HomeMy WebLinkAbout2022/03/01 - Finance Committee Qy. Board of Mason County Commissioners
Special Finance Meeting Agenda
Commission Chambers
411 N 511 St, Shelton,WA 98584
V March 1,2022
xw 10:00 a.m.
1. Call to Order—The Chairperson called the special meeting to order at 9:53 a.m.
2. New Business
a. Update to the Registered Warrant Investment Process
Years ago banks would hold the Registered Warrants until the County called them and paid the
bank the interest. This was essentially a line of credit the County used that covered Registered
Warrants for Districts and Departments that needed them. In the late 1990s,the banks stopped that
service. The County had to develop a policy to invest and/or loan funds to the Districts and
Departments to cover warrants. The maximum is being raised to$1 million annually from$500k
with language stating that if the amount exceeds$1 million at any time the Treasurer will report to
the Finance Committee within 24 hours via email and attach a copy of the form once approved.
These are short term investments that roll over every 30 days and the County has cash reserves
available. The Treasurer has the authority to extend the 30 days and will notify the Finance
Committee. For the process to issue a Registered Warrant will change to a signed Letter of
Understanding which must be signed by the District Chair or authorized representative. The
interest rate will be the State Pool(LIGP)plus 2%. "Registered Warrant Promissory Note"will be
added in section 5D. Language will be updated and made clear for the Redeeming Registered
Warrant Process. Interest is collected and receded on the 30-day mark and collected into the
County's Current Expense Fund. Section 8 and 9 have been expanded. Section 11 was added to
for staff benefit. Again,there is no rollover for this type of investment unless approved by the
Treasurer.
The Letter of Understanding has a slightly different title. Resolution No. 100-16 will need to be
amended.
Paddy McGuire/Cmmr. Shutty moved and seconded to approve the update to the Registered
Warrant Investment process with pending changes. Motion carried.
b. PDC annual filing reports for the Finance Committee
By April 15,2022 the Financial Committee has to certify to the Public Disclosure Commission
(PDC)that they do not have a legal interest in any of the banks or credit unions that the County
does business with that hold public funds during the period of January 1,2021 through December
31,2021. Individuals can have accounts with those banks or credit unions,but cannot sit on the
Board or make financial decisions for those institutions. Columbia Bank is the County's banking
institution. Funds are available in Key Bank,Kitsap Bank,and Olympia Federal Savings.
3. Other Business
Cmmr. Shutty asked about the impact to State investments that have ties to markets and funds in
Russia for informational and planning purposes. Lisa does not have any answers at this time and is
unsure if it will affect the County.
Lisa sent the payoff information on a Limited Tax General Obligation(LTGO)bond for 2020A
and 2021 to Mark Neary. Mark added that the Board is establishing a reserve fund for Belfair debt
with Real Estate Excise Tax(REET)2nd Quarter. Around 2027,there will be enough in the reserve
fund to pay off outstanding debt. Lisa shared that one of the bonds can be paid off at any time and
11 Special Finance Committee Meeting
the other had a five-year payoff timeline.
4. Adjournment—the meeting adjourned at 10:19 a.m.
ATTEST: BOARD OF COUNTY COMMISSIONERS
MASON COUNTY,WASHINGTON
McKenzie SmWh,Clerk of the Board
Kevin Shu ,Ch
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Sharon Trask,Commissioner
,Vndy Neatherlin,Commissioner
2 1 Special Finance Committee Meeting