03/30/2021 - MinutesRole of the Finance Committee
The finance committee provides oversight of city budgeting, financial planning, and financial reporting. The committee recommends long-range
financial goals along with funding strategies for the operating and capital budgets. Human resource issues requiring policy direction are brought
before the committee. The committee serves as the advisory forum for transportation and street maintenance funding, and funding relating to the
transportation benefit district.
City of Port Orchard
Council Finance Committee
A meeting of the Council Finance Committee was held remotely with all participants
using Zoom on March 30, 2021 at 4:00 p.m.
PRESENT: Council members John Clauson, Beck Ashby, Shawn Cucciardi Mayor Rob
Putaansuu, Director of Finance Noah Crocker.
The meeting was audio recorded.
Bay Street Pedestrian Pathway
The Mayor provided and overview of the reason for the meeting. The meeting was
scheduled to provide the Finance Committee an opportunity to fully review the funding
options for the Bay Street Pedestrian Pathway Project as well as to provide direction on
the change order requested to continue in the Right of Way Acquisition phase work.
The Finance Director walked through the history of the spending as well as the
completed Phases from inception to date. Next, he provided information on the current
estimate for the project as well as the funding gap. The current project estimated to be
completed is approximately $7.825 million with a current funding gap of $3.896
million. To close the gap staff have identified Real Estate Excise Tax 1 & 2 as a potential
funding source. The committee discussed the gap as well as how much is estimated to
be repaid if the project were to stop. The committee then reviewed the current status of
the Real estate excise tax 1 & 2 funds as well as a projection of spending through 2024.
The committee requested updates to REET projections come back each month.
Lastly, the committee reviewed the current significant capital projects which have
funding gaps. The committee discussed the funding gaps as well as potential solutions.
The committee requested the cost to terminate the project be added to the presentation.
Good of the Order
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The meeting adjourned at 4:46 pm.