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10/07/2021 - MinutesCity of Port Orchard Council Finance Committee A meeting of the Council Finance Committee was held via Zoom link October 07, 2021 at 3:00 p.m. PRESENT: Council members John Clauson, Beck Ashby, Jay Rosapepe, Mayor Rob Putaansuu, Director of Finance Noah Crocker, Rebecca Zick, Assistant Finance Director. The meeting was recorded. Budget Mid -Biennial Schedule The finance director reviewed the schedule for the mid -biennial review. The review started in September with the Directors reviewing their budgets and providing modifications as requested. The Finance Committee will review the budget on Oct 7 followed by the full council on October 19th with a public hearing held on the October 19th. The intent is to have the final budget adjustments adopted at the Oct. 26th Meeting after the end public hearing meeting. Budget Adjustments Budget Adjustments are adjustments which do not increase expenditure authority. The Finance Director has the authority to make these adjustments and has done to support council direction. i) ERR Transfers to Services per change to account reporting i. All ERR payments which were budget as transfers have been budgeted to be expenses- No budgetary Impact 2) TIP 1.3 Bethel/Sedgwick Phase 1 to 2.04 Bethel -Lincoln i. TIP 1.3 $500,000 re -allocated to TIP 2.04 3) TIP i.5A Old Clifton Design 6o a to 2.04 Bethel -Mitchel i. TIP 1.5A $200,00o re -allocated to TIP 2.04 ii. TIP 1.5A budget adjusted to $250,000 Budget Modifications The committee reviewed the process and all the modifications. a. Summary Overview -Impact to Fund Balance a. Amounts to ~ $8 million increase to ending fund balance b. Recognized actions taken by City of Port Orchard a. Total estimate expenses ~ $13.5 mil c. New Expenditure Request a. Total estimate expenses ~$7.5 mil d. Revenue Adjustments a. $ 23 million i. Grants/Loans= $16.650 mil ii. New Revenue = $ 6.450 mil 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. e. Total Revenue a. ~ $33.5 mil f. Transfers a.—$4.500 mil g. Change in Reporting requirements Fund 632 a. Due to reporting requirement changes will need to be budgeted The meeting adjourned at 4:53 pm. 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.