FEDRAC Minutes 03-28-2023CITY OF
Federal Way
Finance / Economic Development / Regional Affairs Committee
Tuesday, March 28, 2022 5:00 p.m. — City Hall Council Chambers
SUMMARY MINUTES
CALL TO ORDER: Committee Chair Tran called the meeting to order at 5:01 pm.
COMMITTEE MEMBERS IN ATTENDANCE: Chair Tran in person, both Councilmember Norton
and Councilmember Dovey attended via Zoom.
COUNCIL MEMBERS IN ATTENDANCE: Deputy Mayor Honda and Councilmember Jack Walsh
attended via Zoom.
STAFF MEMBERS IN ATTENDANCE: Finance Director Steve Groom; Deputy Finance Director
Chase Donnelly; City Assistant Attorney Kent Van Alstyne; Parks Director John Hutton;
Community Relations Liaison/Contract Administrator Autumn Gressett; General Manager PAEC
Brian Hoffman and Finance Administrative Assistant Sherri Nelson.
PUBLIC COMMENT: None.
A. Approval of Summary Minutes — February 28, 2023 Meeting
Motion to approve the February 28, 2023 minutes as written.
• Moved: Dovey
• Seconded: Norton
• Passed: 3-0
B. Saghalie Track Replacement Retainage Release: Presented by Community Relations
Liaison/Contract Administrator Autumn Gressett.
Community Relations Liaison/Contract Administrator Autumn Gressett presented
acceptance of completion on the Saghalie Track Replacement and authorization of staff to
release the retainage in the amount of $15,364.30.
Motion to forward the proposed request to the April 4, 2023 consent agenda for approval.
• Moved: Norton
• Seconded: Dovey
• Passed: 3-0
C. Spectra Venue Management 2021(should be 2022) Incentive Fee: Presented by Community
Relations Liaison/Contract Administrator Autumn Gressett.
Community Relations Liaison/Contract Administrator Autumn Gressett presented the
financial impact and background information seeking approval to pay Spectra Venue
March 28, 2023 FEDRAC Page 1
CITY OF
Federal Way
Management 2022 Incentive Fee in the amount of $67,458
Motion to forward the proposed request to the April 4, 2023 consent agenda for approval.
0 Moved: Norton
• Seconded: Dovey
• Passed: 3-0
D. OpenGov Introduction Financial and Budget Insight Tool: Presented by Deputy Director
Chase Donnelly.
Deputy Director Chase Donnelly introduced OpenGov as a tool for citizens to gain financial
and budget insight and gave a live orientation demonstrating the navigation and features.
Discussion Item Only. No Action Taken
E. AP Voucher 02/16/2023-03/15/2023 & Payroll Vouchers 02/01/2023 — 02/28/2023:
Presented by Deputy Finance Director Chase Donnelly.
Deputy Finance Director Chase Donnelly, presented a summary of the monthly
disbursements.
Motion to forward the proposed request to the April 4, 2023 consent agenda for approval.
• Moved: Norton
• Seconded: Dovey
• Passed:3-0
F. Status Update on the City Cash During Current Banking Crisis: Presented by Finance
Director Steve Groom.
Finance Director Steve Groom presented on the safety, liquidity and resiliency preparedness
of the City's cash and investments along with an overview of state statutes, the coordination
with Washington State Treasurers office and Public Deposit Protection Commission and the
collateralization and capitalization monitoring of the bank we use.
Discussion Item Only. No Action'Taken
G. Monthly Financial Report — February 2023: Presented by Finance Director Steve Groom.
Finance Director Steve Groom summarized the February 2023 financial results with summary
and graphical information on revenues, expenses, cash position, debt and investments.
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,ACITY GF
� Federal Way
Motion to forward the prosed request to the April 4, 2023 consent agenda for approval.
• Moved: Norton
• Seconded: Dovey
• Passed: 3-0
Other: None.
NEXT MEETING: April 25, 2023
MEETING ADJOURNED: The meeting was adjourned at 5:56p.m.
Attest: Approved by Committee:
1-1 �Lb�Sherri Ison. Admistrative Assistant II Date
March 28, 2023 FEDRAC Page 3