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11/23/2020 - 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 November 23, 2020 at 5:00 p.m. PRESENT: Council members John Clauson, Beck Ashby, Shawn Cucciardi Mayor Rob Putaansuu, Director of Finance Noah Crocker, Debbie Lund, HR Coordinator The meeting was audio recorded. Finance Report The Finance Director discussed the Sales Tax and REET Revenue report The sales tax revenue collected October 2020 is at 11.37% over its 2020 budget and 6.10% over the 2019 actual sales tax revenue collected. Real Estate Excise Tax collected thru October 2020 is at $897,534. This represents approximately 139% of the biennial budget and approximately 40% of what was budgeted for collections for 2020. The committee reviewed a fund balances and had no questions or concerns. The Finance Director requested any questions related to the Monthly Report, which was sent to council and the Finance Committee had no questions. The Finance Department will continue to closely monitor and provide monthly updates. 2020 Budget Transfer Budget Transfer: The Finance Director reviewed the remaining transfers budgeted to stabilization funds as well as city operations. The Finance Director reported he would move forward with the transfers. Budget Adjustments: The Finance Director defined budget adjustments and discussed adjustments being monitored and may need to be executed. Budget Amendments: The Finance Director defined budget adjustments and discussed adjustments being monitored and may need to be executed. Discussion of Retirement Benefits Debbie Lund discussed an outdated retirement resolution that needs to be corrected or repealed as it no longer applies to the city. Debbie Lund will bring forward a resolution to make corrections at a future meeting. Council Salary Adjustments The committee discussed the need to review the current council salary’s and whether adjustments would be warranted and desired. Debbie Lund will bring back some comparable data to the full council for discussion. Role 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 Hall Project Update The Mayor provided an update of the City Hall renovation project. Resolution to Recognized The Mayor reported the Deputy Police Chief is retiring and the City would like to bring forward a resolution recognizing his years of service. Grant Update The Mayor provided an update on transportation grants the City did not receive. The committee discussed transportation projects and future funding needs. Good of the Order The Finance Director mentioned the 2021-2022 Biennial budget coming forward and discussed the presentation plan. The Committee agreed to cancel December meeting and have the Finance Director simply send out the Sales Tax Report. The meeting discussed having a re-occurring meeting on the third Tuesday of the Month at 5:00. The meeting adjourned at 5:50 pm.