07/14/2020 - 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 July 14, 2020 at 5:30 p.m.
PRESENT: Council members John Clauson, Beck Ashby, Shawn Cucciardi Mayor Rob
Putaansuu, Director of Finance Noah Crocker,
The meeting was audio recorded.
Finance Report
The Finance Director discussed the Sales Tax and REET Revenue report
The sales tax revenue collected thru June 2020 is at 6.6% over its 2020 budget and
2.64% over the 2019 actual sales tax revenue collected.
Real Estate Excise Tax collected thru June 2020 is at $405,709. This represents
approximately 104% of the biennial budget and approximately 30% 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.
Finance Policies
The Committee discussed the updates as housekeeping items from a policy developed in
2012. The material changes in the Policies relate to the Reserve Funds and Stabilization
policies. The proposed changes included language for the enterprise funds as well as
revising the General Fund language. The council reviewed the proposals in dollars and
percentages and had no concerns with adjusting the financial policies. These
adjustments will strengthen the City’s long term financial position.
Council Goals
The Committee discussed the council goals document for the biennial budget. The
Committee discussed the need to revisit this document with the entire council and
develop their goals a little more clearly.
Biennial Budget Schedule
The Committee reviewed the Budget Schedule from June-December including factors to
include in the Budget.
The meeting adjourned at 6:22 pm.