FEDRAC Minutes 10-24-23CITY OF
Federal Way
Finance / Economic Development / Regional Affairs Committee
Tuesday, October 24, 2023, at 5:00 p.m. — City Hall Council Chambers
SUMMARY MINUTES
CALL TO ORDER: Committee Chair Hoang Tran called the meeting to order at 5:02 pm.
COMMITTEE MEMBERS IN ATTENDANCE: Chair Hoang Tran, Councilmember Jack Dovey, and
Councilmember Paul McDaniel.
COUNCIL MEMBERS IN ATTENDANCE: Council President Linda Kochmar, Councilmember Jack
Walsh; Deputy Mayor Susan Honda via Zoom, Councilmember Lydia Assefa-Dawson via Zoom.
STAFF MEMBERS IN ATTENDANCE: Finance Director Steve Groom, Deputy Finance Director Chase
Donnelly, Assistant City Attorney Kent Van Alstyne, Economic Development Director Tanja Carter,
Public Works Deputy Director Desiree Winkler, and Finance Administrative Assistant Thuch Mam.
PUBLIC COMMENT: None
COMMITTEE BUSINESS
A. Approval of Summary Minutes — September26, 2023 Meeting
Motion to approve the September 26, 2023, minutes as written.
■ Moved: Dovey
■ Seconded: McDaniel
■ Passed: 3-0
B. Economic Development Q3 Update: Presented by Economic Development Director Tanja
Carter and Highline College Small Business Develop Center Director Rick Shockley.
Economic Development Director Tanja Carter, and Highline College Small Business Develop
Center Director Rick Shockley and staff Andrew Powers presented a third quarter economic
development update on Federal Way's business attraction and retention, and tourism.
Discussion only. No action taken.
C. 2024 Highline College Small Business Develop Center Interagency Agreement: Presented
by Economic Development Director Tanja Carter.
Economic Development Director Tanja Carter requested approval of an annual interagency
agreement between the City of Federal Way and Highline College that would allow Highline
College Small Business Development Center to provide business development resources and
services to small and medium-sized businesses in Federal Way.
Motion to forward the proposed request to the November 8, 2023, consent agenda for
approval.
• Moved: McDaniel
• Seconded: Dovey
■ Passed: 3-0
D. Ordinance - 2023-2024 Biennial Budget Amendment: Presented by Finance Director Steve
Groom.
Finance Director Steve Groom proposed the last budget amendment for the current year
which included items previous approved by Council during the year.
Motion to forward the proposed ordinance to a Public Hearing and First Reading on
November 8, 2023.
■ Moved: Dovey
■ Seconded: McDaniel
• Passed: 3-0
E. Ordinance - 2024 Property Tax Levy: Presented by Finance Director Steve Groom.
Finance Director Steve Groom proposed an ordinance for the 2024 property tax levy. The
proposed increase is consistent with Washington State statute which limits a levy increase
to 1% on existing valuation.
Motion to forward the proposed ordinance to a Public Hearing and First Reading on
November 8, 2023.
• Moved: Dovey
• Seconded: McDaniel
• Passed: 3-0
F. Resolution - Declaration of Intent to Reimburse: Presented by Finance Director Steve
Groom
Finance Director Steve Groom proposed a resolution that would allow the City to include
the cost of the land acquisitions into debt financing of the construction of a new
maintenance and operations facility so the entire cost can be budgeted over multiple
years. This would allow the city to reimburse the interfund loan from bond proceeds and
restore cash -on -hand.
Motion to forward the proposed resolution to the November 8, 2023, City Council agenda.
• Moved: Dovey
• Seconded: McDaniel
• Passed: 3-0
October 24, 2023 — FEDRAC Page 2 of 3
G. AP Voucher 09/16/2023 — 10/15/2023 & Payroll Vouchers 09/01/2023 — 09/30/2023:
Presented by Deputy Finance_ Director Chase Donnelly.
Deputy Finance Director Chase Donnelly requested approval of the monthly disbursements.
Motion to forward the proposed request to the November 8, 2023, consent agenda for
approval.
• Moved: McDaniel
• Seconded:Dovey
• Passed: 3-0
H. Monthly Financial Report — September 2023: Presented by Deputy Finance Director Chase
Donnelly.
Deputy Finance Director Chase Donnelly requested approval of the September 2023
Monthly Financial Report.
Motion to forward the proposed request to the November 8, 2023, consent agenda for
approval.
■ Moved: McDaniel-
■ Seconded: Dovey
• Passed:3-0
OTHER: No additional items.
NEXT MEETING: November 28, 2023
MEETING ADJOURNED: The meeting was adjourned at 7:06 p.m.
Attest: Approved by Committee:
(0
Thuch Mam, Administrative Assistant II Date
October 24, 2023 — FEDRAC Page 3 of 3