03-22-2022 FEDRAC MinutesNcIrr of
N, Federal Way
Finance / Economic Development / Regional Affairs Committee
Tuesday, March 22, 2022 5:00 p.m. — City Hall Council Chamber
SU M MARY M I N UTES
CALL TO ORDER: Committee Chair Tran called the meeting to order at 5:02 pm.
COMMITTEE MEMBERS IN ATTENDANCE: Councilmember Norton (Councilmember Dovey excused from
the meeting)
COUNCIL MEMBERS IN ATTENDANCE: Deputy Mayor Honda, Council President Kochmar and
Councilmember Jack Walsh attended in -person, Councilmember Lydia Assefa-Dawson joined via Zoom at
5:05pm.
STAFF MEMBERS IN ATTENDANCE: Finance Director Steve Groom; Deputy Finance Director Chase
Donnelly; City Attorney Ryan Call; Economic Development Director Tim Johnson; Parks Director John
Hutton; Community Relations Liaison Autumn Gressett; IT Director Thomas Fichtner; IT Administrative
Assist Terry Smith; Community Development Director Brian Davis; General Manager PAEC Brian
Hoffman; Assistant General Manager/Director of Operations PAEC Stephen Marquez; Finance
Administrative Assistant Sherri Nelson.
PUBLIC COMMENT:
Derek Purton expressed concern that the collections of garbage and recycling utility tax exceeding city
predictions made in 2018, 2019 and 2020 - in conjunction with tax on water and sewer businesses, the
10-year contract awarded in 2019, and the 2020 rate increase from 7.75% to 17.75% - have not been
explained to rate payers.
A. Approval of Summary Minutes — February 22, 2022 Meeting
Motion to approve the February 22, 2022 minutes as written.
+ Moved: Norton
■ Seconded: Tran
Passed: 2-0 (Dovey excused absence)
B. 2022 Highline College Small Business Development Center (SBDC) Interagency Agreement: Presented
by Economic Development Director Tim Johnson
Economic Development Director Tim Johnson proposed entering into an interagency agreement
with Highline College through its Small Business Development Center to continue to provide
complimentary business development resources to small and medium sized businesses.
Motion to forward the proposed request for proposal to the April 5, 2022 consent agenda for
approval.
■ Moved: Norton
• Seconded: Tran
Tuesday, Marcy 22, 2022 Page 1
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• Passed: 2-0 (Dovey excused absence)
C. Authorization to use ARPA Funds: Presented by Economic Development Director Tim Johnson and
Director of Finance Steve Groom
Economic Development Director Tim Johnson & Director of Finance Steve Groom presented on the
staff recommendation for allocation of American Rescue Plan Act (ARPA) funds for Public Safety and
Family Services based on the latest information published by the US Treasury on its Final Rule.
No Action Taken
D. Report to PAEC Operations: Presented by Community Relations Liaison Autumn Gressett
Community Relations Liaison Autumn Gressett and General Manager PAEC Brian Hoffman presented
2021 Operations Report on PAEC.
No Action Taken
E. SPECTRA Venue Management 2021 Incentive Fee Presented by Community Relations Liaison Autumn
Gressett.
Community Relations Liaison Autumn Gressett presented the Spectra Venue Management incentive
fee from 2021.
Motion to forward the proposed Spectra Venue Management 2021 Encentive Fee in the amount of
$69,755.00 to the April 5, 2022 consent agenda for approval.
• Moved: Norton
• Seconded: Tran
• Passed: 2-0 (Dovey excused absence)
F. Resolution City of Federal Way Investment Policy Presented by Finance Director Steve Groom
Finance Director Steve Groom presented recommended updates to the investment policy, including
raising the per -issuer limit on agencies from 5% to 40% per issuer, authorizing corporate notes, and
articulating a specific investment strategy and a specific benchmark.
Motion to forward proposed resolution to the April 5, 2022 business agenda for approval,
• Moved: Norton
• Seconded: Tran
• Passed: 2-0 (Dovey excused absence)
G. City of Federal Way Debt Status Update Presented by Finance Director Steve Groom
Tuesday, Marcy 22, 2022 Page 2
,ACITY OF
� Federal Way
Finance Director Steve Groom presented a review of existing city debt, callability, and the fund -by -
fund options for repayment in advance.
No Action Taken
H. AP Vouchers 02/16/2022 — 03/15/2022 & Payroll Vouchers 02/01/2022 — 02/28/2022: Presented
by Deputy Finance Director
Deputy Director Chase Donnelly presented a summary of the disbursements for the month of
February 2022.
Motion to forward the vouchers to the April 5, 2022 consent agenda for approval.
• Moved: Norton
• Seconded: Tran
• Passed: 2-0 (Dovey excused absence)
I. Monthly Financial Report — January/February 2022: Presented by Finance Deputy Director Chase
Donnelly.
Finance Deputy Director Chase Donnelly summarized the January & February 2022 Monthly Financial
Report, providing an update on the financial status of the city with summary and graphical information
on revenues, expenses, cash position, investments, and current economic outlook.
Motion to forward the January & February 2022 Monthly Financial Reports to the April 5, 2022 consent
agenda for approval.
• Moved: Norton
• Seconded: Tram
• Passed: 2-0 (Dovey excused absence)
Other:
NEXT MEETING: April 5, 2022 @ 5:00pm
MEETING ADJOURNED: The meeting was adjourned at 7:36 p.m.
A st: Ap roved by Committee:
Sherri Nelson, Admi istrative Assistant II Date
Tuesday, Marcy 22, 2022 Page 3