of bank
property tax levy capacity and maintains about $5.5
million (about ten percent of expenditures) in a
revenue stabilization fund outside the General Fund."
D. Flood Briefing
Mayor Lewis reported that later this evening at the City Council
meeting, Councilmembers will receive a briefing from staff on
planning and preparation activities for potential Green River
flooding and the progress of flood protection work.
VI. ADJOURNMENT
There being no further business to come before the Committee, the
meeting adjourned at 7:05 p.m.
APPROVED THE Z-~ DAY OF NOVEMBER 2009.
,
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Nancy cl us, Chair Danielle Daskam, City Clerk
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