FEDRAC Minutes 02-28-2023CITY OF
Federal Way
Finance / Economic Development / Regional Affairs Committee
Tuesday, February 28, 2022 5:00 p.m. — City Hall Council Chambers
SUMMARY MINUTES
CALL TO ORDER: Committee Chair Tran called the meeting to order at 5:01pm.
COMMITTEE MEMBERS IN ATTENDANCE: Chair Tran, and Councilmember Norton (via Zoom);
Councilmember Dovey (excused).
COUNCIL MEMBERS IN ATTENDANCE: Council President Kochmar, Deputy Mayor Honda,
Councilmember Jack Walsh and Councilmember Lydia Assefa-Dawson (via Zoom).
STAFF MEMBERS IN ATTENDANCE: Finance Director Steve Groom; Deputy Finance Director
Chase Donnelly; City Attorney Ryan Call; IT Director Thomas Fichtner; Community Development
Director Keith Niven and Finance Administrative Assistant Sherri Nelson.
PUBLIC COMMENT: None.
A. Approval of Summary Minutes— November 22, 2022 Meeting
Motion to approve the November 22, 2022 minutes as written.
■ Moved: Norton
• Seconded: Tran
• Passed: 2-0
B. 2023 Community Development Personnel Adjustment: Presented by Community
Development Director Keith Niven.
Community Development Director Keith Niven presented on two (2) proposed adjustments
to current positions. Reclassify current Administrative Assistant 2 to Office Manager,
difference of $19,000 in pay & benefits. Senior Planner position increasing from 0.75 to 1.0
Full Time Employee, a difference of $4,018. The proposed impact to budget for 2023 would
be $19,607 and $22,094 for 2024.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
■ Moved: Norton
■ Seconded: Tran
■ Passed: 2-0
C. Tourism Enhancement Grant Recommendation 2023: Presented by Finance Director Steve
Groom.
The lodging Tax Advisory Committee (LTAC) met on February 21, 2023 and reviewed the
request from Seattle Metropolitan Club for financial assistance. The LTAC reviewed the
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request for the event's forecasted overnight hotel stay generation. The LTAC committee
recommends approval of the requested $3,500, within the existing approved budget.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
■ Moved: Norton
• Seconded: Tran
• Passed: 2-0
D. Backup and Disaster Recovery RFQ: Presented by IT Director Thomas Fichtner.
IT Director Thomas Fichtner presented the Backup and Disaster Recovery Service, not
currently included within the Adopted 2023/2024 budget. Total 3-year cost of master
services agreement with Global Data Vault for the Backup and Disaster Recovery Services,
with 10% contingency along with State Sales and Use Tax of 10.1%, is $195,731.93. Currently
$60K per year is captured for "Darktrace" project. Recommendation: to utilize the
$60k/annual budget to pay for the service, approximately $8,000 additional from software
licensing to cover the annual cost of the service.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
• Moved: Norton
• Seconded: Tran
• Passed: 2-0
E. AP Voucher 11/17/2022-12/16/2022 & Payroll Vouchers 11/01/2022 — 11/30/2022:
Presented by FI Deputy Director Chase Donnelly.
Finance Deputy Director Chase Donnelly, presented a summary of the monthly
disbursements.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
■ Moved: Norton
• Seconded: Tran
■ Passed: 2-0
F. AP Vouchers 12/17/22 — 01/15/2023 & Payroll Vouchers 12/01/2022 — 12/31/2022:
Presented by Deputy Finance Director Chase Donnelly.
Finance Deputy Director Chase Donnelly presented a summary of the monthly
disbursements.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
■ Moved: Norton
■ Seconded: Tran
• Passed: 2-0
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G. AP Voucher 01/16/2023 — 02/15/2023 & Payroll Vouchers 01/01/2023 — 01/31/2023:
Presented by Deputy Finance Director Chase Donnelly.
Finance Deputy Director Chase Donnelly presented a summary of the monthly
disbursements.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval,
• Moved: Norton
+ Seconded: Tran
+ Passed: 2-0
H. Resolution: Update to the City of Federal Way Investment Policy: Presented by Finance
Director Steve Groom.
Finance Director Steve Groom presented recommended updates to the investment policy,
proposing elimination of Bankers Acceptances from the list of Authorized Investments, and
proposing the 2-year CMT index be used for the City's investment benchmark, replacing the
state government investment pool.
Motion to forward the proposed request to the March 7, 2023 consent agenda for approval.
■ Moved: Norton
• Seconded: Tran
• Passed: 2-0
I. Monthly Financial Report — November 2022: Presented by Finance Director Steve Groom.
Finance Director Steve Groom included the November financial results in a cumulative report
through December.
Motion to forward the prosed request to the March 7, 2023 consent agenda for approval.
+ Moved: Norton
• . Seconded: Tran
• Passed: 2-0
J. Monthly Financial Report— December 2022: Presented by Finance Director Steve Groom.
Finance Director Steve Groom summarized the December 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 a comprehensive
analysis of We City's long-term debt.
Motion to forward the prosed request to the March 7, 2023 consent agenda for approval.
• Moved: Norton
+ Seconded: Tran
■ Passed: 2-0
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Other: No additional items.
NEXT MEETING: March 28, 2023
MEETING ADJOURNED: The meeting was adjourned at 6:32 p.m.
Attest: Approved by Committee:
3 a%
Sherri Nelson, Administrative Assistant II Date
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