02/19/2019 - 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 in the Council Conference
Meeting Room at City Hall on February 19, 2019 at 5:00 p.m.
PRESENT: Council members John Clauson, Beck Ashby and Shawn Cucciardi, Mayor
Rob Putaansuu, Director of Finance Noah Crocker,
The meeting was audio recorded.
Finance Report
The sales tax revenue collected thru 2018 is at 8.6% over its 2018 budget and 7.7% over
the 2017 actual sales tax revenue collected.
Real Estate Excise Tax ended with total year-to-date collections at $822,372. Although,
when compared to 2017, it is approximately $145,995 less, it surpassed its budget for
2018. REET still remains higher than the 5-year average. The committee reviewed a
fund balances and had no questions or concerns.
Tremont Widening Project
Finance Director Crocker provided members the Tremont Widening Project
Construction Finance Plan. The committee walked through the expenditure plan and
compared year-to-date budget to year-to-date actuals. Thus far, the project has spent
approximately $12.880 million and is anticipated to be complete by June.
Reimbursement Resolution
Finance Director Crocker provided members a description of the reimbursement
resolution and its purpose.
The City of Port Orchard recently created and Equipment Rental and Revolving Fund. As
part of the 2019-2020 Budget the City Council approved the acquisition of vehicles and
equipment amounting to a total expense of $1,226,000 for the biennium.
In order to best manage the City’s cash resources some or all these vehicle acquisitions
may be financed at a future date. The City desires to have the flexibility to reimburse itself
from the proceeds of the borrowing if they choose to seek financing. A reimbursement
resolution is a document which can provide the City the flexibility to achieves its goals.
The Finance Committee discussed the benefits of a reimbursement resolution and
recommended it be brought forward to the full council for approval.
The meeting adjourned at 5:20 pm.