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05/12/2020 - 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 May 12, 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 April 2020 is at 8.74% over its 2020 budget and 3.91% over the 2019 actual sales tax revenue collected. Real Estate Excise Tax collected thru April 2020 is at $255,511. This represents approximately 93% of the biennial budget and approximately 35% of what was budgeted for collections for 2020. The committee reviewed a fund balances and had no questions or concerns. The Finance Director discussed the Monthly Report, which was sent to council on May 12, 2020. The City did not find an impact to the revenues from the Shelter in Place issued by the Governor due to COVID-19 through April. The Finance Department will continue to closely monitor and provide monthly updates. Capital Project Budget Review The Finance Department reviewed the Water Capital Projects plan in relation to the budget. The committee discussed the water project list and how funds would need to be re-allocate to fund Well#13. Additionally, they committee discussed the Sewer Capital Projects plan in relation to the budget. The committee discussed the total additional funding need. Good of the Order • Mayor and council discussed 2040 plans, affordable housing and future needs. • The Finance Director reported on the total utility accounts outstanding The meeting adjourned at 6:10 pm.